Role of Exchange houses

WelcomeRakesh Khare

Asst. General Manager (Retired)Union Bank of IndiaM.Sc.,M.B.A.(HR), JAIIB

Specialisation:Credit, Credit Monitoring, Recovery,Alternate Delivery Channels, KYC-AML

Contact No.: +919993170274Email ID: [email protected];[email protected]

Exchange HouseTuesday, May 2, 2023 1

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ROLE OF EXCHANGE HOUSES IN FOREIGN INWARD REMITTANCE

ROLE OF AGENCIES SUCH AS WESTERN UNION MONEYTRANSFER/MONEYGRAM ETC. IN FOREIGN INWARDREMITTANCE IN INDIA

CARDS AS THE NEW METHOD OF FOREIGN CURRENCY CARRIERS

Rakesh KhareEx-AGM,

M.Sc.,M.B.A.(HR), JAIIBUnion Bank of India

Tuesday, May 2, 2023

Foreign Remittance

What is Foreign Remittance & Types? How does Foreign Remittance takes place?

Methods of Foreign Remittance?

Regulatory Requirements?


Exchange Houses

What are Exchange Houses?

How is Exchange House differing from Money Changers, Authorised Dealers, Foreign Banks etc?

Setting up of Exchange Houses and related Governing Bodies / Central Banks Role in this direction.

What is the Role of Exchange Houses in Foreign Inward Remittance?

Salient Features of Exchange House Channel


Exchange Houses The Companies engaged in the business of money exchange and remittances are

known as Exchange Houses. Exchange Houses are extensively used for remittances from UAE.

Exchange Houses are established primarily to meet the foreign exchange and remittance needs of their trading partners and customers at a time when formal Banking was yet to be established in the country.

Exchange Houses are also engaged in currency Exchange Activities. One can Buy and sell foreign currency conveniently at any of the branches of the Exchange House.

Exchange Houses are simply units established overseas in different countries such as UAE, USA, Europe etc where exchange of currencies between different countries takes place. They have host of products to transfer money worldwide.

The Exchange Houses were set up to remit the money at speed of seconds Exchange house are the agencies of large business houses or units of Banks to set

up Branches overseas. Exchange houses offer reliable, professional and innovative services to make

business transactions more efficient and family remittances faster and easier. Most of the Banks have made Rupee Drawing arrangements with Exchange Houses

situated abroad mostly in UAE, Abudhabi. for effecting Inward Remittances from NRI’s.I.



Authorised Dealers, Money Changers

Authorised Dealers in Foreign Exchange Category-I (AD-I) – RBI has granted licences to full fledged banks which are

equipped to undertake foreign exchange transactions in India. RBI has also granted authorisations to certain financial institutions to undertake specific type of foreign exchange transactions incidental to their main business.

Authorised Money Changers - In order to provide facilities for exchange of currencies,

especially to foreign tourist on arrival in India, RBI has granted permission to several established firms, hotels and other organisations permitting them to deal in foreign currency notes, coins & Traveller cheques, subject to directions issued from time to time. These firms & organisations are known as Authorised Money Changers.


Authorised Dealers, Money Changers

Authorised Money Changers fall in two categories viz:

Full Fledged Money Changers :- are authorised to undertake both Purchase and sell transactions with the Public. They are also known as Authorised Dealer Category–II (AD-II)-eg Thomas Cook etc.

Restricted Money Changers:- are authorised only to purchase foreign Currency Notes, Coins and Traveller Cheques subject to the condition that all such collections are surrendered to Authorised Dealers in Foreign Exchange or Full Fledged Money Changers


Exchange Houses


Exchange Houses and related Governing Bodies / Central Banks Role

Inward Remittances - Regulatory Requirement: Inward Remittances are governed by Money

Transfer Service Scheme(MTSS) of RBI. Governed by FEMA(Foreign Exchange

Management Act)-1999 Rules Governed by FCRA-2010 Rules.

Setting up of Authorised Dealers, Money Changers etc. is governed by RBI as mentioned above.


Exchange Houses and related Governing Bodies / Central Banks Role

FERG – Foreign Exchange & Remittance Group – the companies engaged in the business of money exchange and remittances have joined together to form FERG. This move was initiated by the Central Bank of UAE to bring the various exchange cos. From large sized companies to single branch outlets to come on a common platform and work for mutual benefit. FERG is registered with Dubai Chamber of Commerce & Industry. The Goals & Objective of FERG is to become a strong & united Group to voice the views & opinions of their members and create awareness about the role of exchange companies in transferring millions of dollars across the world through official channels in safe, secure and economical way within the regulatory frame work of the Central Bank and Government of UAE. FERG’s role is to ensure implementation of best practice standards among the exchange houses in the UAE.

