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Project Report On MultiCurrency Forex Card of Thomas Cook
Project Report On MultiCurrency Forex Card of Thomas Cook
THRISSUR
PROJECT REPORT
A project submitted to the University of Calicut in partial
fulfillment of the requirement for the award of the
Degree of Bachelor of Commerce
Submitted by
ARJUN LAL.S
REG.NO:- ICALBCM027
Under the Supervision of
Ms. Smitha P.G
(Lecturer in Commerce)
College of Applied Science, Chelakkara,(IHRD)
DEPARTMENT OF COMMERCE
ACKNOWLEDGEMENT
I hereby express my profound gratitude to my guide
Ms.Smitha.P.G Lecturer in Commerce, College of Applied Science,
Chelakkara for his valuable guidance and suggestion rendered during
the course of this study also during the presentation of the report.
I am highly indebted to the management of Thomas Cook India
Limited, Thrissur for giving me the permission to undergo the project
report in the organization. I express my sincere thanks for necessary
help and guidance in this regard.
I express my sincere gratitude to all teaching staff in the
department of commerce and friends who helped me in the preparation
of this report.
I express my gratitude to my family and friends who game me
moral support during the preparation of this report.
Above all I thank almighty God for giving me all grace
throughout the completion of my work.
PLACE:
DATE:
ARJUN LAL.S
6 th SEMESTER B.Com
TABLE OF CONTENTS
SL.NO
CHAPTERS
1.
Introduction and Company profile
2.
Review of Literature
3.
Analysis and Interpretation
5.
Findings, Suggestions and Conclusion
6.
Appendix Questionnaire
7.
Bibliography
PAGE NO.
INTRODUCTION
1. INTRODUCTION
The service sector is probably the most liberalized of the
sectors. Liberalization offers the opportunity for the sector to compete
internationally, contributing to GDP growth and generating foreign
exchange. It radically changed Indias Foreign Exchange sectors; the
trade habit and transaction related to business has become more
international. The identities providing the foreign exchange service
also have become more universal. The business and education with its
new ways, makes the foreign exchange sector more and more
competent.
Thomas Cook India Limited is the most dominant company in
the field of foreign exchange services. It is the leading integrated
travel and travel related financial services company in the country
offering a broad spectrum of services that include Foreign Exchange,
Corporate Travel, and Insurance. The Company launched its Indian
operations in 1881 and is celebrating its 132 years of world-class
services in India.
Number of innovative products for making payment has developed in
topical year, taking advantage of swift technological steps forward and
financial market development. Transactions refined using these
innovative products are accounting for a mounting proportion of the
dimensions and value of domestic and cross-border retail payments.
This paper is been framed based on the concept of payments made
through Plastic Money. Plastic money is the alternative to the cash or
the standard 'money'. Plastic money is referring to the credit cards or
the debit cards that we use to make purchases in our everyday life.
Plastic money is much more convenient to carry around, as you do not
have to carry a huge sum of money with you. Though this plastic
money comprises different payment channels, this paper is focusing to
bring the conceptual framework of Credit Card.
2.1 Topic
A Study of Consumer Awareness Of Foreign Exchange Services
with special reference to the Various Forex Services Provided By
Thomas Cook India Limited
Statement of the Problem
The study is an attempt to know, about the awareness level of
foreign exchange services in the thrissur district.
consolidated by John Mason Cook and his two sons, especially by its
involvement with military transport and postal services for Britain
and Egypt during the 1880s, when Cook began organizing tours to
the Middle East. By 1888, the company had established offices around
the world, including three in Australia and one in Auckland, New
Zealand, and in 1890, the company sold over 3.25 million tickets. John
Mason Cook promoted, and even led, excursions to, for example, the
Middle East where he was described as "the second-greatest man in
Egypt ". However, while arranging for the German Emperor Wilhelm
II to visit Palestine in 1898, he contracted dysentery and died the
following year.
The world got around and by the early 1900s, the who's who
of the era- kings, politicians, bishops and professors - patronized
Thomas Cook's travel itinerary. As the years passed by, the Company
introduced the world to a whole new concept of leisure and business
travel. Driving innovation in the business, it connected continents and
presented the people an economic and state mode of travel across
them. In 1881, Thomas Cook started its India operations, with its first
office being set up in Mumbai. As it expanded its horizons across the
subcontinent, the Company came to be known as Thomas Cook
Overseas Ltd. And on 21st October 1978, it was christened Thomas
Cook (India) Ltd, only to make its first public issue in February 1983.
