FRR FOREX

Industry Internship Project

2017-2019
 Industry Internship Project
2017 – 19 Batch
Title of the Project: Develop Business with Banks and
Corporate.

Submitted by:
Name of the Student: Harsh Parasher
Roll No. : 1719PGDM1403
Program : PGDM
Batch : F2

Name of the Faculty Guide : Geetanjali Pinto

Name of the Company : Frr Forex Pvt.Ltd.
Name of the Company Guide : Prashant shetty & Sundeep Mody

Company Guide Designation : General Manager & Branch Manager

Institute for Technology and Management

Plot No. 25 / 26, Institutional Area,
Sector – 4, Kharghar, Navi Mumbai
 TABLE OF CONTENTS

1. Acknowledgement
2. Executive summary
3. Chapter 1
Introduction
Tasks Assigned
Objectives of the project
4. Chapter 2
 Company profile
 Product profile
5. Chapter 3
 Tasks assigned
 Steps undertaken to achieve tasks
6. Chapter 4
 Gains of the study
 Limitations
7. Chapter 5
 Recommendations
 Results of questionnaire
 Findings
 Learnings
8. Bibliography
9. Appendix
 Acknowledgement
"It is not possible to prepare a project report without the assistance &
Encouragement of other people. This one is certainly no exception.”
On the very outset of this report, I would like to extend our sincere &
heartfelt obligation towards all the personages who have helped me in
this endeavor. Without their active guidance, help, cooperation &
encouragement, I would not have made headway in the project.

I am ineffably indebted to Prashant Shetty (General Manager) &

Sundeep Mody (Manager Thane) for conscientious encouragement
to accomplish this assignment.

I am extremely thankful and pay my gratitude to AD team of FFR

FOREX (Andheri & Thane) ,for their valuable guidance and support on
completion of this project in its presently.

I extend my gratitude to Institute For Technology and Management,

Navi-Mumbai for giving me this opportunity.

I also acknowledge with a deep sense of reverence, my gratitude

towards my parents and member of my family, who has always
supported me morally as well as economically.

Any omission in this brief acknowledgement does not mean lack of

gratitude.

Thanking you,

Harsh Parasher
EXECUTIVE SUMMARY :

The summary is the work done in the internship in period of

Five months; it is the summations of the effort put in the
internship as a summer trainee in the organization.

The main objective of the project report is:

1. Brand Awareness of FRR Forex in Forex Market.
2. Looking at the Forex market and its requirement.
3. Follow up of existing clients & prospect & approach to new
clients.

4. Explore business opportunity with startup companies.

5. Analysis of Questionnaire.
 Chapter 1

INTRODUCTION TO FOREX

The forex market is the market in which participants can buy,

sell, exchange, and speculate on currencies. The forex market is
made up of banks, commercial companies, central banks,
investment management firms, hedge funds, and retail forex
brokers and investors. The currency market is considered to be
the largest financial market with over $5 trillion in daily
transactions, which is more than the futures and equity
markets combined.

Full Fledge Money Changer:

It is required to obtain a full fledge money changer license from

the Reserve Bank of India by every company which intends to do
a forex currency exchange activity or money changing activity in
India. Full Fledged Money Changer entities are authorized by
Reserve Bank of India to do money changing activities according
to section 10 of the Foreign Exchange Management Act, 1990.

Guidelines regarding full fledge money changer’s vide the RBI

annually publishes a master circular on a memorandum of
instruction on money changing activities. Every company which
intends to obtain FFMC license in India from RBI and all FFMC
Problems on hand and sales and operational projects given
1. Brand Awareness of FRR Forex in Forex Market:-

The project is undertaken to measure the brand

awareness level of FRR FOREX in regions under Andheri
and Thane branch, measuring the brand awareness level of a
particular company's brand is of vital importance since it
indicates the number of people who are aware of a particular
brand in a given period of time and it also highlights the
effectiveness of the different advertising or promotional tools
used for the purpose.

Brand awareness is the consumers' ability to recognize or recall

(identify) the brand within a forex products and category in
sufficient detail to make a purchase decision. This also means
that the customers can propose, recommend, choose, or use
the brand. The first step is to Make potential consumers aware
of a brands' existence. One of the prominent goal of any
business should be to build brand image and awareness of its
product & services. Consumer tends to make purchasing
decision based on prior recommendation and direct experience,
as well traditional advertising methods.

The objectives of most advertising campaign are to create and

maintain brand preference. This project report is prepared to
study the branding awareness, its importance,
various terms which should be studied to manage brand
name & various analysis done based on questionnaires for
NSA and Banks.

