: 1800 572 9798 : investor@iccaps.com CIN No : L65191TN1985PLC012362 ISIN No : INE429D01017
For’Xchange the money changing division which was part of Aruna Sugars Finance Limited, became part of India Cements Capital Limited during take over in mid-1997. Full Fledged Money Changer licence was obtained in 1995. The company obtained AD II license during 2012 to expand its scope of business. Money Changing division has a total network of 14 branches: Chennai, Madurai, Trichy, Coimbatore, Salem, Namakkal, Bangalore, Hyderabad, Mumbai, Delhi, Kochi, Trivandrum, Pune, Pondicherry. The company has around 70 people on its role.
Money Changing basically involves conversion of one country’s currency into another, literally trading. We purchase Foreign Currency Notes from Indian Public, Foreigners, NRI’s and also from Banks and other Money changers and sell to Indian Public who are going abroad either as a tourist or on business. Apart from Currency notes we also buy and sell Prepaid Cards of Thomas Cook. It has been the strategy at ICCL to have arrangements with Corporates for sale and hence corporate forms 65 % of our business segment with the balance being Individuals and Public.
The division got its Authorised Dealer – Category II licence in the year 2012, January. This licence is a notch up of “Money Changer Licence” one below Banks who are “Authorized Dealer - Cat I”. This Authorised Dealer – Cat II licence permits us to handle additional areas apart from Leisure and Business travel like handling:
Being in Financial Service Industry coupled with our group back up, Service has been our USP. We have been servicing our customers at their place and time of convenience. Although the counters operate between 9.30 to 7.00 p.m. we deliver 24 / 7 based on prior commitment and confirmation. This has helped us in a big way and a much sought after for our services.
RBI ComplianceIn keeping with the tradition the practices followed are highly ethical and does not deviate from the laid norms of RBI set guidelines. Our Licenses are renewed periodically after proper scrutiny and Inspection by RBI and till date we have been having the privilege of absolute Compliant without any negative remarks. Further at India Cements Capital the team has been preached to be totally ethical and complying to set norms and guidelines thereby earning a very highly esteem and recognition in the industry.
Our For’Xchange teamOur For’Xchange team has been handpicked from the Industry after careful scrutiny and we also train freshers based on the need. Normally a branch is headed by a team leader as BM, who has put in very good years of service and has also risen from the bottom. The counters are handled by Cashiers who are well trained to identify counterfeit notes and thwart fraudulent transactions. The Service team vary based on the business at the branch. We have Senior Members heading Operations, a separate vertical for Purchase of notes and Coins from Temples, and also for AD – II services.
Systems and ProceduresWe have put in adequate systems and procedures in place to ensure checks and balances at all branches at the end of the day and also to avoid occurrence of fraudulent practices. This is basically done based on our past experiences and incidents. While there cannot be a total and perfect system in place we always feel there is scope for improvement which is being done as and when required.
Feather in the cap for For'Xchange
For X Change is the brand name under which the company extends money changing services as an RBI approved AUTHORISED DEALER CATEGORY-II.
Learn MoreThe company also extends advisory services on the forex market to exporters and importers , under the brand name of Midas Advisory
Learn MoreICCL has a subsidiary company by name India Cements Investment Services Ltd. We are the member of the NSE and is engaged in share broking activities
Learn MoreCoromandel Travels is the division engaged in extending comprehensive travel related services like ticketing, hotel bookings, visa processing,etc
Learn More