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Acknowledgement

First of all I would like to thank to whom has empowered and enable me to accomplish this
task successful.
After that I want to show my gratitude to my loving parents who pray my success and always
been a source of encouragement for me. And humble teachers who make me able to be at this
position.
I also express my appreciation to all staff member of Aftab Currency Exchange G.T Road
Kharian Branch who are very cooperative and guided me a lot.

Content
1.1 INTRODUCTION
1.1.1 BACKGROUND OF STUDY
1.1.2

Purpose

1.1.3

Scope

1.1.4

Objective

1.1.5

Methodology

1.2

Over View of ORGANIZATION

1.2.1

Brief History

1.2.2

Nature of the Organization

1.2.3

Pest Analysis

1.2.4

Contribution of organization toward economic development

1.3

Organizational Structure

1.3.1

No of Employees

1.3.2

Head Offices

1.3.3

Introduction of all departments

1.3.4

Comments on the organizational structure

1.4

Internee work

1.4.1

Brief Introduction of internees office

1.4.2

Details of supervisors

1.4.3 Weekly time table


1.4.4

Detailed description of the departments you worked in during your internship

1.4.5

Detail description of the tasks assigned

1.4.6

Summary of learning

1.4.6.1 Skills and qualifications gained from the internship


1.4.6.2 Responsibilities undertaken during the internship period

1.4.6.3 Influence of internship on future career plans


1.4.6.4 Correlation of internship activities with classroom knowledge

CONCLUTION OF THE REPORT

2.1

Summary of key conclusions

2.2

General observations about institution

2.3

SOWT Analysis

RECOMMDATIONS

REFFERENCES

1.1 Introduction
Chapter one is about introduction of report. As a part of requirement of
MBA Degree six weeks internship is necessary for student. This chapter include background
of study, purpose, scope, objective, methodology of the study. It also include of organization.

1.1.1 Background of study


Internship training program during master in Business
administration program is necessary for the partial fulfilment of the completion of
degree of Master in Business Administration. It is necessary for me to complete an
internship of six week in some manufacturing or service industry relevant to my area
of interest and specialization so I choose banking field because I have the interest in
this sector because my study background is related with that sector.

1.1.2 Purpose
Internship is the capstone experience that provides me real world
experience in a work setting. Ideally internship will enable interns to integrate and use
my knowledge and skill from the classroom discover. Where further competences
needed take the steps to gain that competence under education supervision and
become better acquaint with the type of work settings in which such competence can
be applied.

1.1.3 Scope
This study will facilitate the student regarding the working of the banking and
money exchange sector of Pakistan. Because most of the lecturers during their
lectures use the examples of bank like MCB, HBL, National Bank and many others,
student should study this chapter so that they must get the functioning.

1.1.4 Objective
I worked as an internee in ACE G.T road Kharian.
To get some experience in working with well reputed organization.
To gain knowledge about the professional environment of the company.
To deal and manage with the situation of stress.
To know about the technology utilized by the bank.

1.1.5 Methodology
There are mainly two ways that are used to collect the data.

Primary Data
On the spot observation the function of Branch operations.
On the spot observation of different processes of branch.
Secondary Data
Internet is very helpful to study more about banking and money exchange
sector of Pakistan.

Different type of booklets


Annual report.
Journals.
Newspaper.

1.2 Overview of the organization.


Exchange companies and banks play an important role in the
economic life of the stat. The growth of the Economy is linked with the soundness of its
banking system. Exchange companies do not involves in creating new wealth but they
borrow exchange and consume wealth that circulates in economy and brings a
encouraging change in economic condition of a country.
In considering above we conclude exchange companies are very effective development.
In modern world exchange companies are very useful utilization of the resources of the
country.