Exchange Cos. are the preferred choice for money exchange and remittances needs of the customers and they are having Tie-ups with various correspondent banks and agents across the world.

Licensed Foreign Exchange & Remittance Companies in the UAE – End 2013

Emirates Head Office Branches Total

Abu Dhabi 30 181 211

Dubai 85 367 452

Sharjah 11 121 132

Ajman 2 27 29

Umm Al Quwain 0 6 6

Ras Al Khaimah 0 22 22

Fujairah 1 22 23

Al Ain City 5 40 45

Total 134 786 920

* Source: Central Bank of the UAE’s Annual Report 2013


Role of Exchange Houses in Foreign Inward Remittance

Exchange houses offer a wide range of services from Demand drafts to instant credit facilities. They facilitate easy access for customers by delivering products

Exchange Houses are extensively used for remittances from UAE. Unlike the Banking Channel this channel is based on Vostro accounts i.e. accounts maintained by Exchange houses with various banks in beneficiary countries. These accounts are pre-funded by Exchange Houses.

The Remittance Transaction Process includes the following steps:

Cash

Exchange House

Modes

1. Email

2. End-to-end System Integration

3. Bank’s Proprietary Plaform

4. DD drawn on Vostro

Vostro Account

Beneficiary Account


Role of Exchange Houses in Foreign Inward Remittance

Remitter deposits remittance money in cash in overseas currency at the Exchange House Counter .Exchange rate and transaction fee is communicated and confirmed over the exchange counter.Beneficiary Account Details are provided by the Remitter.The Exchange house Instructs the Beneficiary Bank with whom it has a Tie-Up for transferring the Requisite amount in the Beneficiary Country’s local currency using one of the following Modes:

E-Mail: Email is sent by Exchange House to Beneficiary Bank instructing it to transfer the amount to Furnished Beneficiary account.Integration of Exchange House and Beneficiary Bank Systems through use of Technology and Payment Gates.Beneficiary Bank’s Proprietary Remittance Platform.By issuing DD drawn on Vostro Account.

Since the Vostro accounts are pre-funded, the beneficiary account is paid based on the funding in this account. Hence, on receiving the Exchange House’s instruction, the beneficiary receives the amount almost instantaneously.The Exchange house has to fund its account with the Beneficiary Bank; hence the latter enjoys the float.The Exchange House can draw a DD on its Vostro account in favour of the Beneficiary and hand it over to the remitter over the counter, which can then be dispatched by courier or even sent along with a friend travelling back home. Alternatively the DD can also be drawn in favour of the remitter, who can then carry it back to his home country on his return and get it cleared there. This is a secure option for blue collar workers who would otherwise have to travel hard cash.


Role of Agencies such as Western Union MoneyTransfer/MoneyGram etc. in Foreign Inward

Remittance in India Money Transfer Service Scheme (MTSS) of RBI is a quick and easy way of transferring personal remittances from

abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS. The system envisages a tie-up between reputed money transfer companies abroad known as Overseas Principals and agents in India known as Indian Agents who would disburse funds to beneficiaries in India at on-going exchange rates. The Indian Agent is not allowed to remit any amount to the Overseas Principal. Under MTSS the remitters and the beneficiaries are individuals only.

The Indian agent who has to be an Authorised Dealer, Full Fledged Money Changer or registered Non-Banking Financial Company (NBFC), IATA approved Travel agents ( having minimum net worth of Rs.25 lakhs ) requires RBI approval to enter into such an arrangement. The agent is allowed to open a special rupee account with an AD through which all the remittances disbursed under the scheme, are to be routed. The Indian agent pays the beneficiaries first, on instructions from the overseas principal and is reimbursed the amount and his commission, by the overseas principal, within a day or two through normal banking channels.

Selection of Both the Indian Agent and Overseas Principal are Governed by strict RBI Rules . Indian Agents entering into arrangements with Money Transfer Operators overseas, known as Overseas Principals, may note that Overseas Principals with adequate volume of business, track record and outreach will only be considered under the scheme. Further, since the primary objective of permitting the business of money transfer business in the country is to facilitate cheaper and more efficient means of receipt of remittances, operators with limited outreach in terms of branch network in the country and localized operations overseas will not be entertained.

