Assistance for RBI-regulated money changing applications in India Restricted money changing, FFMC, and eligible AD Category II routes - Starting @ ₹14,999
Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
Route assessment for restricted money changing, FFMC, or AD Category II
Documentation and application preparation assistance
AML / KYC and FEMA compliance review
Query response coordination
7-working-day surrender process guidance
Post-approval compliance assistance
Reviewed by Industry Experts & Startup Specialists.
Last Updated:
FREE ConsultationGet Started @ ₹299 ₹0
Get Expert Consultation
Talk to our business executives in minutes
What Sets Us Apart
Route assessment before filing
Proven track record
FEMA, KYC and AML focused support
15000
Companies Assisted
Successfully assisted across India
99
Client Satisfaction
Rated excellent by our customers
1
Years of Experience
Serving businesses since 2025
250
Expert Consultants
Specialists in company formation
Testimonials
Hear What Our Customers Have to Say
A highly rated startup guidance and tax consultation platform on Google.
4.9 out of 5 (8521+ ratings)
Verified
Siddhu ManojFounder & CEO of Two-LYP Computations Pvt. Ltd.
“Incorporating my Startup with IncorpX was a smooth experience. The team was highly professional, guiding us every step of the way with clear communication and prompt support. The registration process was fast, and every detail was handled with precision and accuracy. Highly recommend IncorpX for anyone starting a business.”
Abhishek LohaniDirector at Lohani Learnings
“Company is good and service is also smooth. I used their compliance service and the response was timely with no delay and price are also convenient. They are always available to cater your need.”
Chandan Kr. ChaudharyFounder of Creative Minds
“I am very satisfied with the team of IncorpX for providing the top notch services. Team of IncorpX was giving the update on daily basis was one of the best thing which I experience in Corporate. keep doing it. Thank you!”
Jayavijaya SJFounder of Agro Farms
“Don't think twice.Got my company incorporates here. Tbh very impressed by the quality of service provided by this team. Very organized and friendly team. Had a smooth and peaceful experience. Timely regular updates were provided by the team. Overall a great experience.”
Anoop KrishnanFounder of EIGHTH DAY FORGE
“It's rare to find a service provider who makes the process feel personal - IncorpX absolutely did. From day one, they patiently explained every detail without any jargon, making it easy to understand and stress-free. There was zero chasing, no delays-just efficient, smooth execution all the way through. I felt supported, heard, and confident at every step of registering my company EIGHTH DAY FORGE (OPC) Private Limited. Thanks to Mr. Sriram and his wonderful team.”
Ramesh LankeFounder of EKnal Technologies
“IncorpX made the entire registration process for our company, EKnal Technologies, smooth and stress-free. Their team was professional, efficient, and incredibly supportive from start to finish. Highly recommend them to any founder looking for a reliable partner during the registration process. Special shoutout to Sriram and Aswin - your support, clarity, and responsiveness made the whole process incredibly smooth.”
Video Reviews
Real Clients, Real Stories
Hear directly from founders and business owners we have assisted on their registration and compliance journey.
0:42IIncorpX ClientCompany Registration
0:50IIncorpX ClientStartup Founder
2:18IIncorpX ClientTrademark & Compliance
3:38IIncorpX ClientWhy founders choose us
700+
Businesses Assisted Every Month
1000+
Ratings Trusted by 2000+ Clients
250+
Professional Network
Why Choose Us
Why Choose Us?
Expert professional Team
Experienced startup experts in company formation and corporate law.
Fast Turnaround
Kickstart your venture with efficient company setup, generally processed within a week.
Dedicated Support
Personal manager by your side, every step of the way and beyond.
Complete Documentation
We assist with documentation and help you stay aligned with legal requirements.
Business Growth Tools
Free business resources to fuel your company's success from day one.
24/7 Customer Service
Round-the-clock assistance for all your concerns.
Get expert assistance for RBI money changing applications in India?
Assistance with route selection, documentation, application preparation, and compliance planning for restricted money changing, FFMC, and eligible AD Category II routes
Simple Process
Here's How It Works
01
Fill the Form
Simply fill the above form to get started.
02
Call to discuss
Our team will connect with you and explain the next compliance steps.
