Dubai, Jan 7: Financial transactions between people of India and the UAE will become easier as they will be able to send 'International Express Money Orders' (IEMO) through the postal network, powered by UPU's (Universal Postal Union) secure International Financial System (IFS) from next month.
An agreement facilitating the system was signed here by Director General of India Post IMG Khan and Chief Executive Officer of Emirates Post Ibrahim Karam Ali Bin Karam, recently. UAE residents can now transfer money speedily to any part of India through India's postal network, the largest in the world. 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.The agreement stipulates that a single Money Order issued by Emirates Post for payment in India shall not exceed 2,500 dollar or its equivalent. It also lays down that only 12 Money Orders addressed to one beneficiary will be allowed in a calendar year.
Amounts of less than Rs 50,000 will be paid in cash, and those exceeding Rs 50,000 will be payable by cheque.
India has a network of 155,333 post offices, the largest in the world, covering the remotest corners of the country.