The Department of Posts will be launching its international money order service in March, which will enable money to be received at any place in the country from select countries within 48-to-72 hours at the most."We are launching this service in March on a pilot basis. This will be launched in the four metros and depending on the result, later extended to other parts of the country as well," I M G Khan, Secretary, Department of Posts, said.
This service is IT-based and useful for remittances from abroad and these can be converted into money-orders while being delivered to the receivers. This service will facilitate the "last-mile" contact, Khan said.
He expected this service to be availed by the Indian population present in large numbers in countries in the Gulf region, the UK, US, etc. The charges will be different for different countries, he said.
The Postal Department is working on a corporate model for tariffs and one tie-up with the State Bank of India has already been worked out, he said.
A special costing has been worked out for SBI based on weight slab and distribution pattern for a minimum business commitment of Rs 2 crore (Rs 20 million) per year. "But now this tie-up is giving us Rs 24 crore (Rs 240 million)," Khan said.
Priority treatment on some aspects is also being rendered to SBI and the same can be accorded to other clients as well, he said.
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