Weizmann Forex granted AD II License from RBI

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Weizmann Forex Limited (WFL) has been granted the Authorized Dealer Category II (AD-II) license by the Reserve Bank of India (RBI).  Fulfillment of certain basic qualifiers in terms of the company's financial position in relation to its net worth, tenure in the trade, spread of branches, past performance and concurrent audit practices have helped them in acquiring this license.

 

WFL Group was one of the first entities to obtain a money changing license from RBI and today WFL has a spread of 57 branches across pan India covering almost all major cities. In addition to foreign exchange WFL is also a major player in money transfer business being one of the largest principal agent of WU Money Transfer with a network of 8500 + locations which includes branches of leading public sector banks - Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of Saurashtra, UCO Bank, United Bank of India, Private Sector Banks viz. The Laxmi Vilas Bank, The Nainital Bank, Leading Depository Participant - Stock Holding Corporation of India, Large players in the field - Muthoot Fincorp, Bangalore One, etc.

 

With a FFMC license WFL's services were restricted to release of foreign exchange to leisure and business travel only. Now with their new identity as an AD-II WFL has entered the league which hitherto was dominated by foreign, public and private sector banks only.

 

The enhanced license will now permit WFL to release foreign exchange for non trade related current account transactions like

 

• Overseas Education
• Release of foreign exchange to patients traveling abroad for availing medical treatment
• Indians opting to migrate to other countries
• Release of foreign exchange for film shoots at overseas locations
• Payment of wages to crew of foreign sea liners
• Issuance of Foreign Currency Demand Drafts for non trade related miscellaneous purposes as permitted by RBI.

Mr. B. S. Shetty - President & CEO of Weizmann Forex said ,"the Company has concluded a comprehensive training program to its front line staff to gear up to handle this new stream of business at all their branch locations pan India and WFL shall continue to take its service efficiency a notch above the rest for the sustained customer satisfaction".

 

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