Thomas Cook India Expands Forex Network in Guwahati

Thomas Cook India is expanding its foreign exchange network, with its nationwide store count now exceeding 125 locations. The company recently opened a new franchise Forex outlet in Guwahati, Assam, marking its third presence in the state. This strategic move targets high-growth regional markets in Northeast India and aims to support travellers and students through an integrated physical and digital approach. Guwahati was chosen partly due to its approximately 6 lakh passport holders.

Strategic Importance of Northeast Expansion

This expansion underscores Thomas Cook India's focus on deepening its reach in underserved or high-potential regional markets. By increasing physical touchpoints, the company aims to improve customer accessibility and convenience for foreign exchange services. The 'phygital' strategy seeks to blend the reliability of in-person service with the ease of digital transactions, catering to evolving customer preferences. It also taps into the growing outbound travel and student segments originating from Northeast India.

Company's Aggressive Forex Expansion

Thomas Cook India has been on an aggressive expansion drive for its Forex business. As of May 2024, it had inaugurated 8 new Forex outlets, taking its total network to 134 locations, including airport counters. This strategy involves a combination of owned branches and franchise outlets in metros, mini-metros, and regional tier 2/3 cities. The company's 'phygital' model has been central to this expansion, leveraging digital initiatives like Video KYC and its Forex App to complement physical presence.

Key Impacts of the New Outlet

• Enhanced Regional Footprint: Thomas Cook India strengthens its position in Assam and the broader Northeast region.
• Improved Customer Access: Residents and travellers in Guwahati gain easier access to foreign exchange services.
• Omnichannel Integration: The new outlet reinforces the 'phygital' strategy, offering seamless online-offline transactions.
• Market Penetration: The move taps into the demand from a significant population of passport holders in Guwahati.
• Expanded Service Offering: Access to various forex products like prepaid cards and overseas remittances is further localized.

Regulatory and Tax Scrutiny

Thomas Cook India has faced scrutiny from tax authorities. In March 2026, while Mumbai tax authorities dropped a penalty, Chennai confirmed a significant GST demand totaling ₹49.43 lakh (including interest and penalty). The company stated no material financial impact. Previously, in December 2025, the RBI imposed a ₹1.79 lakh penalty for money changing violations. In February 2025, a ₹1.36 crore CGST penalty was also contested.

Competitive Landscape

While competitors like Yatra Online and Easy Trip Planners focus heavily on digital travel bookings, Thomas Cook India distinguishes itself with an extensive physical Forex network. As of May 2024, its network stood at 134 locations nationwide, significantly more than many online-centric players would offer in physical forex services. However, fintech firms like Niyo offer competitive digital Forex solutions, representing a key competitive segment.

Future Outlook and Key Metrics

• Performance metrics of the new Guwahati outlet and its contribution to regional revenue.
• Customer adoption rates for the 'phygital' services offered at the new location.
• Further expansion plans by Thomas Cook India in Northeast India or other tier 2/3 cities.
• The company's ongoing engagement with tax authorities regarding outstanding demands.
• Growth in outbound travel from Northeast India contributing to Forex demand.