03
How IncorpX assists with the process
IncorpX assists with document review, application preparation, regulator or franchiser follow-up, and compliance setup.
Pricing
Simple & Transparent Pricing
MOST POPULAR
RBI Money Changing Assistance Package
From ₹14,999 IncorpX professional fee for assistance
Timeline depends on the application type and authority review
Application support Professional assistance
Route assessment
Eligibility and Net Owned Funds review
Documentation checklist and drafting support
AML / KYC process guidance
Application preparation assistance
Submission support
Query response coordination
Compliance readiness support
*Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
4.9/5 based on 1000+ reviews
Transparent scope
Secure payment
Application support
Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals.
AI-Powered Platform
Meet IncorpX Nova
Our proprietary AI engine supports each stage of business setup, from name suggestion checks to document drafting and compliance tracking.
AI-Powered Business Name Approval Check
Auto-Generated MoA & AoA Drafts
Real-Time Compliance Monitoring
Faster Processing With AI Automation
24/7 AI Chatbot + Human Expert Support
NOVA AI
Premium Plan
IncorpX Prime
A comprehensive package for startups and expanding enterprises seeking a compliant incorporation process.
Key Benefits
Personalised support from dedicated incorporation specialists.
Application prepared and filed within 2 days.
24/7 customer assistance.
Important Notes
We strive to help secure approval for your preferred business name whenever feasible.
Alternative name suggestions are provided if the preferred name is not approved.
Package includes first-year compliance services: auditor appointment, annual filings, and related obligations.
Money changing activity in India is governed by Section 10 of FEMA, 1999 and the RBI Master Direction on Money Changing Activities. In practice, businesses usually evaluate three routes: restricted money changing through an authorised franchisee arrangement, direct RBI authorisation as an FFMC, and non-bank AD Category II authorisation for eligible existing FFMCs.
Restricted money changing is purchase-only. The franchisee can purchase foreign currency notes, coins, and travellers' cheques into Indian Rupees, and the purchased foreign currency should be surrendered to its franchiser within 7 working days. FFMC and non-bank AD Category II entities operate under a broader RBI authorisation framework.
Quick Facts: RBI money changing framework in India
Governing law
Foreign Exchange Management Act, 1999 (FEMA)
Regulator
Reserve Bank of India (RBI)
Restricted route reference
Franchisee should have a place of business and ₹10 lakh minimum Net Owned Funds, as per RBI FAQ
FFMC threshold
₹25 lakh NOF for a single branch and ₹50 lakh for multiple branches
AD Category II threshold
₹10 crore NOF and 2 years satisfactory FFMC track record for eligible applicants
Timeline
Typically 3 to 6 months, depending on route and review stage
IncorpX professional fee
Starting at ₹14,999
Pricing note
Government / statutory fees are charged separately at actuals
Legal Framework
The RBI Money Changing FAQs and the RBI information matrix should be reviewed together with FEMA, 1999 and the Master Direction on Money Changing Activities. Current route selection is important because the Master Direction updated on May 06, 2026 states that fresh franchisee arrangements should not be entered into and existing franchisee arrangements are to be discontinued within two years from that date.
IncorpX provides assistance with route selection, document review, application preparation, and compliance planning. Final approval or onboarding remains with RBI or the authorised person, as applicable.
What is LMPC on this page?
On this page, LMPC is used as a common search label for restricted money changing assistance. Under current RBI terminology, money changing activity is regulated through FFMCs, non-bank AD Category II entities, and franchisee arrangements of authorised persons. Restricted money changing is limited to purchase of foreign currency into Indian Rupees.
Key points to keep in mind:
Governing framework: FEMA, 1999 and the RBI Master Direction on Money Changing Activities.
Restricted activity: Purchase of foreign currency notes, coins, and travellers' cheques.
Surrender rule: Purchased foreign currency should be surrendered to the franchiser within 7 working days.
Broader routes: FFMC and eligible AD Category II routes provide wider authorised activities.
KYC / AML / CFT: Mandatory under RBI directions and PMLA-linked compliance requirements.
How the RBI routes differ:
Restricted money changing / franchisee: Purchase-only activity routed through an authorised person, with minimum Net Owned Funds of ₹10 lakh for the franchisee as per RBI FAQs.
