The obligations of an FFMC License holder under the Foreign Exchange Management Act (FEMA) include:

1. Compliance with RBI Guidelines: Follow all rules and regulations issued by the Reserve Bank of India (RBI) for foreign exchange transactions.

2. KYC/AML Procedures: Implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to verify customers’ identities and prevent illegal activities.

3. Maintain Transaction Records: Keep proper records of all foreign exchange transactions, including details of the buyer/seller, amount, currency, and purpose.

4. Regular Reporting to RBI: Submit regular reports to the RBI on the details of forex transactions, including quarterly and annual returns.

5. Adherence to Permissible Transactions: Conduct forex transactions only for permissible purposes as defined by FEMA, such as travel, education, and business-related activities.

6. Branch and Operational Compliance: Ensure all branches of the FFMC comply with FEMA and RBI regulations.

7. Audits and Inspections: Cooperate with audits and inspections conducted by the RBI to ensure compliance with FEMA and other regulatory guidelines.

Failure to comply with these obligations can result in penalties or revocation of the FFMC license.