MONEY ORDER

A “Money Order” is an order issued by the Post Office for the payment of a sum of money through the agency of the Post Office. A “payee” is the person named in money order as the person to whom the money is to be paid. “remitter” is the person who sends the money order. The advantage of sending money to some on through money order is that the money is delivered at the house or his place of stay.

ð Single money order may be issued must not exceeds RS 5000/- and commission of 5%.

ð The money order from is duly filled in, together with the amount of the money order and commission either in cash or by cheque be presented at the post office counter.

ð eMO is a money order which is transmitted from booking office to paying office through electronic process. The data of eMO booked will be available within the next few hours in the office of payment and payment can be made within a day itself.

ð Value payable money order is a special money order form prepared and signed by the sender of a VP article and sent along with the VP article to the office of destination for remittance of VP amount back to him. Amount collected on delivery of VP article is remitted to the sender through the VPMO system.

ð Money orders payable in Nepal and Bhutan and also other incoming Foreign MOs.

Limit : For Nepal - Rs. 2000/- For Bhutan - Rs.20000/-

ð Money order remitted by the defence authorities and payable to the family members / dependents of defence personnel is known as “family allotment money order”.

ð The Post Office will not be responsible for (a) the wrong payment of a money order by incorrect or incomplete information given by the remitter as to the name and address of the payee.

ð The money order and acknowledgement must be signed by the payee, If the acknowledgement is not received in a reasonable time, a certificate of payment signed by the Postmaster of the office will be given on application.

ð If the payee of a money order is illiterate, it will be necessary for him to make his thumb impression on the money order in the presence of a witness whose signature must be obtained on the order.

ð The money order will be redirected and will be payable at the revised address with out any extra charge.

ð The remitter of a money order which has not been paid may require that the address of the payee shall be altered or that the name of post office at which the order was originally made payable, shall be changed.

ð The remitter of a money order whic h has not been paid may require that the amount be paid to some person other than the payee named in the order. The required change will be made, on payment of a second commission equal to the first

ð The remitter of a money order which has not been paid may stop payment and require that the money be repaid to himself.

ð The remitter of a money order which has not been paid may stop payment and require that the money be repaid to himself. This will be done without additional charge on the remitter applying in writing to the post office at which the money order was issued and producing the receipt and giving full particulars of the payee’s address as entered in the money order. In no case however will the Post Office be responsible for inability or failure to stop payment of a money order in compliance with the remitter’s request.

ð Currency period of money order expires on second month following the month of issue.

ð When for any reason a money order becomes remain unpaid, either to payee or remitter, the end of the second month following the month of issue it will be treated as “Void”.

INSTANT MONEY ORDER (IMO)

India post presents Instant money order (IMO), the instant on line money transfer service that is instant, convenient, reliable and affordable. IMO is an instant web based money transfer service through post office (imo centers) in india between two individuals in india.

You can transfer money from Rs 1000/- to Rs 50000/- INR from designated IMO post offices, it is simple to send and receive money.

IMO tariffs

Remittance	commission
Rs 1000/- to Rs 10000/-	Rs 100/-
Rs 10001/- to Rs 30000/-	Rs 110/-
Rs 30001/- to Rs 50000/-	Rs 120/-

ð IMO Counter clerk after booking the iMO immediately will give a printed receipt with computer generated confidential 16 digit iMO number in a sealed condition. Even the 16 digit iMO number will not be known to booking clerk.

ð Customer is required to tear off the seal and convey the confidential 16 digit iMO number to the receiver over phone, SMS, e-mail, etc. at his means and risk.

ð receiver to present the 16 digit iMO number at any designated iMO post office counter and will fill up and submit a “To Make Payment” (TMP-1) form along with a copy of his personal identity proof.

· Voter’s Identity Card

· PAN Card

· Ration Card with photo of the receiver

· Post Office Identity Card

· Driving License

· Passport

· School / College Identity Card

· Official Identity Card

· Aadhaar Card

In case the Photo Identity Card has a valid expiry date the same is to be mentioned in ‘To Make Payment’ (TMP-1) Form.

