BBX awaiting RBI nod to start international trading in India

Written by Agencies | Mumbai | Updated: Nov 30 2009, 15:51pm hrs
Barter and exchange services provider BBX India is awaiting Reserve Bank of India's (RBI) approval to start international trading in the country, a top company official said.

"We have already filed an application with the RBI and are waiting for an approval, after which BBX India can start trading internationally," BBX CEO Michael Touma said in Mumbai.

The approval is expected to come in the next six months, he said.

BBX is listed on the 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 francisees in the next four months across the country.

"We are right now focusing on India as it is growing rapidly in terms of economy and has huge potential," Touma said.

He further said barter system in India is known only at the corporate level.

"However, with our initiative of making the system sophisticated even for the small and medium scale enterprises the definition and benefits of barter in Indian businesses has changed, Touma added.