Thus, this assignment required both in-house study as well as

field work. The analysis was done with the help of the data
collected through questionnaire. As the brand awareness is
directly associated with promotion strategy taken by the
company its effectiveness is evaluated and the steps to increase
the awareness level of the customers are considered. This was
done by putting posters in the societies where major IT crowd
resides also, the main business that the company gets is from
coc's hence going to the companies and telling them about the
company's product is henceforth done.

2. Looking at the Forex market and its requirement:-

While looking at the Forex market among various travel

agents were visited and questions regarding the requirement
and purchasing of the foreign currencies were asked. For which
I got mix response. Few were really happy with the service &
few were disappointed because
of lack of follow up & delay in delivery.
3. Follow up of existing clients & prospect & approach
to new clients:-

This included generation of leads which was an important

part of the process of sales. For the new Banks we
approached benefits for the customers. We explained the
services and described the products .And the feedback
was separately.
While for existing customers feedback form was asked to
fill up and their problem regarding products and services
which were offered by FRR FOREX were under took & then
worked upon.
If any existing customer did not deal with us in recent past
we asked them the reason for reason & I had to forward
the details to branch manager, who further took necessary
steps.
 4.Explore business opportunity with Banks and startup
companies:-

We identified high growth Startup companies from news

articles, various websites and by cold calling. We also visit
various corporate-parks and identified some potential
companies. Then we fixed appointment with concerned person
of forex and travels. We fixed appointment with our branch
manager and asked them the KYC.We also regularly followed-
up the new companies for business and tried to convert them
into FRR fold.

5.Analysis of Questionnaire:-

Analysis of questionnaire has been done on the basis of

different parameters which are as follows:
a) Percentage determination of preferred mode of exchange.
b) Percentage determination of COC's for online portals.

c) Percentage determination of awareness.

 Objectives of the project

 To identify the potential banks where walk in customers and

account holders come for foreign currency requirement.
 To reach out those banks who were dealing before but due to any
reason they stopped dealing.
 To explore other industries who need foreign currency for
outbound and inbound travel.
 Chapter 2

Company & Product Profile :-

FRR Forex Pvt. Ltd. is a newly incorporated company registered on

20th August 2009, headed by Mr. Parag Mehta, Executive Director,
having more than 25 years of experience in the foreign exchange
stream.

Brief Background of FRR Forex Private Limited:

The company is a group company of F R Ratnagar and Company
Pvt. Limited Which is a foreign exchange broking firm since last
25+ years and which is also member 25+years and which is also a
member of FEDAI.

F.R. Ratnagar & Company Pvt. Ltd. has a time-honored presence

since 1983, in the territory of inter-bank currency broking and
with nearly three decades of experience in this business; FRR
Forex has gained tremendous goodwill to be one the leaders in
this closely knit market. Establishing firm relations with reputed
 bank has helped the company grow in the past few years. FRR
Forex has a committed team of dealers to ensure the company’s
good standing in the interbank foreign exchange world. With its
inter-bank broking expertise FRR Forex now aims at enhancing its
services by offering trading and hedging opportunities for
individuals and corporate in the exchange traded currencies.

We received the RBI Approval to function as a FMCG in the

month of July 2010 and Currently We are operating from 14
branches across the country

FRR Forex

West North South

1. Chinchwad (Pune) 1. Nehru Place (Delhi) 1. Bangalore

2. Camp (Pune) 2.Connaught Place (Delhi) 2. Chennai

3. Andheri (Mumbai) 3.Gurgaon 3. Coimbatore

4. Nariman Point (Mumbai) 4.Jaipur

5. Powai (Mumbai)

6. Thane (Mumbai)

7. Navsari (Gujarat)
 Sales Purchase

Reatail Purchase
Retail Sales Wholesale Wholesale
a) Surrender Purchase
a) Personal a)Bank
b) Encashment
b)Business

Forex

Foreign Money Transfer Travel

Exchange Insurance

Inward Forex
Activities:-
The company is involved in Money Changing activities as
stipulated by the Reserve Bank of India. The includes buying/
selling as well as exports of foreign currencies against Indian
Rupees. The customers include:

Corporate Houses
Banks & FFMCs
Travel Agents
Hotels and College
Hospitals & Trust
Walk-ins
Products Service
Currency Note Money Transfer

Money Travel Travel Insurance

card -Icici Bank
Travelers card

Inward Forex
Tradable and Remittance
Exotic
Currencies

Travelers
Cheque

Axis(Multi
Currency Card)
Tradable and Exotic Currencies:-
We at FRR Forex deals in foreign currency note of 26 countries.
In order to avoid conversion and hassle free travel, destination
currencies are made available.
Exotic currencies are the currencies that are available very rare
in the market and have to be given prior notice to make it
available for the customers (prior notice of 4 days).

