Plans to start own money transfer operations
The company has received the RBI’s Authorised Dealer Category II licence
The facility will be helpful to non-resident Indians
KOCHI: The Kochi-based Muthoot Exchange Company will facilitate outward remittance transactions for various purposes such as studies and medical treatment. The company has received the Reserve Bank of India’s Authorised Dealer Category II licence which enables it to provide the facility, according to George Alexander Muthoot, managing director of the company.
The facility would be helpful to non-resident Indians and the business community. The licence was given after evaluating various parameters such as capital base, profitability of operations, compliance with RBI directives and audit system, he said.
The company’s branches in Kerala, Tamil Nadu, Karnataka and Mumbai have been handling currency exchange business like issue and encashment of foreign currency notes, traveller’s cheques and travel cards.
Foreign currency up to $ 10,000 per year for private visits and $ 25,000 per visit for business visits were being issued now, he said.
Over 6,00,000 money transfers valued at Rs.1,200 crore were being handled in a year by the company. .
The company has plans to start its own money transfer operations shortly, subject to approval of RBI.