Purshottam Kanji completes 100 years of operations in the sultanate
Purshottam Kanji, a traditional business conglomerate, is celebrating its 100th year of successful traditional business ventures in the Sultanate of Oman.
Set up in the year 1920 by Purshottam Kanji and his father Kanji, who migrated from the terrains of Kutch, Gujarat in India, it started business trading in rice, sugar, edible oil and clothes.
With the passage of time, in the year 1955, Purshottam Kanji started small business as a Saraf, exchanging money between Dubai and Muscat and buying and selling of pure 24ct gold. Most tradable currencies those days were Maria Theresa thalers - ‘Kirsh Franci Fadda’, a silver coin which was originally minted in Austria and the Indian rupees which were in circulation in Oman until 1969, says Ramesh G Shah, general manager of Purshottam Kanji Exchange LLC.
For a decade from 1970 to 1980, Purshottam Kanji was doing money exchange and gold business on their trade licence from the Ministry of Commerce, recollects Shah, who joined the company in 1980.
In the year 1980, Central Bank of Oman introduced Money Exchange regulation and Purshottam Kanji were the first company to get the licence issued by CBO to carry on money exchange and draft drawing and buying and selling of gold business, recalls Shah.
Earlier, Central Bank of Oman had allowed to open only up to seven branches. Later on they sanctioned more branches all over Oman through its length and breadth, as the country was expanding on a rapid pace under His Majesty Sultan Qaboos bin
Said’s dynamic vision and wise leadership on all fronts, attracting all round business opportunities. Large number of expatriate work force was attracted to Oman for contributing their efforts for the rapid development of Oman, said Shah.
First branch in Muttrah
Recalling the opening of first branch, Shah says, “The first branch was opened in Muttrah Corniche; I was fortunate to be present along with Mr Gulab Pawani, director of Purshottam Kanji. In the early days we created awareness by distributing leaflets, newspaper advertisements and mouth-to-mouth canvassing about the benefits of transferring money to India through official channel which was started by Reserve Bank of India.”
Later other countries - Pakistan, Bangladesh, Sri Lanka and the Philippines - followed, he added.
Shah, said, “Today with over 130 staff, we are serving people from 21 branch outlets with more then 30 correspondent banks and money transfer operators all over the globe. We are also buying and selling 24 carat pure gold from 1g to 1kg bar.”