Fall in travel, an unequal regulatory regime hit fortunes of money changers

The money-changing business was by no means booming before the pandemic; it has been evident for some time now that technology will reshape the business

Since nearly $2.5 billion in physical foreign exchange is handled by India’s money changers each year, you may think it’s a lucrative business. That is not the case — the industry has lobbied the government for direct-benefit transfers to protect the salaries of those employed by firms that ply the trade. Reason: The steep post-Covid fall in corporate and leisure travel alike has seen their fortunes plummet.

Money changers are a key cog in the travel and tourism market, which guesstimates suggest employs nearly 11 million people countrywide. The near-washout of two consecutive leisure travel seasons in the wake of the