Sunday, October 16, 2011

The Department of Posts has entered into an International Cooperation Agreement with MoneyGram Payment Systems, Inc., USA to offer to the general public the MoneyGram International Money Transfer Service through selected Post Offices in India. This service has been launched on 29th September 2011 by Shri Kapil Sibal, Hon’ble Minister of Human Resource Development, Communications & IT in the presence of Shri Sachin Pilot, Hon’ble Minister of State for Communications & IT.

The Department of Posts has entered into an International Cooperation Agreement with MoneyGram Payment Systems, Inc., USA to offer to the general public the MoneyGram International Money Transfer Service through selected Post Offices in India. This service has been launched on 29th September 2011 by Shri Kapil Sibal, Hon’ble Minister of Human Resource Development, Communications & IT in the presence of Shri Sachin Pilot, Hon’ble Minister of State for Communications & IT.

Salient features of this IMTS are furnished below:-

1.  The MoneyGram International Money Transfer Service is a fast, simple and convenient method to transfer money from one place to another.
2.  In India, a person can only receive money from abroad through this service.
3.  This service operates as per the guidelines of the Reserve Bank of India.
4. Only personal remittances such as remittances towards family maintenance and emittances favouring foreign tourists visiting India are permissible under this service.
5. Trade related remittances, remittances towards purchase of property, investments or credit to NRE Accounts, etc. or donations/contributions to charitable organizations are not (NOT) permitted to be routed through this service.
6.  A single remittance under this service should not exceed USD 2500 or its equivalent.
7.  Not more than 12 remittances are allowed to be received by a single individual beneficiary through this service in a calendar year.
8. Payments to the beneficiaries in India should be made in Indian Rupees at ongoing exchange rates.
9. All payments exceeding Rs.50,000 should be paid only by Cheque or by direct credit in the account of the recipient.
10.  All KYC/AML/CFT norms/rules/regulations/instructions, as mentioned in Reserve Bank of India Master Circular No. 14/2011-12 dated 01 July 2011, as amended from time to time, and all the requirements under the provisions of the Prevention of Money Laundering Act, 2002 and the rules, regulations made there-under, are applicable to the remittances received under this service.
11. Departmental IMTS Customer Service Centre is functioning in Dak Bhawan, New Delhi.  It can be contacted on Phone No. 011-23096114 and on email id indiapost.moneygramcsc@gmail.com

This service is offered through 100 Post Offices initially in Delhi, Punjab and Tamilnadu Postal Circle.  The same will be expanded to other selected Post Offices in future.
Courtesy: indiapost.gov.in

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