In the year 2000, the Group commenced its operations in
Mauritius and also acquired the Sri Lanka business from Thomas
Cook Overseas Ltd, UK. In 2006, Thomas Cook (India) Limited
acquired LKP Forex Limited and Travel
Corporation (India) Pvt. Ltd. (TCI). In May 2012, Thomas Cook
Group plc, UK (the erstwhile parent) sold its investment in Thomas
Cook (India) Limited (TCIL) to Fairbridge Capital (Mauritius)
Limited (Fairbridge). Fairbridge made an open offer to the nonpromoters and post August 14, 2012, TCIL is part of Fairfax Group,
Canada.
TCIL presently operates in over 98 cities across over 235
locations (including 23 airport counters). The company has overseas
In May 2012, Thomas Cook Group plc, UK (the erstwhile parent) sold
off its investment in Thomas Cook (India) Limited (TCIL) to
Fairbridge Capital (Mauritius) Limited (Fairbridge). Fairbridge made
an open offer to the non-promoters and post August 14, 2012, TCIL is
part of Fairfax Group, Canada. Thomas Cook (India) Ltd has been
honoured with The Most Trusted Brand in travel services by The
Brand Trust Report, India study 2012, voted Best Tour Operator at
the Lonely Planet Travel Awards 2013, Best Tour Operator Outbound at the CNBC AWAAZ Travel Awards 2013 and Favorite
Specialist Tour Operator at the Cond Nast Traveler Readers' Travel
Awards 2011 & 2012. In addition, TCIL has been chosen as the Best
Corporate Travel Management Company by World Travel Brands
2012 and recognized as a Consumer Superbrand 2011-2012 by
Superbrands. The Company was selected Retailer of the Year
Leisure & Holidays, by ET NOW in 2013. At the recently concluded
National Tourism Awards 2011-2012, TCIL was honoured with 3
prestigious awards: Special Award for endeavors in launching new
tourism products and exemplary performance during the year 201112; Tour Operator Promoting Niche Segments other than Adventure
and MICE and Award of Excellence: Best Tourism Promotion
Publicity Material.
Organizational Structure
Travellers Cheques
Travellers Cheques are one of the safest and most convenient ways to
carry money while going abroad. Thomas Cook sells American
Express Travellers Cheque in all the 7 major currencies i.e.: USD,
British pounds, Euro, Australian dollars, Canadian dollars, Swiss
francs and Japanese yen.
Prepaid Cards
Avail of innovative PIN protected prepaid cards that are now available
in different 8 currencies. It is convenient and safe way to carry money
while travelling abroad. The card can also be reloaded in case you
need more funds while abroad. As far access, withdraw your money in
local regency from VISA and VISA electron ATMs across the world
and also the card to pay for goods and services at VISA electron
merchant establishment.
Wire Transfer (SWIFT)
Thomas Cook Wire Transfer offers a genuinely risk free channel to
send money abroad. Being a privilege member of SWIFT, your money
is remitted with accuracy and speed. Fund can be wired in 12 major
currencies.
Network
Strong network enables us to attract large wholesale clients such
as public and private sector banks, FFMCs and RMCs to use our
services. We have a strong network of approximately 216 offices in 79
cities and 169 RMCs and hotel Franchise. Company has foreign
exchange counters at the 24 international airports of Mumbai, New
Delhi, Kolkata, Chennai, Cochin, Trivandrum etc which are open 24
hours and 365 days a year to cater to the needs of the International
travelers. Our company also has a round the clock Foreign Exchange
counter at the New Delhi Railway station.
Board of Directors
M K Sharma
: Chairman
Madhavan Menon
: Managing Director
Krishnan
: Executive Director-Finance
Chandran Ratnaswami
Exchange
: Executive Director-Foreign
Harsha Raghavan
Ramesh Savoor
Uday Khanna
Kishori Udeshi
Research Methodology
Problem Identification
Research Design
Data Collection
Data Analysis & Interpretation
Research Report
Fig 5.1 Steps in Research Methodology
6.1 Objective
Appropriate decisions, innovations and implementations are
necessary to compete with the international standards of any kind of
the industry. Potential market is the vital part of it. So to attract
potential customers and retain them is the success of the business. The
project which is being implemented in the name of consumer
awareness of plastic money; a comparative study on TCILs new
product line-Borderless Prepaid Multicurrency Forex cards
1. To find out the awareness of foreign exchange market, its
evolution from hard core basic services to modern
technologies.