1.2.1 Brief history of the organization


Aftab Currency Exchange Limited, is a UK
incorporated Company that is part of the well-established Aftab group companies and
has been operating in the North West of England since 2002. Our head office was the
starting point of the UK success story when we commenced business with retail clients
and two business associates but after obtaining our Authorized Payment Institution (API)
from Financial Services Authority (FSA) our company is now set to become a global
name specializing payment services, we will maintain our focus on the Europe, South
Asian and Middle East before expanding into America and Africa corridor.
The company has always strived to meet the expectations of their customer and
continues to serve the high demands for sending money transfers around the World.
Over the past 10 years, by keep in mind basic necessities of people, understand they
belong to different cultures, respect their values & norms. Finally decided to channelize
their network into new dimension by giving them opportunities to all communities to
send their hard earn money back to their home. Which can possible now through our
expanded network of agents, correspondence, partner Banks, established branches in
Europe, and MTO (Money Transfer Operators) across the UK, Europe, Africa and Asia
in 30 Countries worldwide to entertain their 350,000 Customers around the globe to send

& receive their payments through 30,000 locations that help us to build our credibility
and retain customers trust on Aftab Currency Exchange.
The company success stems from the expertise and market knowledge of its senior
management and this will ensure that the company is well positioned to make a positive
impact to the market and will be able to sets itself apart from other remittance providers.

Vision Statement
Aftab Currency Exchange Limited has a vision to become a regional
market leader in money transfer business and the first choice of its intent customers and
for those who wish to support less fortunate people around the world where money
transfer is the only option to reach them.

Mission Statement
Provide opportunities for growth and enrichment to our business
partners and the communities in which we operate by providing extensive global
network to recognize as one of the most innovative money transfer company in all
around the world. We are determined to achieve these goals by associating with market
leading financial institutions and involving extensive and innovation research that can
lead new services into market.
1.2.2 Nature of the organization.
One of the most sensitive businesses all over the world is
banking. Banks and Exchange Company play very important role in the economy of a
country and Pakistan is no exemption. The banking and Exchange sector plays an important
role in a contemporary world of money and economy. Banking sector influences and
facilitates many different but integrated economic activities like poverty elimination,
production and distribution, resources mobilization of public finance.
Aftab currency exchange limited registered in United Kingdom provided its registered users
in UK and Europe with the facility to send fund to designated beneficiaries in all around the
world, complying with anti-money lending rules and regulation.
Ace has gain the credibility and trust Asian and gulf community which resulted in increase of
payments to beneficiaries in Pakistan, Bangladesh, India UAE, Romania, and Gambia over
last couple of year. With efforts of over employees and trust show by community, ACE has
showed increasing trend in number of payments and amounts of payments. To facilitate the
community ACE has taken steps for further expansion of Branches and agents in other
European countries. The overseas community is serving to support their families by showing
the world their talent and utilizing their abilities in different fileds.ACE vision is based on the
community for their suggestion to further improve the service level up to their satisfaction
and the management is very pleased to make sure the high standard service.
1.2.3 PEST Analysis

Management of ACE interested to provides better services to


customers. Because of technological change, competition and customer preference so ACE
change its competitors positioning and guide the way of which customers to target and make
their segments. In PEST includes:

Political Environment
Political and legal environment are strongly affect the
Money Exchange Company Regulatory agencies and government law composed that
environment which influences various organizations and individuals.
Business legislation is used to protect banking sector from unfair competition and
customers from unfair business practices adopted by banks.

Economic Environment
Any trend in economy also affects the Money Exchange
sector. Due to the weak economy in the country Money Exchange sector also effect.

Socio Cultural Environment:In society different beliefs, norms and values exist. People interact consciously and
unconsciously with themselves, others, organization and society. In this way Social
environment also plays very important role in the Money Exchange field.

Technological Environment:-

Technological advances also play very important role in Money Exchange industry. Growth
of economy is highly effected by change of technology. New technology creating deep roots
affects which could observe in future. On line Money Exchange involves improves
techniques. In brief PEST analysis affects the overall Money Exchange companies and
provides the information about external condition.

1.2.4 Contribution of organization towards economic department


Aftab currency exchange
limited registered in United Kingdom provided its registered users in UK and Europe with the
facility to send fund to designated beneficiaries in all around the world, complying with antimoney lending rules and regulation.
Ace has gain the credibility and trust Asian and gulf community which resulted in increase of
payments to beneficiaries in Pakistan, Bangladesh, India UAE, Romania, and Gambia over
last couple of year. With efforts of over employees and trust show by community, ACE has
showed increasing trend in number of payments and amounts of payments. To facilitate the
community ACE has taken steps for further expansion of Branches and agents in other the
world their talent and utilizing their abilities in different fields. ACE vision is based on the

community for their suggestion to further improve the service level up to their satisfaction
and the management is very pleased to make sure the high standard.