FFMC: Direct RBI-authorised company route for money changing, with minimum Net Owned Funds of ₹25 lakh for a single branch and ₹50 lakh for multiple branches.
Non-bank AD Category II: Upgrade path for eligible existing FFMCs with minimum Net Owned Funds of ₹10 crore and at least 2 years of satisfactory FFMC functioning.
Activity scope: AD Category II entities can undertake all FFMC activities plus specified non-trade current account transactions.
Current RBI update: The Master Direction updated on May 06, 2026 states that fresh franchisee arrangements should not be entered into, and existing franchisee arrangements are to be discontinued within two years from that date.
Did You Know?
Undertaking money changing activity without a valid RBI-authorised route can lead to action under Section 13 of FEMA, 1999. The penalty can extend to three times the sum involved where the amount is quantifiable, or up to ₹2 lakh where it is not quantifiable, with an additional penalty of up to ₹5,000 per day for a continuing contravention.
Restricted money changing vs FFMC vs AD Category II:
RBI regulates different routes for money changing activity. The practical distinction is usually as follows:
Route
Regulator / authority
Key activities
Reference threshold
Restricted money changing / franchisee
Authorised person under RBI framework
Purchase-only conversion of foreign currency into INR
₹10 lakh minimum Net Owned Funds for franchisee, as per RBI FAQ
All money changing activities permitted to FFMCs by RBI
₹25 lakh NOF for single branch, ₹50 lakh for multiple branches
Non-bank AD Category II
RBI
All FFMC activities plus specified non-trade current account transactions
₹10 crore NOF and 2 years satisfactory FFMC track record, for eligible applicants
AD Category I
RBI
Wider current and capital account transactions
Typically banks and larger authorised institutions
Because RBI's Master Direction was updated on May 06, 2026 to stop fresh franchisee arrangements going forward, businesses should evaluate whether an FFMC or eligible AD Category II route is more appropriate.
Eligibility checkpoints:
The eligibility review depends on the route selected. The main checkpoints are usually:
For restricted money changing, the business should have a place of business and minimum Net Owned Funds of ₹10 lakh, as per RBI FAQs.
Business registration, PAN, premises proof, and municipal / Shops and Establishments support documents should be available where applicable.
Promoters, directors, and key personnel should be ready for KYC, background, and fit-and-proper style review.
AML / KYC procedures and transaction record controls should be capable of being implemented before operations begin.
For eligible non-bank AD Category II applications, the applicant should be an existing, well-functioning FFMC.
RBI's information matrix indicates minimum Net Owned Funds of ₹10 crore for the eligible AD Category II upgrade path.
RBI's information matrix also indicates at least 2 years of satisfactory functioning as an FFMC and a satisfactory credit report from bankers for the AD Category II route.
Current RBI direction updates should be checked before selecting a franchisee-style route.
Permitted Activities under a restricted money changing route:
Under the RBI money changing framework, a restricted money changing arrangement generally covers the following activities:
1. Purchase Foreign Currency Notes
Buy foreign currency notes and coins from tourists and foreign visitors at prevailing exchange rates based on the RBI reference rate.
2. Encash Traveller's Cheques
Encash traveller's cheques presented by foreign tourists in exchange for Indian Rupees at the applicable exchange rate.
3. Accept Foreign Currency for Services
Eligible businesses (hotels, shops) may accept foreign currency as payment for goods and services rendered to foreign tourists.
4. Issue Exchange Receipts
Issue proper encashment certificates/receipts to customers for every forex purchase transaction as per RBI guidelines.
5. Surrender to AD/FFMC
Surrender all purchased foreign exchange to an Authorised Dealer (AD) bank or FFMC within 7 working days of acquisition.
6. KYC Verification
Conduct customer identification and verification as per RBI KYC norms and PMLA 2002 for every foreign exchange transaction.
Important Restriction!
Under a restricted money changing route, the business is not permitted to sell foreign exchange to the public. If a business needs a wider RBI-authorised money changing scope, it should evaluate the FFMC route or an eligible AD Category II route.
Assistance process:
IncorpX assists through a structured process that is aligned to the selected RBI route:
Step 1: Route selection
Review whether the business should assess a restricted money changing route, an FFMC route, or an eligible non-bank AD Category II application.
