FCM Travel Solutions, Indian subsidiary of Flight Centre Travel Group, can now undertake various permissible outward remittance activities for travellers across segments. The upgrade comes into effect post receiving the Authorised Dealer Category II (AD-II) license, as granted by the Reserve Bank of India. In addition, FCM Travel Solutions will be able to release/ sell foreign currency in form of multi-currency prepaid travel cards, currency notes and travellers cheques for visas, emigration and emigration consultancy fees, employment and processing, assessment fees for overseas job applications, students who intend to study overseas or seek to apply for proficiency examinations, international film shootings and medical treatments abroad.
Authorised Dealers Category II license holders are Authorised Money Changers (AMCs), accredited by the Reserve Bank under Section 10 of the Foreign Exchange Management Act, 1999 to deal in foreign exchange for aforementioned purposes.
Gagan Malhotra, national head – foreign exchange, FCM Travel Solutions India, said, “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. It will also help us seek better currency rates.”