1.3 Structure Organizational


1.3.1
Board of Directors
Aftab Ashraf
Rashid Ashraf
Kaleem ullah gallani
Tariq Mehmood

Founder and chairman


Chief Executive
Vice chairman
Managing Director

1.3.2 Number of Employees in Liaison Office

Year wise description


2010
2011
2012
2013

Total employees
36
42
60
75

1.3.3 Head office


Aftab Currency Exchange Limited
44 st Helens Road,
Bolton, lancashireBl3 3NH
United Kingdom
Sub Offices

Aftab Currency Exchange Limited

112 upper tooting Road


London SW177EN United Kingdom

Aftab Currency Exchange Limited

357 Abbey dales Road


Sheffield S7 1FS United Kingdom

Overseas offices

Aftab Currency Exchange Limited

42 Lr Clanbrassli street Dublin 8 republic of Ireland

Aftab Currency Exchange Limited

Blackens Val 441281 Oslo Norway

Aftab Currency Exchange Limited

VIA Guglielmo alimented 12/B 00176 Roma Itly

Aftab Currency Exchange Limited

Calls sant pali 115, local-1 08001, Barcelona Spain

Aftab Currency Exchange Limited

44 Boulevard Jules Guesde 93200 saint Dens France

Aftab Currency Exchange Limited

West kruiskade 37B 3014 Rotterdam Netherlands

Aftab Currency Exchange Limited

Pozellanhostrabe 6, 60313 Frankfurt am Main Germany

1.3.4 Introduction of all departments


Every organization either national or multinational
has different department to perform their basic services in efficient way. As we know ACE is
very large services type organization, it accommodates different departments. Following
departments are basic departments that involves in delivering its services.

1.3.4.1 Finance Department


The finance department is the most essential department in any
financial institution. All financial strategies are developed by this department. The main
purpose of this department is to decide from where to collect the funds and most important is
that to take decision for the generation of high revenue.

ACE also has a finance department that makes financial decision for the growth of the
company. It also make regulation how to makes agents and whom to their agents .Finance
department is also responsible for showing good financial statement at the end of the year.

1.3.4.2 Marketing Department


This is the responsibility of marketing department to show the
positive image of any financial and non-financial institution. This department make strategies
for the promotion of new products and services. For the promotion purpose print media as
well as electronic media is used, like newspaper, different types of magazines, pamphlets, and
brusher and now most important source for marketing is internet.
ACE has a good name in marketing. They all conventional method of marketing as well as
they also use telephone calls to introduce the new product to their customers. They also use
television commercial to introduce their product.

1.3.4.3 Human resource management Department


HR department is the most important
department in all big organization especially in multinational companies. ACE has well
organized HR department. There is well designed HR committee lead by Naveel Ahmed is
working as Human resource manager. The responsibility of this department is to hire the new
employees, train these new as well as existing employees and evaluate the performance of the
employees. They also announce employee of the month.

1.3.4.4 Customer care Department


Each and every one of us serves
customers, whether we realize it or not. Maybe you're on the front lines of a
company, serving the people who buy your products. Perhaps you're an
accountant, serving the employees by producing their pay checks and keeping
the company running. Or maybe you're a company owner, serving your staff and
your customers.

1.3.5

Comment on organization structure

An organization structure defines


how job tasks are formally divided, grouped and matched. The basic purpose of organization
structure is to create an environment for human work performance. It is a management tool.
There are six key element that manager need to address. When they designed their
organization structure. These six element are used in analysing the organization structure of
Aftab Currency Exchange. After analysing ACE structure I conclude my finding as;

Work specialization

To what degree are activities subdivided into separate jobs is


known as work specialization, during my internship when I examine my office at this point I
conclude that ACE does strongly stressed on work specialization.

Departmentalization
This mean the basis by which job in an organization are grouped
together. If I talk about this concept relative to ACE. I conclude that there is great
departmentalization view in operation of ACE.

