Travel group Cox & Kings has partnered with financial services firm UAE Exchange India to provide inward remittance and domestic money transfer services in India.
This venture will enable Indians living abroad to remit funds to their families in India, with easy and flexible transfer options, Cox & Kings said in a press statement.
The service will be available only in select locations within India and no charges will be applicable to the recipient.
In addition to foreign inward money, domestic money transfer services will also be available at the designated Cox & Kings' outlets through this process.
Cox & Kings head of foreign exchange Ravi Menon said: "The strategic partnership will help us enter the money transfer business in India which is the largest recipient of remittance in the world. People who are expecting money from their relatives or friends abroad can now use our wide network of branches across India."
UAE Exchange managing director V George Antony said: “The strategic partnership with Cox & Kings will cater the rising demands of inward and domestic remittance through the swift and secure money transfer services.’’
As per the present money transfer guidelines of the Reserve Bank of India, anybody can transfer equivalent of $2,500 to India. An Indian national can receive 30 such remittances in a financial year.