Step 2: Eligibility and NOF review
Check entity type, place of business, Net Owned Funds, and operational background against the route-specific RBI criteria.
Step 3: Document collection
Compile constitutional documents, premises records, promoter KYC, financial statements, banker inputs, and compliance records.
Step 4: Application preparation
Prepare the application set, supporting notes, and declarations required for RBI or authorised person review.
Step 5: Submission and follow-up
Assist with submission through the relevant RBI Online Portal (rbi.org.in) / APConnect workflow or the authorised person process, depending on the route.
Step 6: Query management
Coordinate responses to clarification requests, verification points, or supplementary document requirements.
Step 7: Post-approval compliance support
Assist with record formats, KYC process flow, rate display, and surrender controls where restricted money changing applies.
Discuss the suitable RBI route and document set for your business.
What are the documents usually reviewed?
Document requirements depend on the route selected and the current RBI or authorised person review process. The checklist below is a planning aid.
Category
Documents usually reviewed
Purpose
Entity and constitutional documents
Certificate of incorporation / partnership or proprietorship proof, PAN, constitutional records, board resolution or authorisation letter
Establish entity status and signing authority
Premises and local registrations
Ownership or lease proof, address proof, Shops and Establishments / municipal support records where applicable, photographs or layout details if requested
Confirm the place of business and operational location
Promoter / director / key personnel KYC
PAN, Aadhaar or passport, address proof, photographs, and declarations
KYC and fit-and-proper style review
Financial and NOF support
Audited financial statements, banker report, and Net Owned Funds support documents including CA certification where needed
Financial eligibility assessment
Operational and compliance records
AML / KYC process note, register formats, staff or process details, and surrender arrangement details where relevant
Compliance readiness under RBI and PMLA-linked controls
Route-specific addenda
FFMC track record documents, AD Category II eligibility support, and any additional declarations or query responses
Support the selected RBI route
Operational Requirements for money changing activity:
Once the relevant route is operational, the following requirements should be followed in line with the RBI Master Direction on Money Changing Activities:
1. Rate Display
Display the buying rates for all major currencies prominently at the business premises where money changing transactions are conducted.
2. Receipt Issuance
Issue proper encashment certificates/receipts to every customer for each forex purchase transaction with complete transaction details.
3. Record Maintenance
Maintain comprehensive transaction registers, currency-wise registers, surrender registers, and KYC records for minimum 5 years.
4. 7-Day Surrender
Surrender all purchased foreign exchange to an Authorised Dealer (AD Category-I bank) or FFMC within 7 working days without exception.
5. AML Compliance
Implement anti-money laundering procedures including customer due diligence, transaction monitoring, and suspicious activity reporting under PMLA 2002.
6. Trained Staff
Designate trained personnel for conducting money changing operations who understand forex regulations, KYC procedures, and counterfeit detection.
Compliance points for money changing activity:
Once the relevant route is approved or operational, the business should maintain the applicable RBI and FEMA compliance controls:
Compliance point
Requirement
Frequency / timeline
KYC / customer identification
Verify customer identity and transaction details in line with RBI and PMLA-linked controls
Every transaction
7-working-day surrender
Surrender purchased foreign currency to the franchiser, where restricted money changing applies
Within 7 working days
Record maintenance
Maintain registers, supporting documents, and transaction trail for audit and inspection
Continuous
Rate and authorised status display
Display applicable exchange rates and authorised details in the manner required for the route
Ongoing
Reporting and audit support
Support franchiser, bank, or RBI reporting, inspection, and audit requirements as applicable
Periodic
Section 13 FEMA exposure
Penalties may extend to three times the sum involved, or up to ₹2 lakh if not quantifiable, plus up to ₹5,000 per day for a continuing contravention
On contravention
Penalties under FEMA, 1999:
Section 13 of FEMA, 1999 is the key penalty provision to keep in mind for contraventions relating to foreign exchange activity:
Situation
Section 13 position
Compliance takeaway
Quantifiable contravention
Penalty may extend to three times the sum involved
Keep transaction trail and permissions aligned to the authorised route
Non-quantifiable contravention
Penalty may extend up to ₹2 lakh
Maintain complete records, declarations, and KYC support
Continuing contravention
Additional penalty may extend up to ₹5,000 per day after the first day
Resolve regulator or franchiser objections without delay
Note: Any business evaluating restricted money changing, FFMC, or AD Category II activity should align its process with FEMA, RBI directions, and applicable KYC / AML / CFT requirements before operations begin.