Chain of command
The chain of command is a line of authority, which mean to whom do
individual and groups report, by analysing the organizational structure of ACE it can be
found that each and every person known to whom he should report.

Centralization and decentralization


Centralization and decentralization decision making
mean where decision making authority lie? By analysing organizational structure of ACE it
can be found that the structure at ACE is important. All the decision and policies are made at
the top management level and the subordinate have to follow and act upon these decision.
This trend shows a centralized decision making pattern of inflexibility in structure of ACE.

Formalization
The degrees to which the job within an organization is standardized are called
formalization. This also includes that how much role and regulation within organization to
direct employees and managers. As we already knows that ACE enjoys year experience so in
its long time operation it developed well formal rules and regulation to operate his business
efficient way.

Internees Work
1.4

Internee work

I have completed internship in ACE G.T road kharian. This office facilities
their customer and agents by providing the quality services. The provided different services
to their to their customers and agents. To fully satisfied their customers and agents and doing
efficient working. They assign different services to different department. Few of these given
below

ACE Remit
ACE Blink
ACE Wire
ACE Speed Deposit
ACE Online
ACE Customer Care Centre

ACE Remit
Without any bank account receive money over the counter forms banks was not
easy for customer before. But now its possible through ACE Remit that enables their
customer to enjoy this service around the globe to receive their money next day from any of
their partner Bank without any bank account. They provide fast, secure and smooth services
through a world range of our partner banks. Receivers just need a payment number, and
identity. It is just that simple.

ACE Blink
Instant Transfer
In this fast paced and timed poor world. Mandatory needs have to be
fulfilled immediately. Now send your money within 10 minutes through our Instant payment
services.

ACE instant payment is such a facility that allows you to send home money so fast and
smooth with their reliable and wide range of network in Bangladesh, India, Pakistan,
Romania, Gambia , Kenya, Nigeria. Cameroon and UAE. These services are furnished
through: southeast Bank Ltd & partners, Muthoot&mannapuram , MCB , JS , NIB , KASB,
smith& Romanian Commercial banks, Zenith & GT Bank Airtel , Al- Ansari Exchange.

ACE Wire
Telegraphic transfer
Telegraphic transfer is a hassle-free way to send money directly into
receiver accounts. Enjoy our services through a wide range network of our partner banks.
Now send money to any account anywhere within 3-5 working days.They reliable, secure and
state of the art technology enables you to make this happen.

. Ace speed Deposit

Instant to a bank Account


It empowers their customer to transfer their amounts within
3-4 hours through a real-time credit system (IBFT). they state of the art network includes
Money Transfer agreements with popular banks and highly reputed financial institutions that
allows us to provide their customers an array of Money Transfer options and an unmatched
value.

ACE Online
New Offer! No need to carry cash anymore. Simply bring in your debit card and
send money wherever you desire.
It is easier than ever to transfer money through our new service. Just bring in your debit card
with you and proceed with your transaction. Your banking would be done through your debit
card giving you piece of mind and a smooth transaction.

ACE Customer Care Centre


Each and every one of us serves customers, whether we
realize it or not. Maybe you're on the front lines of a company, serving the people who buy
your products. Perhaps you're an accountant, serving the employees by producing their pay
checks and keeping the company running. Or maybe you're a company owner, serving your
staff and your customers.

1.4.1 Brief Introduction of internees office/branch


I completed my 6 week internship period in
Aftab currency Exchange G.T Road Kharian ( A brief introduction of branch is given below
Name of Branch

Laision Office G.T Road Kharian

Region

Kharian

Name of Manager

Ali raza

Number of employees

60

Phone Number

0537535599

Status

Online

Email Address

info@aftabcurrency.com

Starting date of internship

05/07/2013

Ending date of internship

17/08/2013

Current Department Manager of branch according to qualification

Name

Qualification

Designation

Naveel Iqbal

MBA ( HR )

HR Manager

Habib Ullah

MBA

Operational Manager

Ahtisham Zaheer

M.com (Finance )

Compliance Manager

Muhammad Adeel

MBA (Marketing)

Beenish Qamar

MCS

Customer Care Manager


Media Manager

Zeshan Imtiaz

B.com

Product Manager

Shahbaz Ahmed

MBA

Treasury Manager

Shahzad J. Chattha

CA

1.4.2

Finance Manager

Details of Supervisors

During my internship I did multiple activities in various departments.


