BBX India awaiting RBI nod for international trade
Barter and exchange services provider, BBX India, is awaiting an approval from the Reserve Bank of India (RBI) to start international trading in the country, a top company official said.business Updated: Nov 30, 2009 09:34 IST
Barter and exchange services provider, BBX India, is awaiting an approval from the Reserve Bank of India (RBI) to start international trading in the country, a top company official said.
"We have already filed an application with RBI and are waiting for an approval after which BBX India can start trading internationally," BBX's CEO Michael Touma told PTI in Mumbai.
"The approval is expected to come in the next six months," he said.
BBX is listed company in Australia Stock Exchange and facilitates cashless business transactions.
It started India operations in November last year by opening an exchange in Delhi followed by a franchisee in Kanpur.
The company recently launched a franchisee in Mumbai and plans to open 150 franchises in the next four months across the country.
"We are right now focussing in India as it is growing rapidly in terms of economy and has huge potential," Touma said.
He further said that the barter system in India is known only at the corporate level.
However, with our initiative of making the system sophisticated for even the small and medium scale businesses to barter, the definition and benefits of barter in Indian businesses has changed, Touma added.
With operations in eight countries worldwide, the company plans to add Mexico, Kuwait, Singapore, Malaysia, Japan, Iran and Portugal under its business portfolio in the next two years.
"We have also plans to reopen our trading in China by next year. We started our business there in 2006 but had some issues with the Government...We will soon re-launch our operation there," Touma said.
The company which closed the last fiscal (July to June) with revenue of ASD 200 million is aiming revenue of ASD 350 million during the current fiscal, he said.
Asked on the benefits of cashless trading, Touma said "it is the only platform where companies can trade using their products or services in exchange for the products and services of a different company."
"With the entire world grappling with severe economic crisis caused due to recession in the US or that of the recent Dubai crisis, such cashless trade will help people overcome from the credit crunch," he said.
The company has hospitality industry as its major trader, he said.
Besides, it has garment manufacturers, jewellery designers, media and other services sectors, including the IT industry as the major members.