Pune-Based Laxmii Forex Gets AD II License From RBI
Pune, 30th November 2021: Laxmii Forex Private Limited; a well known foreign exchange firm from the city has recently received the AD II license from the Reserve Bank of India (RBI) and thus has become the first FFMC (Full-Fledged Money Changer) from the state of Maharashtra other than Mumbai to get this license. The Authorized Dealer (AD) Category II is the entity authorized by the RBI to deal in Foreign Exchange for specified purposes.
“We have been working in the field of Foreign Exchange since the past 17 years and this elevation of Laxmii Forex from FFMC to AD II by the RBI is indeed gratifying. This will now enable us to serve our customers better and offer more services related to foreign exchange to them under one roof”, said Nishikant Bhalerao, Managing Director, Laxmii Forex Private Limited.
“Most importantly this license will facilitate transfer of larger amounts i.e. up-to USD 2.5 Lakh, which would be helpful for purposes like education remittance (transfer of educational fee for education abroad), Close relatives family maintenance, currency conversion required during the immigration process, medical treatments abroad and gifting”, he added.
Poonam Bhalerao, Director, Laxmii Forex informed that foreign exchange services are not easily available in nearby towns and on most of the occasions customers have to travel to either Pune or Mumbai to fulfill their needs. Thus, to cater to the needs of customers the hinterland Laxmii Forex is planning to open branches in Satara, Kolhapur, Aurangabad and Nashik in near future.
“In fact this license has given us an opportunity to create a national footprint in the foreign exchange services segment and we plan to expand the network of our branches to 15 from the current number of 4 in the next 2 years time with a targeted turnover of over Rs.1000 Cr. To begin with we would focus on expansion in Maharashtra and Goa”, she added.
About Laxmii Forex Private Limited – Started by husband-wife duo of Poonam and Nishikant Bhalerao in 2005, Laxmii Forex today has a base of over 1 Lakh Customers from the areas in and around Pune. Currently, it has 4 branches in Pune including the ones at Law College Road, Camp, Aundh and Kharadi. It provides foreign exchange facilities for currencies of 50 different countries. So far it was providing services like foreign exchange buying and selling, forex card and travel insurance. Now with the receipt of this AD II license from the RBI Laxmii Forex will not only scale up its operations but will also expand its range of services.
advt