My training supervisors very cooperative with me in my learning process, and also try my
best to serve him in good manner. A complete schedule of my training supervisors given
below

Name of department

Supervisor

Designation

General
banking Habib ullah
department
Remittance department
Zubair Ahmed

Operation Manager

Bank deposit

Assistant

Ali

Manager

1.4.3 Weekly timetables:


Week 1
Nida Irshad
Laision
Kharian
S.#

Department Finance
Office

Date

G.T

Road Supervisor: Zubair Ahmed

Day

08-07-2013

09-07-2013

Tuesday

Learn about all vouchers used mostly in this


department.

10-07-2013

Wednesday

Introduction to all Ace websites.

11-07-2013

Thursday

Repeat the same work, and making some


discussion with other employee of bank

12-07-2013

Friday

Repeat the same work, and making some


discussion with other employee of bank.

13-07-2013

Saturday

Repeat the same work, and making some


discussion with other employee of bank.

Monday

Activities

Introduction to general banking department.

Week 2
Nida Irshad
Laision
Kharian
S.#

Department Finance
Office

Date

G.T

Road Supervisor: Zubair Ahmed

Day

15-07-2013

16-07-2013

Tuesday

Learn about how to satisfy customer according


to their needs.

17-07-2013

Wednesday

Solves the agents complains and satisfy them.

18-07-2013

Thursday

Discus with other department members.

19-07-2013

Friday

Same work repeated

20-07-2013

Saturday

Same work repeated

Monday

Activities

Introduction to customer care department.

.
Week # 3

Nida Irshad
Laision
Kharian

S.#

Department Finance
Office

Date

G.T

Road Supervisor: Zubair Ahmed

Day

22-07-2013

23-07-2013

Tuesday

Discussion about opening of new agents


account with my supervisor.

24-07-2013

Wednesday

Check customer and agents balances.and


match with Barkley Bank.

25-07-2013

Thursday

. Same work repeated

26-07-2013

Friday

Same work repeated

27-07-2013

Saturday

Same work repeated

Week # 4

Monday

Activities

Fill up form for new agent.

Nida Irshad

Department Finance

Laision Office G.T Road


Kharian

Supervisor: Zubair Ahmed

S.#

Date

Day

Activities

29-07-2013

Monday

Fill the documents of customers for payment.

30-07-2013

Tuesday

Fill the documents of customers for payment.

31-07-2013

Wednesday

Learn how to deal the customers for foreign


payment.

01-08-2013

Thursday

Helping my supervisor in completing forms


and other relating vouchers.

02-08-2013

Friday

Helping my supervisor in completing forms


and other relating vouchers. Same work
repeated

Week # 5

03-08-2013

Saturday

Same work repeated

Nida Irshad
Laision
Kharian

S.#

Department Finance
Office

Date

G.T

Road Supervisor: Zubair Ahmed

Day

05-08-2013

06-08-2013

Tuesday

Work on TT making and prepared it. Make


discussion with my supervisor

07-08-2013

Wednesday

Holiday

08-08-2013

Thursday

Holiday

09-08-2013

Friday

Holiday

10-08-2013

Week # 06

Monday

Activities

Saturday

Introduction to remittance department. In


charge of department Sir Ahmed Hussain tells
me about working of this department

Give the rate to all countries. Same work


repeated

Nida Irshad
Laision
Kharian

S.#

Department Finance
Office

Date

G.T

Road Supervisor: Zubair Ahmed

Day

12-08-2013

13-08-2013

Tuesday

I attend cash department and observe my


supervisor how to manage cash payments, and
receipts.

14-08-2013

Wednesday

My supervisor told me about the necessary


files that use in cash department. For
confidentiality there is no proper learning take
place.

15-08-2013

Thursday

Match their balances with all countries, and


website.

16-08-2013

17-08-2013

Monday

Activities

Friday

Saturday

Introduction to cash department. My supervisor


told me about working of this department.

I make some good discussions at that day with


all my seniors I also give some suggestions.

