India Post launches overseas money transfer

Transferring money to India from 190 countries across the world will now become easier through the MoneyGram service launched by India Post.

The service will be available at 99 Head Post Offices and Mukhya Dak Ghar across Andhra Pradesh, according to a press release from the department. In India money can only be received from abroad through the service. For transferring the amount, the sender will have to fill up the ‘Send Form’ at the overseas MoneyGram counter and pay the principal amount apart from charges. A special 8-digit reference number will be given to the sender which will be conveyed by him to the payee.

For receiving the money, the payee in India has to approach a post office offering the service and fill up the ‘Receive Form’ along with the reference number.To ensure that the amount reaches the right hands, the payee will have to carry valid photo identification such as PAN card, driving license, passport, voter ID, ration or Aadhaar card.

For a foreign national to receive money in India, the original passport with valid Visa has to be presented at the time of collecting money. The limit on the amount sent through the transaction is US $ 2,500 and the payment will be made in Indian rupees at the prevailing exchange rates. Further, the transaction can be used only for personal remittances and towards remittances favoring foreign tourists visiting India.

Trade-related transactions such as purchase of property, investments, donations or contributions to charitable organizations and credit to NRE accounts are not allowed under the scheme. The service operates as per the guidelines of RBI and all KYC/AML/CFT rules of RBI will be applicable. Also, not more than 12 remittances are allowed to be received by a single individual in one calendar year.

Source : New Indian Express

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