Electronic International Money Order Service
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 INR 20,000 will be paid at payee’s address through
Postman in cash. Amounts more than INR 20,000 and upto INR 50,000 will be paid
in cash across the Post Office counter, and those exceeding INR 50,000 will be
payable by cheque.
Mr. I.M.G. Khan, Director General of India Post and Mr. Ibrahim
Karam Ali Bin Karam, CEO of Emirates Post, after signing the agreement.
Department of Posts, Dak Bhawan, Parliament Street, New