Business use cases for RBI money changing assistance:
Businesses usually review this framework when they need clarity on the permitted RBI route and the related compliance workload:
Restricted purchase activity
Useful where the business only needs a purchase-only forex route and not sale of foreign currency.
FFMC evaluation
Relevant where the business needs a broader money changing scope permitted by RBI for private or business travel purposes.
Tourist-facing operations
Commonly reviewed by hotels, travel businesses, emporiums, and similar establishments dealing with foreign visitors.
AD Category II readiness
Important for eligible existing FFMCs evaluating the upgrade path to non-bank AD Category II.
Compliance planning
Helps businesses understand surrender rules, KYC / AML controls, reporting, and record-keeping expectations before filing.
Current RBI update review
Useful for checking whether a restricted money changing model is still viable under the latest RBI direction or whether FFMC / AD Category II should be explored.
Assistance with route assessment, documentation, and compliance planning.
Related assistance you may need:
Businesses reviewing RBI money changing routes often also evaluate these related assistance areas:
FFMC License - Assistance for FFMC applications and related compliance planning.
GST Registration - Assistance with GST registrations and tax compliance where applicable to the business model.
Trade License - Assistance with local trade licensing and premises documentation.
AML / KYC Compliance Setup - Process support for anti-money laundering controls and customer verification workflows.
Operational documentation - Register formats, process notes, and internal compliance checklists.
Business banking coordination - Support around banker inputs, surrender process planning, and application documentation.
Frequently Asked Questions About LMPC / AD Category II assistance
Here are answers to common questions about RBI-regulated money changing assistance for businesses in India.
Businesses often use LMPC to refer to restricted money changing assistance. Under the current RBI framework issued under FEMA, 1999, money changing activity is regulated through FFMCs, non-bank AD Category II entities, and franchisee arrangements appointed by an authorised person. Restricted money changing generally means purchase of foreign currency notes, coins, and travellers' cheques into Indian Rupees, not sale of foreign currency.
The relevant approval is issued or regulated by the Reserve Bank of India (RBI) and, for restricted money changing, through the authorised person / franchiser permitted under the RBI Master Direction on Money Changing Activities. IncorpX does not issue any licence or certificate. IncorpX only provides assistance with route assessment, documentation, application preparation, and follow-up support.
Restricted money changing generally covers purchase of foreign currency notes, coins, and travellers' cheques into Indian Rupees. The foreign currency purchased by the franchisee must be surrendered to its franchiser within 7 working days. Except for limited border exceptions mentioned by RBI, a franchisee cannot sell foreign currency to the public.
A restricted money changing / LMPC-style arrangement is typically purchase-only. An FFMC can undertake the money changing activities specifically permitted by RBI, including purchase of foreign exchange and sale for specified purposes such as private and business travel abroad. Non-bank AD Category II entities are eligible existing FFMCs that may carry out all FFMC activities plus specified non-trade current account transactions and other activities permitted by RBI.
For a restricted money changing franchisee-style arrangement, RBI's Money Changing FAQs state that the franchisee should have a place of business and minimum Net Owned Funds of ₹10 lakh. For an AD Category II route, RBI's information matrix states that the applicant should generally be an existing, well-functioning FFMC with minimum Net Owned Funds of ₹10 crore, satisfactory functioning as an FFMC for at least 2 years, and a satisfactory credit report from its bankers.
The document set usually includes business registration documents, PAN, premises proof, Shops and Establishments / municipal certification where applicable, KYC documents and photographs of promoters / directors / key personnel, banker report, financial statements, Net Owned Funds support documents, board resolution / authorisation letter, and AML / KYC process documents. RBI or the authorised person may ask for additional declarations based on the route selected.
For planning purposes, businesses usually keep a 3 to 6 month window in mind for route evaluation, documentation, application review, regulator or franchiser queries, and operational readiness. Actual timelines depend on whether the business is pursuing a restricted money changing structure, an FFMC route, or an eligible AD Category II application.
