Indian expatriates in the UAE will from February be able to send money to any part of India using the country’s postal system under a new deal between Emirates Post and India Post, the companies said on Sunday.
Under the agreement, people in the UAE and India will be able to send up to $2,500 at a time through the postal network via international express money orders, powered by the Universal Postal Union's secure International Financial System (IFS).
International Express Money Orders, powered by Universal Postal Union, will enable single transfers of up to $2,500 under a new deal between Emirates Post and India Post.
“The new facility represents a boon to Indians in the UAE, as India Post will guarantee quick delivery of the money to every remote corner of India," said Ibrahim Karam Ali bin Karm, CEO of Emirates Post.
"We have fixed affordable charges to enable thousands of UAE residents to avail of the secure International Express money order endorsed by the UPU.”
Up to 12 orders addressed to one beneficiary will be allowed per year under the agreement. Amounts of less than 50,000 Indian Rupees will be paid in cash, with higher amounts payable by cheque.
Money paid over UAE post office counters can be sent directly to a residence within two days, or collected from any authorised post office in India on the same day. Money orders sent from India through India Post will be payable at post offices in the UAE on the day of transfer.
India is believed to have the most widely distributed post office system in the world, with a network of 155,333 post offices reaching across remote areas of the country.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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