RBI gives authorised status to UAE Exchange

Mumbai, Oct 10 (UNI) UAE Exchange&Financial Services today announced that it has secured an authorised Dealer Category-2 licence from the Reserve Bank of India (RBI).

With this, the company has been upgraded from a full-fledged moneychanger (FFMC) to an authorised dealer-2 based on its strong financials, good governance, regulatory/prudential comfort and an adequate internal control mechanism.

Briefing newspersons, Dr B R Shetty, Chairman&Managing Director of the UAE Exchange Group said, ''With this elevation, UAE Exchange plans to widen its service portfolio to release foreign exchange for a host of non-trade related current account transactions such as remittances on behalf of tour operators and travel agents, film shooting, overseas education, medical treatment abroad, employment, emigration, visa fees, disbursement of shipping crew wages and remittance for participation in international events.'' Currently, the company offers a whole innovative products and services from foreign remittances, drafts and currency exchange to foreign inward money transfers, travel and tourism, investment services and VAT reclaim services.

He disclosed that its associate company UAE Exchange Centre LLC, based in Abu Dhabi, UAE, is the largest remittance house in the Middle East with direct offices across the globe in the US, UK, Asia, Africa, Australia and all across the Middle East.

The Group, Dr Shetty continued, has also ventured successfully into multi-specialty hospitals, trading in pharmaceuticals, FMCG, medical equipment, foodstuffs, information technology, hospitality, gold and diamond jewellery, real estate, advertising and public relations.

The company, which began its operations in 1999 with five branches, today boasts of 209 branches across India and is staffed by over 2000 professionally qualified personnel.

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