These are Authorized money changers and are the only entities that can engage in money changing business as per section 10 of Foreign Exchange Management Act, 1999 (FEMA). These have to obtain a license from Reserve Bank of India (RBI) on fulfilling eligibility criteria of minimum net owned funds of Rs. 25 Lakhs to apply for single branch and Rs. 50 Lakhs for multiple branch license.
FFMCs scope of dealing with FOREX and money changing activities is for private and business travel purposes only.