FCM Travel receives RBI license for foreign exchange business

FCM Travel Solutions, Indian subsidiary of Australia based Flight Centre Travel Group, today said it has received license from the Reserve Bank for foreign exchange business.
The travel company can now undertake various permissible outward remittance activities for travellers across segments, including leisure travel, business travel, medical treatment, education, emigration and employment, FCM Travel said in a release.
This upgrade comes into effect after receiving the Authorised Dealer Category II (AD-II) license by RBI.
Authorised Dealers Category II license holders are Authorised Money Changers (AMCs), accredited by RBI under Section 10 of the Foreign Exchange Management Act, 1999, to deal in foreign exchange.

"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," FCM Travel Solutions India National Head, Foreign Exchange, Gagan Malhotra said.