2. To access the different foreign exchange services of Thomas
Cook India Ltd.
3. To find out the markets, where the foreign exchange business
is carrying out.
4. To find out the various foreign exchange services carried out
the travel agents.
LITERATURE REVIEW
7.1 INTRODUCTION
4. Central Banks
Under floating exchange rate central bank does not interfere in
exchange market. Since 1973, most of the central banks intervened to
buy and sell their currencies to influence the rate at which currencies
are traded.
From the above sources demand and supply generate which in
turn helps to determine the foreign exchange rate.
3) Mode of payment
Cash payment may be accepted if the value of transaction does
not exceed Rs.50000/ However, for cash payments in excess of Rs.25000/- PAN
card/ G.I.R number is required. If the PAN card or G.I.R
number is not available then the applicant must fill up FORM
60
Cheques / Demand drafts/ Pay orders where the rupee
equivalent exceeds Rs.50000/-
for
Private visit
Business Travel
Overseas education
Medical
abroad
Employment
USD 100000
Emigration
USD 100000
Maintenance
of
relatives
1. Retail Clients
Retail Clients deal through commercial banks and
authorized agents. They comprise people, international
investors, multinational corporations and others who need
foreign exchange.
2. Commercial Banks
Commercial banks carry out buy and sell orders from
their retail clients and of their own account. They deal with
other commercial banks and also through foreign exchange
brokers.
3. Foreign Exchange Brokers
Each foreign exchange market center has some
authorized brokers. Brokers act as intermediaries between
DATA ANALYSIS
AND INTERPRETATION
8.1 INTRODUCTION
The purpose of data collection is to obtain information to keep on
record, to make decisions about important issues, to pass information
on to others. A formal data collection process is necessary as it ensures
that data gathers is both defined and accurate and that subsequent
decisions based on arguments embodied in the findings are valid. The
process provides both a baseline from which to measure from and in
certain cases a target on what to improve.
This chapter provides analysis of the data collected through the
sample survey in the market. The respondents were the travel
agencies,Foreign Exchange Agencies and Banks. This survey is an
initiative to understand the level of awareness about the Forex
Services, especially the acceptance level of TCILs various Forex
services. Total 50 respondents were surveyed. The softwares used
were MS OFFICE, MS Excel. After analyzing the data various
findings and suggestions were given at the end of the report to sort
out the problem.
No: Respondent
22
20
8
0
Fig 1
Moderately aware
Slightly aware
0%
16%
44%
40%
50
50
37
34
20
Fig 2
30
20
10
0
Traverles Foreign Forex
cheque Currency Cards
Notes
Drafts
Swift
Transfer
Since it was a multiple choice question the above diagram shows that
50 respondents are aware of travelers cheque and foreign currency
notes, 37 respondents knows about the Forex card, 20 respondents
knows about the swift transfer , 34 respondents know about the drafts.
No: Respondent
12
23
10
8
15
Sources of Information
Sources of Information
23
25
20
15
15
10
12
10
5
0
No: Respondent
50
50
5
10
6
Fig 4
50
50
40
30
20
9
10
12
10
Drafts
Swift Transfer
0
Traverles
cheque
Foreign
Currency Notes
Forex Cards
No: Respondent
11
26
4
2
7
Fig 5
Good to use
travers cheque
4%
Forex card
14%
drafts
swift transfer
22%
8%
52%
In the above diagram 52% of the travel agents feels foreign currency is
good to use, 22% are feels travel cheque is good to use, 8% of the
travel agents feels Forex card is good, and rest 4% & 14% supports
drafts and swift transfer respectively.
No: Respondent
11
25
5
4
5
Fig 6
Speed
Liquidity
Convenient
All
10%
8%
22%
10%
50%
No: Respondent
12
No
38
Fig 7
no
24%
76%
No: Respondent
38
No
12
Fig 8
No
24%
76%
No: Respondent
11
No
39
Fig 9
No
22%
78%
22% of the respondent in Trissur district has used Forex Card services
of Thomas cook while 78% havent used the services of Thomas cooks
Forex Card.
10.
Table 10
Variables
Yes
No: Respondent
8
No
42
Fig 10
No
16%
84%
84% of the respondents are not aware of the newly launched multicurrency card of Thomas cook forex, while 16% of the respondents are
aware of the multi-currency card.