Money changing operations must comply with FEMA, 1999, the RBI Master Direction on Money Changing Activities, and applicable PMLA / KYC / AML / CFT requirements. Common obligations include rate display, customer identification, record maintenance, reporting / audit support, and, for restricted money changing franchisees, surrender of purchased foreign currency to the franchiser within 7 working days.
Under Section 13 of FEMA, 1999, contraventions can attract a penalty of up to three times the sum involved where the amount is quantifiable, or up to ₹2 lakh where it is not quantifiable. If the contravention continues, an additional penalty of up to ₹5,000 per day may apply after the first day.
Yes. IncorpX provides assistance with preliminary eligibility review, documentation planning, application preparation, and compliance mapping for businesses that may qualify for the non-bank AD Category II route. Final approval remains subject to RBI's rules and review.
Businesses should review the latest RBI position carefully. The RBI Master Direction on Money Changing Activities, updated on May 06, 2026, states that authorised persons should not enter into fresh franchisee arrangements henceforth, and existing franchisee arrangements are to be discontinued within two years from that date. Because of this, route selection between restricted money changing, FFMC, and eligible AD Category II applications requires current review.
IncorpX's professional charges for this assistance start at ₹14,999. Listed amounts are IncorpX professional charges for end-to-end assistance. Government / statutory fees are charged separately at actuals. The exact scope depends on whether the business needs route assessment, documentation support, application preparation, or compliance assistance.
The team was very responsive and helpful. I received daily updates from the WhatsApp group, and their guidance made everything much simpler to comprehend. If you want a simple and hassle-free way to launch your business, I would highly recommend them!
S
Simon Job
4.9/5
I recently used IncorpX to register my limited liability partnership, and I had an amazing experience! There were no hidden fees, and the team was helpful, quick to respond, and open. They provided thorough explanations of each step, and their services are reasonably priced without sacrificing quality. The entire process was made simple by IncorpX's professionalism, attention to detail, and sincere support. Strongly advised!
J
Jay R
4.8/5
The experience was flawless; the team completed each task with care and always responded quickly. Throughout the process, I never felt stuck. We would especially like to thank Saksham and Sriram for making everything run so smoothly! The IncorpX team offers extremely competitive pricing; anyone just starting out should definitely get in touch with them.
M
Mohammed Affan
4.9/5
I'm really grateful to the wonderful team at IncorpX for helping bring my co-founder's and my dream to life. The whole process was super smooth - fast service, great support, and no hassles at all. I'd highly recommend IncorpX to any new entrepreneur or founder looking to register their company. Excited to continue working with them in the long run. Thank you, IncorpX!
R
Riyom Taipodia
4.6/5
One of the best agency I have ever experienced. Team members are very friendly as if we know each other from before and came communicate and share easily. My work has been done in a very short period and I am so happy. Thank you so much.
A
Ayyappa Swamy
5/5
Highly recommend... IncorpX services regarding incorporation of our company and roc filing and all are very impressive.. the team IncorpX is polite and friendly. Our Lands Time pvt ltd has incorporated through IncorpX... And thanks to IncorpX team..
R
Ramesh Babu
4.9/5
Trouble free service, Rendering good co-operation for company incorporation. Trust worthy team to have better knowledge.
P
Pravesh Kudesia
5/5
IncorpX is providing best service... And user experience! Thank You IncorpX Team
B
Balaji Gutte
4.9/5
I recently got my Private Limited Company incorporated through IncorpX, and the experience was seamless! The team was professional, supportive, and quick to respond throughout the process. Highly recommend IncorpX for a smooth and stress-free company registration experience.
D
Dia
5/5
I'd been planning to register my Private Limited Company for months but didn't know where to start - until I found IncorpX. The team guided me step by step, explained everything clearly, and completed the registration smoothly within the promised timeline. Their pricing was transparent with no hidden charges. Highly recommend IncorpX to anyone starting a business!
Newsletter
Stay ahead on compliance, tax & business updates
Crisp, expert-curated insights delivered to your inbox. Once a month, no spam.
ASRM
Joined by 15,000+ founders & business owners
Chosen by 15,000+ Entrepreneurs
Get Expert Guidance for Your Business
Fill out the form and our team will connect with you to understand your requirements and recommend the best way forward.
Nebin Binoy 
