COMPANY OVERVIEW:

1. COMPANY HISTORY:

A Company dealing as FFMC under RBI license no.FM.1787/10.

FRR Forex is a newly Incorporated Company by Mr. Parag Mehta.

Earlier it was known by LKP Forex and after that it was merged with
Thomas cook and now in the year 2010 it is again started by the name
FRR Forex Pvt ltd.

 Company has obtained Full Fledged Money Changing

(FFMC) license from Reserve Bank of India.

 Company commenced its operations on 10th July’ 2010 with

14 branches across 09 cities covering major metros. Company
also has a network of around 11 franchisee’s across the
country.

 Company has excellent business relations with American

Express Travel Related Services Company (Amex) as agents
for selling Travellers Cheques & Travel Cards, Axis Bank Ltd.
and ICICI Bank Ltd. For selling foreign currency prepaid
cards, Weizmann Forex Ltd. as agents for Western Union
Money transfer business, UAE exchange as agents for Money
Transfer business under the brands, “Moneygram” and
“Xpress Money” and Karvat Insurance Pvt. Ltd. for selling of
overseas travel insurance products.

 Company is amongst the top 5 sellers for Axis Bank Travel

Cards.
  The first thing you need is foreign exchange. Also, the last
thing you need to worry about. At FRR Forex we take care of
all your foreign exchange requirements. Any currency, any
time. Just call us and we will have your exchange delivered to
you.

 Your best choice for currency would be that of the destination

country. Travellers Cheques are available in US Dollars,
Sterling Pounds, and Euro’s. If there are no travellers cheques
in your destination currency, US Dollar traveller’s cheques
would be the next best option. Like cash, you can save unused
travellers cheques for future use. Please treat your traveller’s
cheques like you would treat your cash.

 Travel Across the Globe The Axis Bank Travel Currency Card
is a prepaid foreign currency card, which is currently available
in the denominations of US Dollars,Euro, Great Britain Pound,
Australian Dollar, Canadian Dollar, Singapore Dollar, Swiss
Francs, Swedish Kroner and Japanese Yen. The Card is
available off the shelf at our branches and at Axis Bank. All
you need to do is fill in a simple application form along with
relevant documents and you can walk out with the card in your
hand, loaded with the required amount of foreign currency.

 The exchange traded currency derivatives market which

started with volumes of only Rs.500Cr is now witnessing
huge volumes of over Rs.50000 Cr daily. Seeing a great
potential in the Currency markets FRR Forex strongly
believes in "MORE MONEY FOR YOUR MONEY”

FRR FOREX PVT LTD is a newly formed private limited company

(incorporated on 20th August 2009). We received the RBI approval to
function as a FFMC in the month of July 2010 and currently we are
operating from 14 branches across the country out of which 4 are in north
zone, 7 are in west zone and 3 are in south zone. All the locations are
strategically located to attract maximum footfalls.

2 . ACTIVITIES :

We are involved in Money Changing activities as stipulated by the Reserve

Bank of India. This includes buying/selling as well as exports of foreign
currencies against Indian Rupees. The customers include:

Corporate Houses

Banks & FFMCs

Travel Agents

Hotels/Hospitals

Colleges

Walk INS

3. Products offered by FRR Forex:

Bank notes in 26 currencies plus exotic currencies:

USD EUR HKD CHY

GBP NZD SGD DKK
JPY AED MYR NOK
AUD CAD THB SAR
SEK CHF ZAR LKR
HIGLIGHTED CURRENCIES ARE OFFERED ON AXIS TRAVEL CARD
 Travellers Cheque:
American Express Traveler's Cheques(AMEX).
o USD
o GBP
o EUR

 Overseas Medical Travel Insurance

o Overseas Travel Policy is a package policy which
covers travel emergencies when someone is travelling
abroad. It is available for three categories of travellers
 Business & Holiday
 Employment and Study
 Corporate Frequent Traveller
o FRR Forex has partnered with New India Assurance
Company for Travel Insurance under the brand
TRAWELLTAG Cover-More
o Divided into categories such as
 Saver
 Smart
 Style

 Money Transfer Services:

o FRR has tie-up with Western Union, Moneygram

& Express Money for money transfer services.
4. VISION & MISSION:

Mission Statement-

 To become the leading Stand-alone Forex advisory and

service provider in the country.

Vision Statement-

 To provide our customers with best possible services and

product delivery and establish a lifelong bond with them.

 Preserve our work ethics and contribute to the society and

economy.

 Creating value for stakeholders and members of organization.

 REVIEW OF LITERATURE
The daily turnover of the Global Forex market is presently estimated at
US$ 5.3 trillion. This is more than 12 times the average daily turnover
of the global equity markets.The US and the UK markets account for a
50% share of the daily forex turnover. In 2012, the UK’s share in global
foreign exchange trading jumped to 38%, while that of the US fell to
18%.Other major forex markets are Japan, Switzerland, Singapore,
Hong Kong and Australia. Among the most traded currencies, the US
dollar accounts for the lion’s share of over 80% of all foreign exchange
transactions. The main pairs in the international markets are the
EUR/USD, USD/JPY, GBP/USD and the USD/CHF.

