Kolkata, Aug 7: Reliance Money plans to expand its currency notes business to four folds to Rs 10,000 crore by this fiscal, company CEO Sudip Banerjee said. Money exchange and money transfer business was growing much faster phase than perceived earlier following open market economy and inflow of tourist traffic.
India has about Rs 40,000 to 50,000 crore wholesale currency exchange business annually and major chunk comes from Taka, the Bangladesh currency, followed by Nepalese Rupiah and US Dollar, Banerjee told reporters. He said Reliance Money has opened its zonal office in Kolkata yesterday to catch up with other major players in the business, particularly, India Post, a state run PSU and Thomas Cook.
Banerjee said Reliance Money's annual business was now Rs 2,500 crore from its 10,000 outlets in association with Western Union.
The company has planned to set up 10,000 more outlets across the the country to overtake market share from rivals India Post (postal department) and Thomas Cook.
The money currency and money transfer business is basically buying foreign currencies from travellers and business people with certain per cent cut in exchange of rupee and then export them to originating countries, also with certain per cent benefit to delivery party.