It is my last day in branch as internee. A grand


party is arranged for me. Branch manager tells
me about my performance and finally gives me
internship letter with their best wishes and
prayers.

1.4.4 Detailed description of the departments you worked in during your


internship

ACE has a number of departments that perform various services to serve its
large number of customers. During my internship I try to learn basic functions of
departments. These departments are discussed one by one in which I have worked during my
internship.
There are six main departments in any branch of ACE

ACE Remit
ACE Blink
ACE Wire
ACE Speed Deposit
ACE Online
ACE Customer Care Centre

ACE Remit
Without any bank account receive money over the counter forms banks was not
easy for customer before. But now its possible through ACE Remit that enables their
customer to enjoy this service around the globe to receive their money next day from any of
their partner Bank without any bank account. They provide fast, secure and smooth services
through a world range of our partner banks. Receivers just need a payment number, and
identity. It is just that simple

ACE Blink
In this fast paced and timed poor world. Mandatory needs have to be fulfilled
immediately. Now send your money within 10 minutes through our Instant payment services.
ACE instant payment is such a facility that allows you to send home money so fast and
smooth with their reliable and wide range of network in Bangladesh, India, Pakistan,
Romania, Gambia, Kenya, and Nigeria. Cameroon and UAE. These services are furnished
through: southeast Bank Ltd & partners, Muthoot&mannapuram, MCB, JS, NIB, KASB,
smith& Romanian Commercial banks, Zenith & GT Bank Airtel, Al- Ansari Exchange.

ACE Wire
Telegraphic transfer
Telegraphic transfer is a hassle-free way to send money directly into
receiver accounts. Enjoy our services through a wide range network of our partner banks.
Now send money to any account anywhere within 3-5 working days. They reliable, secure
and state of the art technology enables you to make this happen.

Ace speed Deposit

Instant to a bank Account


It empowers their customer to transfer their amounts within
3-4 hours through a real-time credit system (IBFT). they state of the art network includes
Money Transfer agreements with popular banks and highly reputed financial institutions that
allows us to provide their customers an array of Money Transfer options and an unmatched
value.

ACE Online
New Offer! No need to carry cash anymore. Simply bring in your debit card
and send money wherever you desire.
It is easier than ever to transfer money through our new service. Just bring in your debit card
with you and proceed with your transaction. Your banking would be done through your debit
card giving you piece of mind and a smooth transaction.

ACE Customer Care Canter


Each and every one of us serves customers, whether we
realize it or not. Maybe you're on the front lines of a company, serving the people who buy
your products. Perhaps you're an accountant, serving the employees by producing their pay
checks and keeping the company running. Or maybe you're a company owner, serving your
staff and your customers.

1.4.5 Summary of learning


During my internship the main aim of my study was to learn
general Money Exchange procedures and to get a complete knowledge of practical work with
the help of my bookish knowledge. Aftab currency exchange Kharian is a place which
provides a great opportunity to achieve my aim finally. The following points show my
learning summary in detail that I have gained during internship.

1.4.5.1 Skills and qualifications gained from the internship


I get many experiences in working of different departments
and while doing many operations. These operations include.

ACE Remit
ACE Blink
ACE Wire
ACE Speed Deposit
ACE Online
ACE Customer Care Centre

After joining the ACE for internship initially it was so difficult for me to get the attention of
the employees, everybody was engaged in their own activities, and nobody was having time
to accommodate me. This is very important for me to get the attention of ACE management
and get their valuable information that is so much necessary for the up gradation of my
knowledge and for the completion of the task which was assigned to me by the institution.
But very soon I succeeded in making relationship with everyone and with the help of these
people I started gaining basic skills and qualifications during my internship.
This was my first task and with the passage of time they also realized that they can utilize my
efforts in a productive way to minimize their burden of working.
They provided me their time and information which helped me to enhance my knowledge and
they also shared their experiences with me which I believe that it would be helpful in my
practical life.
First two weeks I worked in ACE Remittance department where I get a skill to how interact
well with customers, how I represent my organization and its basic values in achieving
desired goals.
I worked with Manager where I learned lot of things including how to deal with customers,
how to manage employees and how well a manager create links outside the branch.
During the internship session I got the chance to represent myself as spokesperson on behalf
of my branch to get useful information from clients and convey their required information on
their door step.

