India Post and Thomas Cook (India) Ltd. collaborate to provide Foreign Exchange and Travel Services
India Post, the world's largest Postal network and Thomas Cook (India) Limited (TCIL), India's largest integrated travel and travel related financial services company, have entered into a mutually beneficial and long term relationship to provide Foreign Exchange and travel related services through the Post Offices. Under the Memorandum of Understanding that was signed on 12 January, 2010 in the presence of Hon'ble Thiru A Raja, Union Minister for Communications and IT, Foreign Exchange and Travel Bureaux will be established within the Post Offices to offer on-site Foreign Exchange, Insurance and Travel Products support to India Post customers.
This remarkable achievement has been possible primarily because Thomas Cook India is an established Foreign Exchange Organisation, which has been in the business for over 129 years in India. This partnership will ensure availability of two strong brands to the customer, especially tourists, and provide them with a legitimate source for undertaking foreign exchange and travel related transactions. Moreover, TCIL would be able to extend its services to locations where India Post is present, thus reaching out to a higher number of customers. This in turn, would make available easy access to customers for Foreign Exchange Services.
Roll-Out Mechanism -
In the initial phase, FX and Travel bureaux will be established in the following five Post Offices of Delhi:
Connaught Place (A Block)
Greater Kailash Part-II
Services and Product Portfolio -
- Purchase and Sale of foreign exchange in accordance with RBI rules and regulations:
- Foreign Currency Bank Notes in all major currencies
- Travellers Cheques in all major currencies.
- Pre-Paid Cards
- Foreign Currency Drafts
- Wire Transfers
Additionally, TCIL would also provide the following products/services:
- Cash Advances against international credit cards.
- Leisure Travel, Inbound and Outbound packages
- Travel Insurance
- Visa, Passport Service
- Domestic and International Tickets
The tie-up between India Post and Thomas Cook (India) Ltd. was launched by Hon'ble Thiru A Raja, Union Minister for Communications and IT. Speaking on the occasion, the Minister described the tieup as a path-breaking initiative taken by Delhi Circle. The Minister highlighted that this enterprise brings together the strengths of India Post, the largest postal network in the world and Thomas Cook, one of the most recognized and internationally known Companies in the travel and foreign exchange sector the world over. This would be a meaningful value- addition to the portfolio of services offered by the Department of Post because it is based on the perception and recognition of a felt need for provision of this kind of service. On the other hand, it would enable Thomas Cook to widen their reach by leveraging the India Post network.
The Minister stated that Delhi being one of the most prominent commercial and tourist hubs of the country is particularly well-suited for the launch of this service. With the Commonwealth games being hosted by Delhi in October this year, a huge influx of tourists is expected from all parts of the world and this tie-up will cater to the needs of the floating population in a befitting manner.
Ms. Radhika Doraiswamy, Secretary, Department of Post who was present at the occasion, lauded the effort and said that through this MoU with Thomas Cook, Delhi Circle has translated a realisation into tangible action: the realisation that it was important to fill up a gap in the bouquet of services offered by India Post. The Secretary further added that the Department of Post has been taking several measures in the direction of sagacious business diversification while at the same time concentrating on its core mail operations. These initiatives include launch of an International remittance service in collaboration with Eurogiro, introduction of flat rate boxes for international parcels, partnership with the Registrar General of India for the 2011 Census Operations – all of them having the common element of improvement in the quality of service rendered to customers. Behind these initiatives is a re-dedication to basic service parameters viz despatch and delivery, sorting and transmission that is driving the work force of India Post with a new zeal and assiduity towards achieving excellence. In fact, as a result of these initiatives, India Post has been recently categorised as one among forty nation builders.
On this significant partnership, Mr. Ludger Heuberg, Chairman, TCIL, expressed that, “It is for the first time in the history of TCIL’s presence in India that such a partnership has emerged with the India Post and TCIL. India Post has the largest postal network in the world with over 1.55 lakh post offices. It is a matter of pride and a noteworthy milestone for us, towards creating an enriching experience for as many customers as possible. It has been our constant endeavour to provide our expertise in forex and travel related services, to our potential customers, in an easy and hassle free manner.”
Speaking on the occasion, Mr. Madhavan Menon, Managing Director, TCIL, said “India Post has pioneered in innovation and delivery of postal services to the Indian masses. Thomas Cook also is a customer focused travel company of international repute. The partnership is synergized to add more value across all our centers and offer an advanced product portfolio. With associations of such magnitude comes great responsibility and we are confident that with India Post as our partner we shall have more satisfied customers.”
About Thomas Cook (India) Limited: Thomas Cook (India) Ltd. is the largest integrated Travel and Travel related Financial Services Company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, Leisure Travel, and Insurance. The Company has been into Indian operations since 129 years of world-class travel service. Thomas Cook India is renowned for operating in the following areas of business, namely: Leisure Travel, Corporate Travel Management, MICE, Foreign Exchange, SWIFT Network, Travel Insurance, Credit Cards, Pre-Paid Cards, Life Insurance and E-Business. For more information please visit www.thomascook.in/corporate
About Thomas Cook Group plc: Thomas Cook Group plc, UK, is one of the world’s leading leisure travel groups with sales of £8.8 billion, 22.3million customers, 31,000 employees, a fleet of 93 aircraft and a network of over 3,400 owned and franchised travel stores and interests in 86 hotels and resort properties. It operates under five geographic segments in 21 countries, and is number one or two in all its core markets.
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Thomas Cook (India) Limited: Kruti Sharma; B: +91-22-61603333; D: +91-22-66091011; M: +91-