Tuesday, June 26, 2012

Now get more remittances under International Money Transfer Services from Post Offices

ALLAHABAD: The transferring of money from abroad has always been a problem. However, the International Money Transfer Scheme (IMTS) of the department of Posts has made it comparatively quick and easier.

Elaborating on various aspects of the scheme, director postal services, Allahabad region Krishna Kumar Yadav said that with the cooperation of private money transfer firm, the money sent through abroad can be obtained by the recipient in India within few minutes, in selected post offices. Basically this service is available for those NRIs, whose families reside in India. In this service a special code is issued to sender and receiver can obtained payment very easily through this code.

Yadav further intimated that under this scheme the number of remittance has been enhanced from 12 to 30 times for single beneficiary in a calendar year from June 2012. Due to this, there is great scope to transfer money from abroad. In this service there is no facility of remittance to abroad. In 2011; 6,253 transactions were done, while in current year upto May 2012; 2,198 transactions took place in Allahabad. Although about 500 IMTS transactions are being done every month, in Allahabad.

Yadav added that the maximum limit of USD 2,500 can be sent at a time as per RBI regulations, which must however be only for personal use. Due to this the payment under this service is made to the person not to any firm, company, trust or society. Amounts upto 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 in the post office in the name of the beneficiary. However, in case of foreign tourists, higher amounts can be payable in cash.

He said in Allahabad region there are 89 post offices including all head post offices, where this service is available. Among these there are 18 post offices in Allahabad division, where the service of IMTS is made available. Allahabad includes services at Allahabad HO, Kutchery HO, Allahabad city, high court, Cavalry Line, GTB Nagar, Bahadurganj, CDA Pension, Athrampur, Bharwari, Handia, Karchhana, Manjhanpur, Phoolpur, Naini, Sirathu and Soraon post offices. The post offices have been directed to treat the payee as "most favoured customers", which ensures courteous and efficient service to them.

Courtesy : Times of India
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