Exotic Currency :-
Srilankan Rupee
Russian Ruble
Turkish Lira
Indonesian Rupees

Traveler’s Cheque : -

An instrument which is similar to a bearer cheque. You need not

convert the same to cash, but can use it across the counter at
shops, hotels and other establishments.
Travelers Cheque is available in US Dollars, Sterling Pounds,
Euros, Australian Dollars, Canadian Dollars, Japanese Yen and
Chinese Yuan
If there are no travelers cheques in your destination currency,
US Dollar traveler’s cheques would be the next best.
Like cash, you can save unsaved travelers cheques for futures
use within 180 days from the date of you return. Please treat
your traveler’s cheque like you would treat your cash.

Prepaid foreign currency cards:

The world is slowly moving towards plastic money, convenience

and safety guaranteed. We at FRR for provide our customer card
from Axis bank and Icici Bank, travel currency with two different
platforms i.e. visa and master.

Card is available in currencies like (USD, GBP, EUR, CAD, JPY,

SGD, AED, SAR, CHF, SEK, ZAR, THB, HKD, DKK, AUD and NZD)
Usage:
Forex are cost effective, since the exchange rate gets locked in
on the day of truncation. You avoid the currency conversions as
the card is available in maser currency withdrawing cash at
ATMs aboard will fess and withdrawal limit are:-
Currency Name ATM Withdrawal Limit ( One ATM Withdrawal Charges
day ) ( Per Withdrawal)
USD 1000 2.36
GBP 700 1.48
EUR 800 1.77
CAD 1200 2.95
AUD 1200 2.95
SGD 1300 3.84
JPY 100000 295.00
CHF 950 2.95
SEK 8000 17.70
THB 30000 94.4
AED 3500 8.56
SAR 3500 8.56
NAZ 1300 3.84

ZAR 11500 29.5

HKD 7500 17.7

DKK 6000 16.52
Money Transfer Service (Inward):-

The safe and easy way to received money from your loved ones
abroad western union is a global leader in money transfer and
message service with the history of pioneering service dating
back more than 150 years.

The Simple Step to receive money:

The sender deposits money with western union office and

provides the details of the recipient customer in India.
A 10 digit money transfer control number (MTCN) is
generated by the system which is informed to the sender.
The sender in turn informs the unique 10 digit number to
the recipient customer in India.

The recipient customer then approaches any of the all India

Branches of FRR Forex with his personal identification
documents and provides details of the sender along with the
MTCN number on a receive form.

FRR verifies and matches the particulars provided on the

receive from with that available on the western union
computer system.
Money Transfer Service (Outward):-

FCTT (Foreign Currency telegraphic transfer):-

Often abbreviated as TT, is an electronic means of transferring
funds overseas. A transfer charge is collected while sending
money.

FCDD (Foreign Currency Demand Drafts):-

Foreign currency demand draft bank or exchange company
issue the foreign demand draft for the charge for TOEFL, SAT,
GMAT, registration fees, membership fee and also for the
application or processing fee for the student who are interested
to study aboard.
Bank opens student’s files to issues foreign demand draft
following to the issue. Foreign demand draft following the
permission of Foreign Central Bank. Before issuance of FDD ,
Bank ask the student to fill up the from which contains the
following particulars:-

Name and Full Address of the student

Amount of FDD in foreign currency
Purpose of Remittance
Address of The Institution to which the FDD will be favored
Country receiving payment
Passport no of the student
Signature of the Student
Travel Insurance:-

Travel insurance is insurance that is intended to cover medical

expenses, trip cancellation, lost luggage, flight accident and
other losses incurred while travelling, either internationally or
within one’s own country.

Travel insurance can usually be arranged at the time of the

booking of a trip to cover exactly the duration of that trip, or a
“multi-trip” policy can cover an unlimited number of trips within
a set time frame. Some policies offer lower and higher medical
expenses options; the higher ones are chiefly for countries that
have extremely high medical costs, such as the USA.

Business And Employment

Holidays and Study

Corporate Frequent
Traveller
The SWOT analysis of FRR Forex Pvt.Ltd.—
In order to get good overview about the market scenario
general analysis is not enough so we have also done a swot
analysis.

