Full-fledged money changers are entities authorised by the Reserve Bank of India under Section 10 of the Foreign Exchange Management Act of 1999. FFMC requires a licence to receive foreign exchange from residents and non-residents visiting India, as well as to sell foreign exchange for explicitly specified uses. Every full-fledged money change must adhere to the Reserve Bank of India's circular on the Memorandum of Articles (MoA) of Instruction on Money Changing Activities.
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