Paul Merchants has completed the slump sale of its MTSS Business in India to You First Money Express (YMEPL) (an Ebix group company) as per the agreed terms of the Business Transfer Agreement dated September 21, 2017. MTSS Business means business of acting as Principal Agent for the Licensed International Inward Money Transfer Operators (Overseas Principals) to facilitate International inward money transfer transactions in India under the MTSS licenses issued by Reserve Bank of India.
Till the time YMEPL obtains Statutory and other required approvals (Operational Date), the MTSS business will be carried on by the company subject to settlement of resultant revenue/deficit with YMEPL till the Operational date. Further, the company will continue to offer MTSS services from its offices as a sub agent of YMEPL.
Paul Merchants (PML) is engaged in international inward remittance, foreign exchange and tours, and travels and air ticketing. The company’s segments include Forex, Western Union, Travel and Others.
