Main Article Content
Abstract
This study is focused mainly on the operations of Full Fledged Money Changers in Indian forex market. The study is done with reference to Weizmann Forex Ltd Limited, one of the leading money changers in India with national network of 78 branches catering to national and international customers. The study focused on various products and services offered by Weizman Forex (FFMC). The operations studied include foreign exchange trading - bulk purchases, bulk sales, retail purchases or encashment and retail sales of currencies, Travellers Cheques, World Money Cards of major international currencies. The project also aims at studying management of franchisees, agents, management of funds for daily operations, settlements with banks. The other operations studied include inverting remittance to Western Union, providing Telephonic Transfer (T.T) service, acquisition of new clients, documentation of various requisites of the transactions done by FFMCs, reporting activities. The scope of the study also encompasses study on forex market participants, factors affecting forex markets. Major currencies are taken for the study. The project involved taking part in daily transactions of bulk purchases, bulk sales, retail purchases, retail sales, handling the transactions through software package, currency tallying and settlements at the end of the day.