Presently, the Indian Forex market is the 16th largest Forex market in
the world in erms of daily turnover. The average daily turnover in
currency derivatives in India (forward & options market) was nearly Rs
41,000 crore in February 2013, rising from Rs 25,500 crore in April
2012. A further increase in volume is expected since the foreign
institutional investors have been allowed to participate in the exchange-
traded derivatives segment. The Indian forex market is poised to grow
further and with the expected positive developments, one can look
forward to India becoming a major stakeholder in the world currencies
market.
In India, Foreign Exchange or Forex trading is not allowed. If someone
is found trading Forex instruments on the forex market by the Reserve
Bank of India’s representatives, he/she is immediately charged of
violation of law. Hence it is legally a crime to involve in Forex trading
and the charges of the crime are imprisonment in jail in this country.
The offence is considered immense; the prediction of intensity can be
deduced from this fact that it has been labeled to be non-bailable.

In India, all transactions that include foreign exchange are regulated by

Foreign Exchange Management Act (FEMA),1999. The Act applies
to all branches, offices and agencies outside India, owned or controlled
by a person resident in India. FEMA emerged as an investor friendly
legislation which is purely a civil legislation in the sense that its
violation implies only payment of monetary penalties and fines.
However, under it, a person will be liable to civil imprisonment only if
he does not pay the prescribed fine within 90 days from the date of
notice but that too happens after formalities of show cause notice and
personal hearing. FEMA also provides for a two year sunset clause for
offences committed under FERA which may be taken as the transition
period granted for moving from one ‘harsh’ law to the other ‘industry
friendly’ legislation.
FEMA permits only authorized person to deal in foreign exchange or
foreign security. Such an authorized person, under the Act, means
authorized dealer,money changer, off-shore banking unit or any other
person for the time being authorized by Reserve Bank. The Act thus
prohibits any person who:-

1. Deal in or transfer any foreign exchange or foreign security to any

person not being an authorized person.

2. Make any payment to or for the credit of any person resident outside
India in any manner.

3. Receive otherwise through an authorized person, any payment by

order or on behalf of any person resident outside India in any manner.

4. Enter into any financial transaction in India as consideration for or in

association with acquisition or creation or transfer of a right to acquire,
any asset outside India by any person is resident in India which
acquires, hold, own, possess or transfer any foreign exchange, foreign
security or any immovable property situated outside
 RESEARCH METHODOLOGY:

Research methodology is the process of the systematic gathering, recording

and analysis of data collected by various techniques to access the response
and accordingly prepare a report based on which reader opinion toward
products can be analyzed.

Following order of steps to be taken provide useful guidelines regarding the

research process.

 Research Design
 Sampling
 Data Collection

Sampling:-

Sampling is one of the most fundamental concepts underlying any research

work. Most research studies attempt to make generalization or draw
inference regarding the population. Based on their study of a part of the
population that is the sample. The sample data enables the researchers to
correctly estimate the population parameters. While doing sampling I
considered Pune region.
Data collection:-
There are two methods of data collection
1) Primary data
2) Secondary data
Primary data:-
Primary data are those which are collected fresh and for the first time, thus
happen to be original character.

Both questionnaire and scheduled method are used for Primary data
collection from various corporates,banks,travel agents located in Pune.

Secondary data:-
Secondary data are those which have already been collected by somebody
else and which have already been passed through statistical process.

For the research have taken secondary data for comparative study of FRR
Forex PVT. LTD. with other Money Changers.

Survey Process:

For the research, visited to various corporates, banks, travel agents as well
and were asked questions which were short and specific and easily
understandable. Data were also collected from official sites, Published
articles, research work.
Steps Undertaken:

1. Information about the customers were collected during personal

interaction with the clients and giving an overview on company’s
rates, services and online portal www.forexmart.in

2. Before approaching the customers call was made to them to seek the
Permission.
3. In case of non availability of customers future appointments were
asked for and a brief presentation about the company services and the
online portal was given to the available authority.
4. On meeting the clients detailed presentation about the company
Products, services and online portal was made and business cards
were exchanged for future requirements.
1. A questionnaire was also framed which consisted basic questions
regarding the demand, their usage and feedback.

Research Approach:

Qualitative as well as Quantitative approach has been used for this research.
But the stress was basically on the quantitative approach.

Quantitative approach:
Quantitative data involves the generation of data in a quantitative form
which can be subjected to analysis in a formal and rigid fashion.

Qualitative approach:

It is concerned with subjective assessment of opinions and behaviour.

Research Design:

This calls for developing the most efficient plan for gathering the necessary
information, design a research plan, decision on the data sources, research
approaches, research instruments, sampling plan and contact methods. A
research design is the specification of the method and procedure for
acquiring the information needed. According to my research design I have
performed the following Steps in the project.

 Deciding objective and sub-objective of the research.

 To determine the most suitable method of research.

Research designs are of following types:

1. DESCRIPTIVE
2. COMPARATIVE
3. EXPLORATORY
4. APPLIEED
In this project exploratory and applied type of research design has been used.
This method was used so that finding of research can be used for improving
STP strategies. In this project the objective was to gather information
regarding the demand of foreign currencies in the area allotted that was