Non-Banking players play a vital role in the remittance and have a larger share in the Global Remittance business than conventional banks. MTOs (Money Transfer Operators) like Western Union and Money Gram have a network of agents across the Globe and serve as Non-Bank Remittance Channels. The remitter can visit an MTO outlet and remit cash in foreign currency to send money to any part of the globe where the MTO’s agent is present. The receiver can visit the MTO agent at his location and collect the money in local currency.


Role of Agencies such as Western Union Money Transfer/MoneyGram etc. in Foreign Inward

Remittance in IndiaProcess for an International Remittance transaction is effected through an MTO is as follows:

Send Money (Process for Remitter) Receive Money (Process for Beneficiary)

Find an MTO Agent

Carry an ID card to the Agent location

Furnish the Request Form and tender foreign

Currency cash

A Reference No. Is issued to the Remitter

Contact Beneficiary and give him the Reference

Number

Find the Nearest MTO Agent

Collect the Money in Local Currency

Provide reference number and ID proof to the Agent

CBI Lecture 1

The settlement between the MTOs in the two countries takes place through their partner banks. On receiving the remittance amount in cash from the remitter, MTOs deposit those funds in their local bank accounts. MTOs request their bank to transfer the consolidated amount to the bank account of the MTO agent in the receiving country. In order to minimize costs, only the net amount (total amount to be sent to the recipient country minus total amount to be received from that country) is sent.Please note that the beneficiary receives the money much before the settlement between the MTOs

Fund Movement for an MTO takes place as under:

Recipients Across Globe

MTO in Remitting Company

Remitting Country

Local Bank

Correspondent Bank

Correspondent Bank

Correspondent Bank

Disbursing Agents

Disbursing Agents

Disbursing Agents

Correspondent Bank Disbursing Agents


Money Transfer Operators (MTO’s)

Western Union Money

Money Gram

Xpress Money

Xoom

Instant Cash

EZREMIT

Trans Fast

Global Money Exchange Co. LLC.

Coinstar

& many others..

Channel Partners in India Include Banks, Govt. & Private InstitutionsBanking partners Government

Institutions Public Institution

Andhra BankCanara BankCentral Bank of IndiaDena BankIndian BankIndian Overseas BankKarnataka BankOriental Bank of CommercePunjab National BankState Bank of IndiaState Bank of PatialaSyndicate BankUCO Bank, Uniom Bank,United Bank of India ... and many others

India PostBPCLHPCLE-sevaKSFE ... and many others

Paul Merchants Ltd.Transcorp InternationalReliance Money ExpressWeizmann ForexWallstreet Finance Ltd.

Muthoot Finance ... and many others


Agencies(MTO’s) for Foreign Inland Remittance

Western Union’s product portfolio includes business solutions, consumer-to-consumer money transfer, bill-payment services and stored-value options such as prepaid cards. With a network of more than 500,000 Western Union, Orlandi Valuta and Vigo Agent locations in more than 200

countries and territories, they have locations in the neighbourhoods where our customers live and work. Their services include: Send and receive money Bill payments Business Solutions Prepaid, phone and gift cards and money orders

MoneyGram is a person to person money transfer service launched by M/s. MoneyGram International Ltd., Colorado, USA. The Money Gram brand is recognized throughout the world as a leading global payment services company. Global Funds Transfer

MoneyGram Money Transfer global money transfer service allows consumers to send and receive money worldwide, primarily through a global network of third-party agents that use our money transfer systems. In addition to person-to-person (also known as cash-to-cash), customers have alternatives in money transfer delivery channels such as direct-to-account, ATMs and kiosks for deposit and cash receive, cash-to-a mobile phone and cash-to-card.

MoneyGram Bill Payments Services their bill payment services allow consumers to make urgent payments or pay routine bills through their network to certain creditors (“billers”). They maintain relationships with billers in key industries which include the credit card, mortgage, auto finance, telecommunications, corrections, satellite, prepaid card and collections industries. Bill payment services also enable consumers to load and reload prepaid debit cards.


Agencies(MTO’s) for Foreign Inland Remittance ……Contd.

