The foreign exchange services in Chennai cater both to the tourist trade and also to the exporters operating in the Chennai region. Heavy demand for foreign exchange services has led to the development of foreign exchange services in Chennai.
The foreign exchange services in Chennai caters to that trade in which the Indian rupee is traded for another major currency. At present the Indian rupee is traded for United States Dollars-which is the preferred currency for trading worldwide. The companies or firms or authorized individuals conducting foreign exchange services in Chennai also trade Indian rupees for Euros and the British Pound.
The foreign exchange services in Chennai follow the foreign exchange laws of the Indian Republic. The principal clients of the firms offering foreign exchange services in Chennai are the exporters and importers of Chennai. They form the bulk of the total FOREX trade volume in Chennai. Tourists and other visitors from abroad represent the retail trade of the Chennai.
The Indian Government has taken pro-active steps to facilitate the exports of the Chennai region. The companies offering foreign exchange services in Chennai like banks and other authorized institutions have taken a cue and are actively participating in the development work of the region. The government has promulgated a policy whereby export of products which have high employment potential in rural and semi-urban areas are encouraged. This is done to compensate for the infrastructural bottlenecks which plague the region.
The liberal economic policy of the Indian Government has encouraged the providers of foreign exchange services in Chennai to take a more active role in the spot market.