Money Changer in India

By: neoraj

There are a number of countries in the world and their currencies are different not just by name but by value. The most common currency name that we all heard are US Dollar, Pound, Euro, Yen, Saudi Riyal, Rupee and Dinar. The value of currency depends on the economy of that country or in other words the value of currency reflects the economic condition of that country. The exchange of money plays an important role in today's global marketplace. The highest-valued currency unit is the currency in which a single unit buys the maximum number of any given other currency or the largest quantity of a given good. . Most commonly the calculation is made against a major reserve currency.

Moreover people are not confined in their countries they also visit other countries as well. But when a person wants to travel overseas the currency exchange is the thing that can be a main concern in his mind. Outside of your home country you need local currency to buy anything or to get around, the only solution of all these problems in currency exchange. Here arises the need of money exchange as every country has its own currency. Currency exchange rates vary from place to place and day to day. It depends on the place and time you are exchanging on. Those travellers who are coming to foreign countries first of all need to find a money exchanger.

Generally Major banks and some travel agencies offers money exchange services. Besides, some hotel also offers the exchange as their consideration but their rates are not as of banks. It is advisable to exchange your money from banks. If we talk about India the number of foreigner tourists is raising day by day thus the bank only is not capable of doing this work . Therefore some money exchanger agencies is required that are based on some standard norms. Being the place of large heritages the capital, Delhi is crowded by foreign travellers increasing the requirement of easy and legal Money exchange in Delhi. Without those who serve in the capacity of money exchangers, buying and selling goods in foreign markets would be much more difficult. It is a good idea to check different bank's money exchange rates before changing your money.

Currency exchange businesses must meet certain rules and guiding principle designed to prevent money laundering and other unlawful monetary activities. These guidelines includes following:

Keeping proper records

A proper money changer in India requires accurate and complete records to prevent the people in this business from engaging in illegal activities like money laundering. Rules can vary from state to state with a little change. For example, a daily cash sheet should be kept, prepare with all bank statements and check registers and all other types of important and essential document should be kept ready for examination by public officials.

Need License

As this is a legal work so license is required. Itís a punishable offence to run such business without license. The licenses generally are obtained by going by your state's licensing department.


States have fixed the charge of money exchange to prevent unfair trading practices by those that exchange currency by limiting the maximum amount they can charge per financial transaction. The charging amount generally depends upon the amount of the check itself.

Tax Reporting

Every person who is engaged in this business is required to report their earnings in local currency to the internal revenue systems. The business owner can't use foreign currency for these reports.

Money exchanging business needs all the above requirements. People need to be careful while going to change his currency to various currency changers if they need good and valid value of their currency.

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