Xoom: Xoom is an online international money transfer service. They offer a secure, fast, and inexpensive way to send money from their website to friends and family in the countries where they have arrangements: Recipients do not need a bank account or Internet connection to receive funds. Senders

can fund their money transfer with a credit card, debit card or bank account. Xoom partners with select money transfer partners to provide a convenient, secure, and

cost-effective means of sending money to family and friends abroad. Xoom moves money fast, and keeps security of Transactions a top priority. With Xoom you can have funds withdrawn directly from your U.S. bank account to fund

the money transfer, or pay using major credit cards. Recipients will be able to pick up the money in cash, have the money directly deposited into their bank account, or delivered to their door. Options vary by country.

Xpress Money is in the business of money transfers. Over the last 13 years, they are providing a money transfer service that is convenient, affordable, accessible and secure. Xpress Money is made to be simple, fast and safe. They have state-of-the-art systems

that send transactions around the world in just a few minutes. Their security checks and seamless, error-free support ensures that every transaction reaches its destination

The modus operandi of Xpress Money is given in next slide


Modus Operandi Xpress Money SENDER VISITS XPRESS MONEY AGENT LOCATION.

SUBMITS VALID ID CARD AND THE RECEIVER’S DETAILS.

HANDS OVER THE AMOUNT TO BE SENT AND THE TRANSFER FEE.

SENDER RECEIVES 16-DIGIT XPIN NUMBER.

SENDER COMMUNICATES THE 16-DIGIT XPIN NUMBER TO THE RECEIVER

SENDER GETS INSTANT SMS NOTIFICATION UPON COLLECTION OF CASH BY RECEIVER.

RECEIVES CASH

SUBMITS VALID ID CARD AND XPIN NUMBER..

RECEIVER VISITS THE XPRESS MONEYAGENT LOCATION.


International Money Transfer• Salient features of the International Money Transfer

Service: Money Transfer Service Scheme is a quick and easy way

of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS.

As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services and MoneyGram International, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India. The recipients can in fact collect the money in minutes after the sender has made the remittance.

The service is targeted to particularly fulfill the needs of NRI dependent families in India, visiting International tourists and foreign students studying in India.

• The International Money Transfer process is as follows:-

o Remitter goes to any one of the Western Union / MoneyGram Locations in the countries in which the Service operates

o Fills up a form to send the amount and pays principal amount and charges.

o The sender gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction is sent through the system.

o Thereafter, the sender calls up his/her payee and gives information on the money sent.

o The Payee / Receiver goes to the Post Office & fills up a form to receive money,

o Shows valid identification and receives money along with the receipt, once the transaction is verified.

o This entire process is completed within ten minutes.o The Payee receives the full amount in Indian

Rupees.


Cards as the new method of Foreign Currency Carriers


Types of Cards


Live Case Study• Rohit

– First day at Madrid– Mistakes made– Successes achieved– The moral of the story


Discussion• What we can learn

from Rohit’s Story• Best practices

– Large no.of Forex Cards available with different features.

• Take-aways – Use Forex prepaid Card on visit

abroad.– Use Gift Card & other Prepaid

Cards for Domestic Transactions.


VISA /MASTERCARD/ AMEX / RuPay NETWORK

VISA

CARD

/ M

ASTE

RCAR

D /

AMEX

CAR

DS

Merchant

Issuer

Typical Card Transaction

Acquirer

Consumer



Exchange House

State Bank Prepaid Card

Tuesday, May 2, 2023 27

ICICI Bank Travel Card


Citi Bank Travel Card

Exchange House

Citibank World Money Prepaid Card Load your Foreign exchange on India's first prepaid foreign currency denominated travel Card and

shop at millions of Visa merchant outlets, withdraw cash from Visa ATMs or transact online. This forex prepaid Card offers you the convenience and acceptance of a debit/credit Card along with unmatched safety features to keep your forex protected while you enjoy your trip abroad.

As the exchange rates get locked on the date of loading the Card with funds, you also safeguard yourself from any risks arising from exchange rate fluctuations.

You can choose to load the card with any of the currencies offered (US Dollars, Pounds Sterling, Euros, Australian Dollars, and Singapore Dollars) and use the Card in any country where VISA network is present. With Citibank World Prepaid Card you can shop at any of the VISA Merchants Establishments. Besides this you can also withdraw cash from over 1.6 Million VISA ATMs (that display the VISA logo), 24-hours a day in over 200 countries.

