Pur­shot­tam Kanji com­pletes 100 years of op­er­a­tions in the sul­tanate

Muscat Daily - - CORPORATE NEWS -

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.”

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