by India Post presents Instant Money Order (iMO), the instant on-line money transfer service that is instant, convenient, reliable and affordable.
iMO is an instant web-based money transfer service through Post Offices (iMO Centre) in India between two resident individuals in Indian territory. You can transfer money from INR 1,000/- to INR 50,000/- from designated iMO Post Offices. It is simple to send and receive money.
Money booked through Instant Money Order can be disbursed within 15 minutes of Booking. You can receive the payment in cash. You can also receive the payment through your post office savings bank account in the same Instant Money Order office.
Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS.
As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a state-of-the-art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India. The recipients can in fact collect the money in minutes after the sender has made the remittance.
The service is targeted to particularly fulfill the needs of NRI dependent families in India, visiting international tourists and foreign students studying in India.
The relationship began in 2001. Since then the two have offered money transfer services to a cross-section of customers and grown to 4200 agent locations throughout India including remote areas like Ladhak and Leh.
“Our successful relationship with India Post is of great significance as it has helped us build closer ties with our customers in India. We further intend to leverage the vast network of India Post to reach out to more people who require fast and secure money transfer service,” says Kapur, Western Union.
Noorjahan, Chief Post Master General, Maharashtra, India Post adds, “Our relationship with Western Union has given us the opportunity to provide our customers with an expanded array of services. Through Western Union, our customers in the remotest parts of the country can now receive money from almost any part of the world in a few minutes.” During the year April 2003 to December 2003, India Post paid out Rs 20 crore as remittances through their tie-up with Western Union.
Apart from communicating with Indians, the objective of the road shows is to generate and sustain visibility and communicate brand values. Both India Post and Western Union also conducted a similar road show in UK and US to talk to the Indian communities there.
To avail of this Service, a remitter goes to any one of the Western Union locations in the countries in which the Service operates , fills up a form to send the amount and pays principal amount and charges. The sender gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction is sent through the system. Thereafter, the sender calls up his/her payee and gives information on the money sent. The Payee / Receiver goes to the Post Office fills up a form to receive money, shows valid identification and receives money along with the receipt, once the transaction is verified. This entire process is completed within ten minutes.
The Payee receives the full amount in Indian Rupees. There is a maximum limit of 2500 USD that can be sent at a time as per applicable RBI regulations which must however be only for personal use.
Amounts up to INR. 50,000/- may be paid to the beneficiary in cash. Any amount exceeding this limit shall be paid by means of account payee Cheque or credited directly to the Savings Account standing in the Post Office in the name of the beneficiary. However, in case of foreign tourists, higher amounts can be payable in cash.
Only 30 transactions can be received by a single beneficiary in a calendar year.
The Post Offices have been directed to treat the payee as “Most Favoured Customers”, which ensures courteous and efficient service to them.
Under the KYC / AML / CFT guidelines issued by the RBI to prevent the system of cross border inward money transfer into India to be used by criminal elements for money laundering or terrorist financing activities, beneficiaries / recipients of the money transfers need to provide sufficient information necessary to establish their identity and proof of residence through reliable Govt issued documents like:
- Election Card
- Driving License
- PAN Card
- Ration Card
- Aadhar Card etc copy of which also has to be provided to the Post Office for receiving a transfer.