Your Citibank World Money Prepaid Card is valid for three years and can be re-loaded with additional funds within hours making it convenient for those who wish to undertake multiple international trips.

Citibank World Money Prepaid Card is accepted at millions of merchant establishments around the world

You don't have to carry any loose change, since you shop for the exact amount on your prepaid card The card gives you 24-hours access to cash at over 1.6 million Visa ATMs around the world Prepaid card replacement within 96 hours Enhanced security on card through 4-digit ATM PIN to authorise all ATM transactions Unlimited transactions possible subject to sufficient balance maintained in the card and

merchants/ATM not fixing a floor on transaction size Balance on the card delivered to your doorstep upon placing a request for a refund draft Detailed statement to track your expenses and card usage


Thomas Cook's Prepaid Forex Cards


The Retail Foreign Exchange Sale Limits

Exchange House

Purpose Limit Documentation

Basic Travel Quota (BTQ) - For Holidays, Personal visits etc

USD $10,000.00 per financial year

Application Form, Form A2 and Self Declaration

Business Travel USD $25,000.00 per Trip Application Form with authorization from the Company, Form A2, Letter from the Company stating that the employee is going abroad on business with details of places of stay

Immigration - For people who settle abroad in countries like Canada, New Zealand etc.

USD $100,000.00 per year Application Form, Form A2 and Self Declaration

Employment Abroad - For a person who is going to work abroad


Medical Treatment - For people who are travelling abroad for treatment


Studies Abroad - For students pursuing studies abroad

USD $100,000.00 per academic year

Application Form, Form A2 and Self Declaration

Maintenance of close relatives abroad USD $100,000.00 per year Application Form, Form A2 and Self Declaration

Investments overseas in shares(listed companies), Gifts & Donations etc (under liberalised remittance sche me only)

USD 75000/- per financial year Application form, Declaration for purchase of foreign exchange under the liberalized remittancescheme of USD 75000 and Form A2 (Only for Individual residents a/c holders)


Cards as the new method of Foreign Currency Carriers – Advantage over Cash Currency / Travellers Cheque.

Exchange House

Foreign Currency Notes Prepaid Foreign Currency Cards

If you are travelling to different countries you have to carry different currency notes of those countries

Various currencies can be loaded onto a single card and it can be used to pay for products and services or to access cash through ATMs

Accepted worldwide but authenticity of currency notes can be a problem

Safe, secure and accepted at over million Mastercard /VISA/AMEX Merchant Establishments worldwide besides Millions of ATMs

You need to carry loose currency which can be torn, lost and can also be cumbersome

You don't have to carry any loose change since you can shop For the exact amount without enchasing entire amount on card

Lost cash is lost forever Free Emergency Cash and Free Card Replacement means you never lose access to your money even if you lose your card

No security for cash Chip and Pin Security means your money is safer

Purchase and transaction possible only for the amount in the pocket

Unlimited transactions possible (subject to the balance) You can reload your card and hence if you are a student and need money, your loved ones in India can reload it. As a business traveller for your regular travel you can just reload the card and enjoy the convenience of a card while you travelTuesday, May 2, 2023 32

Advantage of Prepaid Forex Cards

Exchange House

Wide acceptability - both Visa and Mastercard options availableProtects you against common problems when you travel and accidentsPeace of mind through a back-upTop up while you travelSmart way to carry multiple currencies. Save time and moneyManage your currencies yourself with NetBankingEmergency card replacement or cash delivery at overseas locationNo danger of forgetting your PIN when overseas. Choose your own PINNo need to worry as Currency Exchange Rate Fluctuations are taken care

of.


Summary• Role of Agencies such as Western Union Money

Transfer/Money Gram etc. in Foreign Inward Remittance in India

The Western Union Money Transfer / Money Gram /Insta Cash / Trans-Fast / Coin Star / Global Money & Ez-Remit etc. play the

role of Money Transfer Operator (MTO) as Overseas Principal & India Post, Muthoot etc play the role of Indian Agent under the MTSS Scheme of RBI.

• Cards as the New Method of Foreign CurrencyCards are an easy tool to carry Foreign Currency while on tour abroad either for Enjoying Vacations or Business/Profession

or on Education Trip. Tension Free Travel.


