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The Economic Times

Thomas Cook refutes allegations of a forex enquiry

Travel services provider Thomas Cook has refuted allegations that an investigation is underway concerning its forex business breaching the Rs 14.7 crore foreign exchange reserve mark at the Cochin International Airport.

As per vernacular media reports, the Air Customs Intelligence department had initiated an enquiry against Thomas Cook and had written to the Reserve Bank demanding cancellation of the company's license after an alleged 'misappropriation' occurred while granting foreign exchange to foreign nationals at the Cochin International Airport.

"We unequivocally refute the stories that have appeared in the media with respect to our foreign exchange counter at Kochi airport. We categorically state that basis a request received from customs representatives at Kochi Airport on April 26, 2019, transactional information for a two year period was provided by us within the agreed timeframe. Post this submission, no further update or request has been received from concerned authorities till date (over 2 months post information being provided)," the company said in a statement.

"Thomas Cook (India) is an authorised foreign exchange dealer (under the RBI AD II licence) and is hence strictly compliant with the rules of the Reserve Bank of India and the laws of the land," it added.

An email sent to the customs department at Cochin International Airport did not elicit a response till the time of going to press.

Thomas Cook (India) offers a broad spectrum of services that include foreign exchange, corporate travel, MICE, leisure travel, insurance, visa and passport services.

The company reported consolidated revenues of Rs 6719 crore for financial year 2019, a jump of 18% over the previous financial year. Mahesh Iyer, executive director and CEO at Thomas Cook India had said the performance had been guided by 'a very strong performance' of their travel and the forex business.
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