Cox & Kings receives Category II Forex Licence|
5th, January 2007
The Reserve Bank of India has granted Cox & Kings, (India), Pvt Ltd., Authorised Dealer, Category II Foreign Exchange licence. This has enhanced C&K status from a Full Fledged Money Changer to the newly acquired status. The enhanced category places C&K in league with Authorized Dealers like Foreign Exchange Nominated Banks to cater to the requirements of a whole host of customers.
As a Full Fledged Money Changer (FFMC), Cox & Kings role was earlier restricted to providing Foreign Exchange service to leisure and business travelers. However, with this elevated status Cox & Kings can now provide service to several other additional categories of customers. .
These segments are as follows:
- Students travelling overseas for further studies.
- Migrant Indians.
- Patients who require Foreign Exchange for medical treatment.
- Remittance facility for any corporate house who would like to remit foreign exchange for services provided overseas.
- To pay wages in Foreign Exchange to staff of Cruise Liners when they dock in India.
- Permission to provide Foreign Exchange for Film shoots overseas.
According to Peter Kerkar, Group CEO, Cox & Kings, "we are delighted to be granted this status by RBI. This automatically expands the scope of our foreign exchange business and we are in a position to provide services to a diverse set of customers. All our 13 offices across the country would benefit from this development."
C&K stocks and sells foreign exchange in the form of currency and travelers cheques in addition to pre-paid cards of various banks.
About Cox&Kings: It is a 249-year-old travel company, established in 1758. It has been a long and eventful journey since then and it offers a one-stop shop for the travel needs of all segments of travelers. It specializes in Destination Management, Leisure Travel MICE, NRI Holidays and Trade Fairs. In Currency Exchange the company has been granted Category II licence by the Reserve Bank of India enabling it to enjoy Authorised Dealer Status. It has been consistently winning numerous awards. In the recent past it has won the Government of India’s National Tourism Award for Conferences, for as many as seven years.
C&K has bagged the National Tourism Award for the best Domestic Operator for the last three years. At the Galileo Express Awards it had won the Best Outbound tour operator award in 2003-04 and since then for three years in a row, it has been winning the Best Domestic Tour Operator award. For 2005-06 it also won the award for the Best Technology platform in the travel industry.
The company is also the General Sales Agent for Rail Europe, Euro Disney, Globus and Cosmos and Star Cruises. It has 13 offices in India and a network of over 500 GSAs and PSAs across the country. C&K's overseas offices are located in UK, USA, Germany, France, Belgium, Russia, South Africa, Sweden and Australia.