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Thomas Cook plans to launch forex ATMs
BY SAJEEV G NAIR
May 20, 2005: Travel-related services provider Thomas Cook India Ltd is planning to install ATMs that convert foreign currency into Indian rupee and vice-versa, even as these will double up as money vending machines.
"We are working on launching ATM-cum-foreign currency converters that will enable conversion of any global currency into Indian rupee and also the other way round. This will also serve as ATM for users," Thomas Cook Managing Director and Chief Executive Officer Ashwini Kakkar said.
Currency from any part of the country can be changed through these ATMs, while travellers can also withdraw cash using credit cards, he said.
Thomas Cook intends to roll out the first forex ATM within the next one to one-and-a-half month's time, once the technology sourcing, which would be from foreign vendors, is compete.
The company estimates to incur an installation charge of Rs 50-60 lakh per ATM, and in the initial phase these would be put up at its branches, totaling 60 in the country, he said. Kakkar said the company has received the necessary approvals from Reserve Bank of India (RBI) and the withdrawal limit of the foreign currency will be in line with central bank's guidelines.
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