Resources

• http://www.rbi.org.in/scripts/FAQView.aspx?Id=66

• http://rbi.org.in/Scripts/FAQView.aspx?Id=54• http://www.rbi.org.in/scripts/

BS_ViewMasCirculardetails.aspx?id=8093• Website @ SBI, ICICI, CBI, Thomas COOK,

FERG,VISA, MasterCard, AMEX,Citibank, IndiaPost, Western Union, Moneygram etc.


QUESTIONS?


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Foreign Remittances Foreign Remittances are transfer of funds involving exchange of

one currency into another. Foreign remittance can be defined as ‘the purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country’. Remittance is the act of transmitting money to a distant location to fulfil an obligation. Foreign Remittances are of two types:

Foreign Outward Remittance : When the sender uses a bank or foreign exchange company to send money to foreign country it is known as Foreign Outward Remittance.

Foreign Inward Remittance: Similarly when the funds send by a person into his parent country where he resides such remittances are known as Foreign Inward Remittance.


Foreign Remittances - Methods Foreign Remittances are transfer of funds involving exchange of one currency

into another

Remittance can be

Inward – By way of Wire Transfer, Cheques, DDs coming from Migrant Workers, NRIs, PIOs

Outward – By way of Wire Transfer, DDs for Personal / Business Remittances by residents,

In respect of IWR, India retains the top position for over a decade now.

Remittances contribute to economic growth and to the livelihood of the needy people


Foreign Remittances- Regulatory Requirement

Generally no restrictions on inward Remittance. except that it should be received through authorized banking channel (Exception - FCRA 2010)

NRIs Can send Remittances to their / resident a/cs – No limit

Bringing Forex during personal visits – Declaration (CDF): For foreign currency exceeding USD 5,000/- and FC/FCTC

exceeding USD 10,000/- during visit to India CDF (currency decl. Form) to be produced.

Residents receiving For currency / TCs as gift / services rendered can retain upto USD 2,000/- (overall) to surrender over and above the limit to AD within a period of 180 days

Residents can also park these funds in RFC(D) a/c


Foreign Remittances- Regulatory Requirement - Provisions of FCRA 2010 No foreign contribution shall be accepted by any candidate for election, correspondent,

columnist, cartoonist, editor, owner, printer or publisher of a registered news paper, judges, govt. servants, members of any legislature, office bearers of political parties .

Organizations of political nature, not being a political party, require prior permission of Central Govt.

Contributions from Indian citizens abroad (NRIs) will not be treated as Foreign Source and do not attract provisions of FCRA

Contributions by non-resident foreign citizens of Indian, or non Indian, origin do attract provisions of FCRA even though the money comes from their NRO / NRE / FCNR accounts in India

Credit to registered account with Central Govt.only All associations engaged in welfare activities in economic, educational, religious, social,

charitable fields receiving Foreign Contributions have to get themselves registered with Ministry of Home Affairs

Application in Form FC-8 giving details of bank and account number Home Ministry grants registration and marks a copy to bank Unregistered association to take prior permission from Home Ministry before accepting

foreign contribution (Application in Form FC-1A). Copy of permission marked to bank.


Foreign Remittances- Regulatory Requirement - Provisions of FCRA 2010 Not more than one account for receiving foreign contribution

Banks to furnish Half Yearly Returns ( March and September) furnishing details of Foreign Contribution credited to registered accounts.

All branches to submit the said statement in prescribed format before 30th April / 31st October to IBD, CO, Mumbai, and confirm this to their ROs.


Exchange HousesPrithvi Exchange a division of Prithvi Softech Limited is licensed by Reserve Bank of India (RBI) as an Authorized Dealer Category II. Prithvi Exchange offers a whole gamut of Foreign Exchange services like Money Changing, Money Transfer Services.

They are called by different names say - Money Changers, Authorized Dealers, Forex Changers, Forex Dealers etc. Have Branches in prominent Cities and Tourists Centers like Chennai, Bangalore, Hyderabad, Goa and Mahabalipuram.Prithvi Exchange also serves its customers by selling global Sim cards, International Sim cards and International Travel Insurance. As a Traveller’s Best Friend, they provide foreign exchange, Travel insurance, International Sim cards and all services under single roof.Money Transfer division provides services to customers through three channels- Western Union, Money Gram, and Xpress Money, through which customers can receive money from abroad.Prithvi Exchange is a Business Partner of American Express Traveller Cheques, Axis Travel Currency Cards, HDFC Forex Plus Cards, Western Union Money Transfer.

•Other Examples are given in the annexed sheet.
