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International Money remittance between people of India
and the UAE will become easier after India Post and
Emirates Post, UAE signed an agreement to launch
‘Electronic International Money Orders’ through the
postal network, using secure International Financial
System (IFS) of the UPU (Universal Postal Union) from
February, 2008.
An agreement facilitating the system was signed in Dubai
on 2nd January, 2008 by Director General of
India Post IMG Khan and Chief Executive Officer of
Emirates Post Ibrahim Karam Ali Bin Karam.
In the initial phase the service will be offered from
UAE to India through all Head Post Offices in Delhi,
Mumbai, Chennai, Kolkata and Kerala covering around 97
Head Post Offices and over 2400 Sub Post Offices.
Residents in UAE, especially migrant workers can now
transfer money speedily on very economical rates to any
location under these Post Offices through India Post and
these locations will be extended throughout the country
soon covering the largest Postal network in the world.
Through this system, the long-felt need of Indian
expatriates for a cost-effective electronic Money Order
facility will be fulfilled. As India Post’s network
encompasses the length and breadth of the country, it is
in a position to provide a service that is unmatched by
private operators.
Customers sending money to India through Emirates Post
Offices will have two options. They can either have the
money delivered to the addressee’s residence, or ask the
addressee to collect the money from any authorized Post
Office in India. The latter option is likely to be
offered in phase-II. In India, the electronic Money
Orders payable at Post Office counters will be delivered
the same day at main Post Offices. In the case of Money
Orders payable at addresses destination, delivery will
be within two days through the IFS network. Outside the
IFS network, delivery will take place within five days.
If the money is sent from India to the UAE, the amount
can be collected the same day at Emirates Post offices.
The agreement stipulates that a single Money Order
issued by Emirates Post for payment in India shall not
exceed 2,500 US Dollars or its equivalent. It also
states that only 12 Money Orders addressed to one
beneficiary will be allowed in a calendar year.
Amounts upto Rs. 20,000 will be paid at payee’s address
through Postman in cash. Amounts more than Rs. 20,000
and upto Rs. 50,000 will be paid in cash across the Post
Office counter, and those exceeding Rs. 50,000 will be
payable by cheque. |
Launch
of Electronic International Money Order Service