FCM Travel Solutions, Indian subsidiary of Australia based Flight Centre Travel Group, has said it has received license from the Reserve Bank of India for foreign exchange business.
The travel company can now undertake several permissible outward remittance activities for travellers across segments, including leisure travel, business travel, medical treatment, education, emigration and employment.
"We got the AD-II license and its being the highest we have become the authorised dealers in remittance apart from traveling solutions," Rakshit Desai, Managing Director, FCM Travel, told BW Businessworld.
Authorised Dealers Category II license holders are Authorised Money Changers (AMCs), accredited by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999 to deal in foreign exchange for aforementioned purposes.
This upgrade comes into effect after receiving the AD-II license by RBI.
"We are pleased to be a part of the few AD-II license holders in the travel fraternity. The elevation not just widens the scope of availability of foreign exchange through different channels but also makes the pre-trip process more convenient and hassle-free for our customers. It will also help us seek better currency rates," FCM Travel Solutions India National Head, Foreign Exchange, Gagan Malhotra said.
BW Reporters
The author is a journalist with BW Businessworld. He primarily covers Retail, Media & Entertainment and Travel & Tourism sectors
