Paul Merchants to open 125 new offices

New Delhi, Nov 24: Money Exchange business firm Paul Merchants Ltd (PML) on Monday, Nov 24 said it plans to open 125 new offices, primarily in rural areas across the country and some strategic locations abroad, besides increasing its headcount to 1,000.

As much as 25 of these new offices will be operational by the end of this year. Reserve Bank of India (RBI) has recently granted the status of Authorised Dealer II to PML, which enable it to remit foreign exchange for multiple transactions. ''To cater to the growing demand of PML's services and setting up of our new offices, we will also hire 300 new people to add on to our existing workforce of 700 across the country,''company Chairman and Managing Director, S Paul said in a statement.

The company expects transactions for outward remittance to the tune of five to six million dollars per month in calendar year 2009, Mr Paul added.

With the Authorised Dealer II license, the company has become one of the eleven private firms in India, apart from 17 co-operative banks that enable Indian individuals and legal entities to both send and receive money from foreign individuals and legal entities.

UNI