Requirements to Open a Money Changing Business in India (RBI License)

To operate a money exchange shop in India, you must obtain a license from the Reserve Bank of India (RBI). Key requirements:

Documents

• Application Form AD II + Rs. 500 fee
• Certificate of Incorporation (Form INC-IV)
• Memorandum & Articles of Association / Partnership Deed
• Photos, KYC of Directors/Partners/Authorized Signatories
• Company PAN Card
• Proof of forex experience/expertise
• Minimum net owned funds: Rs. 50 lakhs
• Premises proof (lease, tax receipts)

Process

1. Submit AD-II application + documents to RBI Regional Office.
2. RBI processes per FEMA (Foreign Exchange Management) Regulations, 2000.
3. License granted upon meeting all conditions.

Ongoing Obligations

• Maintain transaction records.
• Report suspicious transactions.
• Adhere to RBI exchange rates.
• Display license prominently.

Meeting these criteria allows legal money-changing operations.