Explain the money remittance services of the post department?
Solution:
Money Remittance Services:
a. Electronic Money Transfer (eMO):
A money order is an order issued by the Post Office for the payment of a sum of money to the person whose name is mentioned in the money order. It is sent through the agency of the Post.
Office. A 'Payee' is the person named in the money order as the person to whom the money is to be paid. The advantage of sending money to someone through a money order is that the money is delivered at the house or his place of stay.
b. Instant Money Order (IMO):
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. One can transfer money from INR 1,000/- to INR 50,000/from designated IMO Post
Offices. It is simple to send and receive money.
c. International Money Transfer:
Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances are permissible. 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.