Strength:
Experienced Personnel
Large Branch Network
Goodwill in the market
Prominent Location
Door to door services

Weakness:
Newly incorporated
Lack of brand name
High rates
High competition with the companies having worldwide
setup and global recognition.

Opportunities:
Increasing market scope
Tour operators (inbound and outbound) Globalization
Government rules and regulations
Threats:

Compete against major players like Thomas cook, cox and

kings etc.

Increasing competition
Existence of grey market
Globalization
Government rules and regulations.

Competitor Analysis:-

MARKETS

Thomas Cook Cox & Kings Centrum Feroz Forex

Wiseman FrrForex Green Channel Others

5%
4%
8% 25%

16%
18%

11% 13%
 Chapter 3

Tasks assigned:-
1. Approaching banks in order to good relations with
them,know their feedbacks for the services offered by
FRR,and also to find out the issues faced by them.
2. Approaching NSAs in order to know the reasons why
they only gave 1 or 2 transactions during last year.
3. Preparing a data of all the banks in andheri region.
4. To find out new industries who require foreign
exchange currency.

The data was provided by company itself of Andheri & Thane

region (Mumbai) which is 112 Banks in Andheri ,120 banks in
Thane area and 35 NSA and I found 4 Medical tourism
companies by reading medicalcare industry journals.

Steps Undertaken to achieve the tasks assingned:-

1. Information about the customers were collected during

personal interaction with the clients and giving an overview on
company's rates and services.
2. Before approaching the customers call was made to them
to seek the permission.
3. In case of non-availability of customers future
appointments were asked for and a brief presentation
about the company services was given to the available
authority.
4. On meeting the clients detailed presentation about the
company products and services was made and business
cards were exchanged for future requirements.
5. A questionnaire was also framed which consisted
basic questions regarding the demand, their usage and
feedback.

Chapter 4
Gains of the study:-

The company got to know the areas

of service they were lacking in by
visiting the banks which are not
dealing.

1. In many banks the person who

was referring transaction got
transferred and the new person
who came on their position was
dealing with other vendors so
visits helped in such a way that
the started asking for rates.
2. New industry like medical
tourism and adventure sports
 companies also started dealing
with FRR.

Limitations
The basic limitation that was faced was that appointments in
the banks was hard to get, the concern authorities was not
always available also they were reluctant to share their
private information to a researcher with a huge area to cover.
The sample size was comparatively very small compared to
the population.
There were less open ended questions compared to
closed ended questions in questionnaire.

Chapter 5
General – Recommendation :-
Company should tie up with MNC Company to increase
business.
Company should empanelment to more banks to increase
more references.
Quotations should be sent on emails to the potential
customer periodically so that recalls increase.
their Sales.
Company should tie up with travel agents to increase their
Sales.
Company should target new industry like foreign wedding
planner, medical tourism companies.
Target more on encashment as it give more margin on
sales then procuring from market.

Results of questionnaires.

Does your current vendor give you the following?

1. Convenience of one stop for Forex & Overseas Medial

Policies.-----55%
2. Convenience of a network spreading over 9 cities.---42%
3. Convenience of doorstep delivery.------72%
4. Convenience of 365 days service.--------68%
 Preferred mode of exchange:
Sales
Currency Trvl.Chq. Prepaid Card

21%

1%

78%

Does your current vendor give you the following?

5. Convenience of one stop for Forex & Overseas Medial

Policies.-----50%
6. Convenience of a network spreading over 9 cities.---46%
7. Convenience of doorstep delivery.------78%
8. Convenience of 365 days service.--------71%
Conclusion:-

Lack of Providing delivery on time

Lack of to proper build a relationship with customer.
Lack of brand awareness in BTQ
Lack of brand awareness in Corporate’s.
BTQ give more importance to banks.
Customer does not stick to only one money changer.
Huge potential customers in Powai region.

Findings:-

As the calculation of brand awareness suggests 70% of the

sample is aware of the brand which is not a bad figure with big
brands like Thomas cook.

The purchase of traditional currency (i.e. cash) is higher

than plastic money.

The involvement of the sale person is a majorly responsible

for higher sales in the company.
LEARNING EXPERIENCE:-

FRR FOREX a company with 10 years and which is also a

member of FEDAI is making its place in market. As it is
growing firm there was lot to learn in these 5 months.
Friendly environment adds a cherry on the top of cake.

It was pleasure experience working as intern as FRR FOREX. The

learning starts from day 1 itself and everyday there was
something new to learn as I got chance to meet corporate
startups & Banks .

