Muthoot Exchange Co gets licence for foreign remittance

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Kochi, Dec 18 (UNI) Muthoot Exchange Company Private Limited of the Kerala-based Muthoot Group has got the 'Authorised Dealer Category II' licence from the Reserve Bank of India (RBI) to undertake outward remittances.

Speaking to reporters here last night, Group Managing Director George Alexander Muthoot said ''the licence will enable the company to undertake several remittance transactions for students studying abroad, overseas medical treatment, Non-Resident Indians (NRIs) and business community.'' Mr Alexander said the licence was issued after evaluating various parameters like capital base, profitability of operations, compliance with RBI directives and audit system.

The remittance transactions as per the licence will be carried out as the liberalised scheme of RBI and remittances up to 100,000 dollars could be made for overseas education, visa/emigration charges and medical treatment.

He said the issuance of the licence was an important step in the Group's plan to position the company as a supermarket for forex and related services, which include forex issue and encashment, outward remittances, money transfers, air/rail ticketing and passport and visa-related services.

Over six lakh money transfers valued at Rs 1,200 crore were being handled annually by the company and efforts were being made with some leading exchange companies in Europe and the Middle East for handling more money transfers for the convenience of the NRIs, he added.

He said the company was also planning to start its own money transfer operations subject to the approval of RBI.


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