Table 11
Variables
No: Respondent
Yes
No
47
Fig 11
No
6%
94%
94% of the respondents have never used the swift transfer of Thomas Cook India Ltd, while 6%
of the respondents have used the swift transfer of Thomas Cook
9.1 FINDINGS
Different services of forex and RBI regulations are co related that is
when the travel agents use different services of forex they will be
more aware of the RBI regulations.
Operations of the travels agents and services of foreign exchange
are correlated that is when the travel agents do more foreign
business they are getting more aware of the different forex services.
44% of the respondents are extremely aware of foreign exchange
services, 40% of the respondent are moderately aware about the
foreign exchange services, 16% of the travel agents are slightly
aware.
52% of the travel agents feels foreign currency is good to use, 22%
are feels travel cheque is good to use, 8% of the travel agents feels
prepaid travel card is good, and rest 4% & 14% supports drafts and
swift transfer respectively.
50% of the respondent has given priority to speed, 22% of the
respondent has given priority to safety, 10% has given priority to
all the services, 8% of them given priority to convenient, 10% of
them has given priority to liquidity.
Other sources of information is the widely used sources of
information, 12 respondent came to know from brokers, 10
respondents feels they got information from friends and relatives, 8
respondents came to know from the prospectors and 15
respondents got the information from newspaper and magazine.
9.2 SUGGESTIONS
The Foreign Exchange Market has been growing at a
rapid pace, reflecting a general growth in the volume of cross
boarder transaction, trade, and
investment.
When the
cook
can
develop
customer
relationship
9.3 CONCLUSION
The nature of business is changing because of the globalization and
flow of technology. Because of that the Foreign Exchange Business
has also very good opportunities in the emerging economy like India.
Finding the potential market and accessible to the customers by
providing very good services essential to success in this field.
The project on A Study of Consumer Awareness Of Foreign
Exchange Services with special reference to the Various Forex
Services Provided By Thomas Cook India Limited reveals the market
details of Forex Business.
Thomas Cook (India) Limited is one of the oldest and most trusted
travel agency celebrating its 130 years of world-class service in India,
and the Corporate travel division is the backbone of the company.
Consumer awareness is considered as one of the important factors as
far as Foreign Exchange Company is concerned. Being a company in
the service industry Thomas Cook should give more importance to the
consumers and their awareness level. As we all know the golden word
of management is Consumer is the King. Consumer is the only
revenue source for a company. Being a giant in this business Thomas
Cook has a prosperous future ahead. The brand image itself is an
important advantage for the company. So satisfying the consumer
must be the pivotal function of the company.
APPENDIX QUESTIONNAIRE
Questionnaire Survey
A study on Consumer awareness of foreign exchange services provided by Thomas Cook.
Name
Address
Contact Number*
Contact E-mail*
Professional Details:
Name of the Organization*
Designation*
International
both
2. How many international tour operation have you conducted in last month?
< 10
10-50
50-100
Slightly aware
Moderately aware
>100
4. Among the various options below, which are the Foreign Exchange Services you are aware of
Travelers Cheques
Drafts
SWIFT Transfer
Brokers
News Papers/Magazines
Others
Friends/Relative
6. From the below options which are the various Foreign Exchange services you have earlier used
Travelers Cheques
Drafts
SWIFT Transfer
7. From the below options which type of Foreign Exchange Service you feel particularly good
(SelectOne)
Travelers Cheques
Drafts
SWIFT Transfer
8. What is the priority while selecting the type of Foreign Exchange services?
Safety
Swift
Speed
Liquidity
All
9. Are you aware of the RBI Regulations regarding the usage of foreign Exchange services?
Extremely aware
Not at all aware
Slightly aware
Moderately aware
10. Do you have associations with any of the foreign exchange service Providers?
Yes
No
11. Are you aware of foreign exchange services provided by Thomas Cook?
Yes
No
12. Have you ever used the foreign exchange service of Thomas cook?
Yes
No
13. Are you aware of the Multi Currency Card launched by Thomas Cook?
Yes
No
14. Are you aware of the Swift/Telegraphic Money transfer services provided by Thomas Cook?
Yes
No
BIBLIOGRAPHY
BIBLIOGRAPHY
This project was completed with the help of some secondary sources
which are mentioned below:
1. Tourism Statistics at a Glance, 2012. Ministry of Tourism
Government of India
2. http://incredibleindia.org/Tourism_Stastics2012.pdf pg 15
3. www.wikipedia.org/wiki/Foreign_exchange_market.
4. www.thomascook.in