By IANS
Dubai : An International Express Money Orders service between India and the United Arab Emirates (UAE) will start soon, following an agreement between the two countries, WAM news agency reported Monday.
The agreement has been signed recently by I.M.G. Khan, director general of India Post and Ibrahim Karam Ali Bin Karam, chief executive officer of Emirates Post, a press release by the UAE government said.
“The new facility represents a boon to Indians in the UAE, as India Post will guarantee quick delivery of the money to every corner of India. We have fixed affordable charges to enable thousands of UAE residents to avail themselves of the service,” said Karam.
“Through this system, the long-felt need of Indians in UAE for a cost-effective electronic money order facility will be fulfilled,” said Khan.
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 authorised post office in India.
On the other hand, money orders sent from India through India Post will be payable at post offices in the UAE on the same day.
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 addressee’s destination, the delivery will be within two days through the International Financial System (IFS) network. Outside the IFS network, the delivery will take place in five days.
The agreement stipulates that a single money order issued by Emirates Post for payment in India shall not exceed $2,500 or its equivalent.
Only 12 money orders addressed to one beneficiary will be allowed in a calendar year. Amount less than Rs.50,000 will be paid in cash, and transaction exceeding 50,000 Indian Rupees will be payable by cheque.
The International Express Money Orders will be transmitted between the two parties using the IFS/STEFI secure network of the Universal Postal Union (UPU), through a server in Berne, Switzerland.
India has a network of 155,333 post offices, the largest in the world, covering the remotest corners of the country.