In performing my duties I learned how to behave with seniors, how to judge customer need
and help them, how to cooperate with my officers and how to be supportive with my co
internees.

1.4.5.2 Responsibilities undertaken during the internship period


Internship certainly a basic requirement of my MBA program.
The main purpose and objective of this training to get know how about practical working of
financial institutions, reputable organization either national or multinational and manage with
theoretical study. Our department is performing their responsibilities very well in this regard
to help students in achieving that objective. Through internship program I able to understand
how to develop good relations with others that help me in completion of my future plans.
During internship I learned how to manage my tasks and responsibilities in short timing
during internship. My supervisor gives me responsibility to take backup of all countries
during working of day and satisfy their agents. In internship it is responsibility on me to
prepare peon book and maintains record up to date. Through internship I got temperament of
working long hours.

1.4.5.3 Influence of internship on future career plans

As a student of business administration at the present stage I need to


be aware of my future plans and upcoming scenario of possible opportunity of jobs and
requirements of those jobs in market. Internship definitely influence my future plans because
this is a stage where I have chance to learn, to develop my personality characteristics
according todays world requirements. Internship is such activity that enables a student to
learn the practical knowledge, that how to work well in todays competitive organizations.
Internship activity motivates me, that necessary in struggling hard in future plans. With the
help of internship I learn some sort good communication skills that also help me in future.

1.4.5.4 Correlation of internship activities with classroom knowledge


As mostly of us think that internship or training is a boring task and
just a source of time consuming, acquiring more burden on mind, and this internship does not
benefit us in our study. But I think that thinking is totally wrong and internship is very helpful
in taking practical experience that is very useful in our future professional life. We all know
that every employer wants such person as an employee who is educated and well
experienced.
Internship is such activity that enables a student to learn the practical knowledge, that how to
work well in todays competitive organizations, how to behave in organizations, and how to
manage good relationships with others. Now a days work requirement is changing rapidly, as
competition increases between organizations. These organizations also require such
employees which are well experienced, having good communication skills, and which are
more innovative and creative mind.
Internship certainly provides me a great opportunity to develop such skills in myself.
Internship helps me in correlating my class room knowledge with practical experience.
Internship activity motivates me in my learning process that gives me opportunity to grow
more rapidly in that challenging world. I studied different concepts in books but I am
confused that how these things matter in our actual life. But when I did my internship I have
a chance to apply all such concepts in real life and check out these concepts that certainly
matter in our life.
When a person himself observe, judge and experiment anything any concept or any
assumption then he learn a good experience that is more long lasting. So finally I personally
believe that internship activities that I performed highly interlinked with my studies and
support myself in future success.

Conclusions of the report

2.1 Summary of key conclusions:

ACE Limited (Formerly Aftab Currency Exchange Limited) has


a solid foundation of over 10 years in United kingdom, with a network of over 30000
branches, their 350,000 Customers around the globe to send & receive their payments
through 30,000 locations ACE's operations continued to be streamlined with focus on
rationalization of expenses, re-alignment of back-end processing to increase productivity,
enhancement of customer service standards, process efficiency and controls. ACE has taken
the lead in introducing the innovative concept of centralizing Trade Services in the countries
by providing centralized foreign exchange services to branches with a purpose to improve
efficiency, expertise and reduce delivery cost.
During the course of internship I learned about different functions performed by Remittances,
and Customer Service Office department and exchange as a whole. I also learned banks
correspondence with their customers and within branches. I learned about documentation
requirements and record keeping for different activities and processes, especially the
documentation requirement for different kinds of financing facilities.

2.2 General observations about institution


I did my internship in Aftab Currency Exchange Liaison office
Kharian. My internship sector is banking and financing sector that performs valuable services
for their customers. When we look in past some 10 to 15 years, we observe that although
there is involvement of banking sector in economy growth of Pakistan. But in last decade the
performance of that industry was very incredible. State Bank of Pakistan actively participates
in creating more banks and regulating them in well manner also. SBP and other exchange
companies fulfil the Govt. needs at the time of difficulties. Aftab currency Exchange industry
participates in creating more jobs that lower the rate of unemployment.
They provide a close opportunity to every young graduate to join it, as they opened a number
of branches. Exchange companies play very important role in circulation of money that
helpful in implementation of monetary policy. Banks provide loan facilities.

