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URGENT-How to register with RBI?

Mayuri Lal (officer CS) (748 Points)

13 January 2011

Dear Members,

We want to incorporate a company which will convert cureencies and all for the foreingners basically get into foreign excvhange dealing, custom house agent, visa consultancy, promoting tourism, tour and travels, ticketing etc.

I think the Company will hav to get registered with RBI as welll ..

Can anybody tell me the procedure for the same ...

Regards,

Mayuri Lal

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4 Replies

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 13 January 2011

From your explanation you are going to be registered as authorised dealer for foreign currency with RBI.you have to submit application and undertaking along with networth certificates with RBI.

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Mayuri Lal (officer CS) (748 Points)
Replied 13 January 2011

So will it be a Non Banking Finance Company under Section 45-IA of the RBI Act, 1934 and the same needs to get registered with RBI and the minimum paid up capital of such company would be Rs. 2 Crores.?????

Kapil (CA Practice) (120 Points)
Replied 13 January 2011

If u want to do business of currency exchange, creat a company with paid up capital of rs. 25 lacs. Thereafter get it register with RBI as full fledged money changer.

Kapil (CA Practice) (120 Points)
Replied 13 January 2011

Required documents for apply to RBI for FFMC :

a) Copy each of the Certificate of Incorporation and Certificate of Commencement of Business of the company.

(b) Memorandum and Articles of Association containing a provision for undertaking money changing business or an appropriate amendment to this effect filed with the Company Law Board.

(c) copy of the latest audited accounts with a certificate from the Chartered Accountant certifying the net owned funds as on the date of application. Copies of the audited Balance Sheet and Profit & Loss Account of the company for the last three years, wherever applicable.

(d) Confidential Report from the applicant's banker in a sealed cover.

e) A declaration to the effect that no proceedings have been initiated by / pending with the Directorate of Enforcement (DoE) / Directorate of Revenue Intelligence (DRI) or any other law enforcing authorities against the applicant company and its directors and that no criminal cases are initiated / pending against the applicant company and its directors.

(f) A declaration to the effect that proper policy framework on "Know Your Customer" and Anti Money Laundering measures, in accordance with the guidelines issued vide A. P.(DIR Series) Circular No. 18 / A.P.(FL Series) Circular No. 1 dated December 2, 2005, A.P. (DIR Series) Circular No. 39 / A.P. (FL Series) Circular No. 2 dated June 26, 2006 and A.P. (DIR Series) Circular No. 14 /A.P.(FL Series) Circular No. 1 dated October 17, 2007 as amended from time to time, will be put in place on obtaining the approval of the Reserve Bank and before commencing operations.

(g) Details of sister / associated concerns operating in the financial sector, like NBFCs, etc.

(h) A certified copy of the board resolution for undertaking money changing business.

(i) Form B/ F corporation, shop & factory act