The Hindu Business Line : Cox & Kings plans to offer more forex services

Cox & Kings, a travel company, has expanded the scope of foreign exchange services offered by it after the Reserve Bank of India granted the company a category II foreign exchange licence.

Group CEO Mr Peter Kerkar told Business Line: "Earlier, we could only provide foreign exchange services to leisure and business travellers. But now we will be able to look after the needs of a wide variety of travellers, including students going abroad for further studies, patients requiring foreign exchange for medical treatment and also provide foreign exchange for overseas film shootings."

The company will now also be able to pay wages in foreign exchange to staff of cruise liners when they dock in India, apart from facilitating transfer of funds by migrant Indians.

It is the second travel-related company to have been granted such a licence by the RBI.

The move, which is part of a diversification plan drawn up by it, will help boost the company's bottomline as the volume of business is tremendous in the new areas that have been opened up to it.

"We are likely to see 50 per cent increase in the foreign exchange business both in volume and revenue terms," a senior company official said, without divulging figures.

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