Mumbai: LKP Forex Ltd, a wholly-owned subsidiary of LKP Merchant Financing Ltd, plans to open franchisees across India in a bid to expand its business of money changing.
Says LKP Forex president Parag Mehta: Earlier the Foreign Exchange Regulation Act (Fera) had restricted our growth, but the recent Reserve Bank of India guidelines on authorised dealers and full-fledged money changers have given a boost to full-fledged forex players to expand their network and reach to inbound travellers and outbound Indians that comprise the foreign exchange market.
The RBI had increased the limit of forex that can be carried by a traveller to $5,000, with a higher cash component of up to $2,000.
The company is planning to open franchisee outlets with major hotels, departmental stores, emporiums and will also encourage people who want to open outlets exclusively as money changers. LKP Forex will provide training to franchisees in retail foreign exchange transactions and our network of branches will provide the franchisees the support and assistance needed to conduct and develop their business, says Mehta.
Recently, LKP Forex got permission to open 24-hour money changing counters at the international airport, Mumbai.