I experienced all back office works as well as the sales

field job in details.

Special thanks to the managers .I learnt a lot from them, how to

manage the office works and field work simultaneously .

Within this 5months I learnt how to motivate the employees and

colleges to chase the target. And how to fix goal for future to
achieve the branch target.
BIBLIOGRAPHY:-

www.rbi.org.in
www.frrforex.in
www.xe.com
www.thomascook.in
www.wizeman.in
www.centrum.in
Appendix
 START UP COMPANIES

Name of the Company:

Industry:

Address:

Name & Designation of Coordinator:

Contact Number:

1. Do you arrange FOREX for outbound/inbound travelers?

Yes No

2. A) If yes, through whom is the exchange arranged?

B) Rate your current vendor on the following parameters on a scale of

1-5

PARAMETERS 1 2 3 4 5

Service
(Reliability, Availability,
Convenience)

Rates

Repurchase

3. Mode of Exchange Drawn

 Currency

TC

Prepaid Card

Any TT / DD Remittance

4. What is the volume of FOREX arranged?

5. Does the agency organize group tours?

6. A) Have you heard about FRR Forex Pvt Ltd.?

B) If yes, have you availed the services of FRR Forex Pvt Ltd.?

Rate the quality of service provided by FRR Forex Pvt Ltd. on a scale of 1-
5

PARAMETERS 1 2 3 4 5

Service

(Reliability, Availability,
Convenience)

Rates

Repurchase

7. If no, do you wish to avail services of FRR Forex Pvt Ltd.?

 MARKET STUDY FOR BANKS

NAME OF THE BANK & BRANCH :

CONTACT PERSON/DEPT :

TELEPHONE NO.

Questionnaire:
1. Does the bank (branch) encash Currencies & Travelers cheques?
Yes No

Does the branch cater to TT/DD business?

2. What is the volume of F/Ex offloaded on a daily/weekly basis?

3. Whom does the bank generally offload their F/Ex to?
4. Does the bank provide F/Ex to general public?
6. Have you heard of FRR Forex Pvt.Ltd.? Yes No

If yes,

7. How did you first come to know about FRR FOREX PVT.LTD?

Word of mouth

Sales People

Advertisements

Travel Agent

Others (Please specify)

8. How would you spontaneously describe the quality of service provided by
FRR FOREX PVT.LTD?

9. Does your current vendor give you the following?

1. Convenience of one stop for Forex & Overseas Medical Policies.

2. Convenience of a network spreading over 9 cities.
3. Convenience of doorstep delivery
4. Convenience of 365 days service
If the answer to anyone of the above is No then would you be interested to
discuss with our FRR executive.

Name of Trainee:

Branch Placed:
 PROJECT FOR SUMMER TRAINEES

FOREX MARKET STUDY

Q 1. Do the Executives of Company undertake foreign travel for business purpose?

Yes No

Q 2. How many trips in a year are made?

Q 3. Likely destination of travel.

Q 4. Which Foreign Currencies would

you like to procure?

Q 5. Preferred mode of Exchange (please

tick).
Currency Trvl. Chq. Prepaid Card

Q 6. Exchange procured from - Banks FFMCs

Q 7. Any Overseas Medical Policy taken?

Q 8. Which are the largest criteria of the following factors which influences your
purchase Decision of foreign currency?

1) Service - Reliability, availability & Convenience

2) Rates

3) Network - Multilocational

USAGE STUDY:

Q 9. Have you availed the services of other Money Changers?

Yes No

Q 10. Have you heard of FRR FOREX PVT? LTD.? Yes No

If yes

Q11. How did you first come to know about FRR FOREX PVT? LTD.?
 Word of mouth

Sales People

Advertisements

Travel Agent

Others (Please specify)

Q12. How would you spontaneously describe the quality of service provided by?
FRR FOREX PVT. LTD?

Q13. Would you be interested to discuss in detail with respect to your requirements With
FRR Executive?

Q 14. Does your current vendor give you the following?

a) Conveniences of one stop for Forex & Overseas Medical Policies.
b) Convenience of a network spreading over 9 cities.
c) Convenience of doorstep delivery.
d) Convenience of 365 days service.

If the answer to anyone of the above is NO then would you be interested to discuss with
Our FRR executive.

Q 15. Would you be interested in booking Forex online/ through the Portal?

Q16. Would you like to avail of other services like Derivatives/ Travel related Services?

Name of Trainee:
Branch Placed: