Electronic International Money Order ServiceInternational 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 up to INR 20,000 will be paid at payee’s address through Postman in cash. Amounts more than INR 20,000 and up to 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.