RBI issues forex guidelines halting new FFMC licenses April 30
The Reserve Bank of India (RBI) just rolled out new foreign exchange guidelines, kicking in from April 30, 2026.
The big shift? No more new licenses for full-fledged money changers (FFMCs), though any applications already in the pipeline will still be processed.
The goal is to make it easier for companies to get authorized and renew their status if they're dealing with foreign currency.
RBI sets 3 forex categories, 50L/cr
Now there are three authorization categories: banks (AD Category I), NBFCs and full-fledged money changers or forex correspondents functioning for at least two years with an average annual forex turnover of ₹50 crore in the previous two financial years (Category II), and a fresh Category III for companies offering cool, innovative foreign exchange products or services.
To apply, you need to be set up under the Companies Act, 2013 and meet certain net worth requirements.
Overall, the RBI wants smoother operations, but also room for new ideas, so expect some interesting changes in how foreign exchange services work soon.