2.3 SWOT Analysis


In SWOT analysis evaluate overall ACE strength, weakness, opportunities and threats.

Strength

Services which are provided by ACE is the main strength. But there are
different strengths which are ACE reputation, technical management skills, customers
satisfaction, effectiveness in promotion, team oriented, continuous improvement, best quality,
respect of employees, dignity, good corporate citizenship. These are the strengths of the ACE
which make it one of the best Currency Exchange of the countries. Currency Exchange
cannot compromise its strength and fully utilize their strengths. ACE give some incentive to
its employees on base of performance and also remove the conflict between lower and higher
officers. All employees have access to officer so that if any problem with him he can
communicate it. Friendly environment created so that no one feel shyness and properly
communicate. Their employees are their strength, they also declared employee of the month
every month. For the enragement of their employee they also give them shield and cash prize.

Weakness
Ace has few weaknesses in which competition pressure which are very
difficult for Currency Exchange to handle. Currency Exchange company has very well
reputed and established competitors. That deal with the same community and also providing
good services. Like Money gram, western union.

Opportunities
Aftab currency exchange has big opportunity to grow in the market.
By extra advertising support ACE improve their services. ACE has opportunity to
attract new customers and agents give them better services. ACE customer care
services also make opportunity for bank growth.

Threats
ACE face few threats in which weak economic condition of country.
Unregistered business concerns also threat for Currency Exchange. In threats most of
the competitors provides good services ACE should follow the continuous
improvement process for satisfaction of their customers.

3
3.1

RECOMMENDATION
Shortage of staff

Shortage of staff is very common problem which is faced by ACE.


Few employees are there who are the entire whole branch are resulting in burden of work.
Main idea behind is that there is shortage of staff in any firm because of lot of work and
people working over there feel like that they can do whatever they feel like so they are
bothered about the rules by head office and most of result in corruption.

Adequate training of staff

3.2

Staff in ACE branches is mostly not adequately trained.


ACE is the pioneer of new products including, mobile banking and online banking but they
dont trained staff according to these innovations. ACE has one staff colleges in Kharian.
These gives aware staff about innovation but not gives proper training.

3.3

Online banking

ACE is pioneer of the online banking but problem is that they


cannot trained there all staff about online system so they cannot satisfied there customers
and agents needs. Because the authority of checking online banking have very few people.

3.4

Improvement suggestions
Following are my suggestion and observation to

improve the efficiency of bank.

3.4.1

Staff Training

Staff training is one of the important steps which lead ACE to


more profitable. Because customer satisfaction is only when staff provides all facilities to
them it is only when possible when staff is properly trained.

3.4.2

Short Courses

ACE also introduces short courses for betterment of


the employees. These courses are important because of new innovations which are take place
in very short period.

REFERENCES
1. http://aftabcurrency.net/
2. http://aftabcurrency.net/services.php?
pages=804009953&token=13&redic=821135118&red_y
3. http://aftabcurrency.net/services.php?
pages=962131983&token=7&redic=187023258&red_y
4. http://aftabcurrency.net/services.php?
pages=549759361&token=8&redic=224225783&red_y
5. http://aftabcurrency.net/services.php?
pages=248263220&token=9&redic=926018254&red_y
6. http://aftabcurrency.net/services.php?
pages=284531980&token=10&redic=903831017&red_y
7. http://aftabcurrency.net/company.php?
pages=851915322&token=47&redic=443861864&red_y

8. http://aftabcurrency.net/company.php?
pages=978450965&token=54&redic=578866083&red_y
9. http://aftabcurrency.net/company.php?
pages=608279844&token=52&redic=349276022&red_y
10. http://aftabcurrency.net/company-profile.php
11. http://aftabcurrency.net/company.php?
pages=136544540&token=53&redic=991231124&red_y
12. http://aftabcurrency.net/team.php
13. http://aftabcurrency.net/global-partners.php?
pages=547623399&token=15&redic=560700856&red_y