ð receiver can receive the payment in cash up to INR 50,000. He can also receive the payment through his post office savings bank account in the same iMO office.

INTERNATIONAL MONEY ORDERS

International Financial System (IFS) is software developed by UPU to coordinate international remittance services among the partner countries. At present the service is operational with La Post Group, France and UAE. This service is India Post’s own service. The remittances received under this service are being paid through our eMO service.

ð Remittances can be received at any of the 17,500 post offices on eMO network.

ð The Payee receives the full amount in Indian Rupees.

ð Remittances up to INR 50,000 can be received in cash.

ð Amount exceeding INR 50,000 to be paid through Cheque subject to a maximum limit of USD 2500.

ð Maximum of 30 transactions per person per year.

ð Beneficiary has to furnish Unique MO Number (9 digits in case of UAE and 26 digits in case of France) along with valid identification documents like Voter ID Card, Driving License, PAN Card, Ration Card, Aadhaar Card, Passport etc. A copy of such document has to be handed over to Post Office staff for their record (KYC Documents).

ð Same day payment for remittances booked before cut-off time.

ð Payments subject to RBI Guidelines from time to time.

ð Payment can be collected from identified Post offices.

INTERNATIONAL MONEY TRANSFER SERVICES (IMTS)

Money Transfer Service Scheme is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible. No outward remittance from India is permissible under MTSS.

As a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a state of the art International Money transfer Service is now available through the Post Offices in India, which enables instantaneous remittance of money from around 195 countries and territories to India. The recipients can in fact collect the money in minutes after the sender has made the remittance.

ð The service is targeted to particularly fulfill the needs of NRI dependent families in India, visiting International tourists and foreign students studying in India.

ð To avail of this Service, a remitter goes to any one of the Western Union locations in the countries in which the Service operates , fills up a form to send the amount and pays principal amount and charges.

ð The sender gets a unique Money Transfer Control Number / Reference Number on a receipt after the transaction is sent through the system. Thereafter, the sender calls up his/her payee and gives information on the money sent.

ð The Payee / Receiver goes to the Post Office fills up a form to receive money, shows valid identification and receives money along with the receipt, once the transaction is verified. This entire process is completed within ten minutes.

ð The Payee receives the full amount in Indian Rupees. There is a maximum limit of 2500 USD that can be sent at a time as per applicable RBI regulations which must however be only for personal use.

ð Amounts up to 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 standing in the Post Office in the name of the beneficiary. However, in case of foreign tourists, higher amounts can be payable in cash.

ð Only 30 transactions can be received by a single beneficiary in a calendar year.

ð The Post Offices have been directed to treat the payee as "Most Favoured Customers", which ensures courteous and efficient service to them.

ð Under the KYC / AML / CFT guidelines issued by the RBI to prevent the system of cross border inward money transfer into India to be used by criminal elements for money laundering or terrorist financing activities, beneficiaries / recipients of the money transfers need to provide sufficient information necessary to establish their identity and proof of residence through reliable Govt issued documents like:

Election Card

Driving License

PAN Card

Ration Card

Aadhar Card etc copy of which also has to be provided to the Post Office for receiving a transfer.

ð This International Money Transfer Service is safe, legal, fast & reliable. Also, it is approved by the Reserve Bank of India and is being provided by a Department of the Government of India i.e. the Department of Posts.

INDIAN POSTAL ORDERS (IPOs)

Indian Postal orders (IPOs) provides the customer with a remittance method of remitting small amounts of money through the PO. Unlike the Money order system, where the Post office is responsible for conveying the MO up to office of payment and making payment to the payee, in case of IPO, it is the responsibility of the purchaser of the Postal order to convey it to the payee.

IPOs of various denominations are sold at the post offices.

The following are the denomination and the commission

DENOMINATION	COMMISSION
Rs 1,2,5,7 and 10	Rs 1
RS 20	Rs 2
Rs 50	RS 5
Rs 100	Rs 10

Printing and supply of IPOs of denominations up to Rs. 7/- is proposed to be discontinued vide order No. 28-54/2013-PO dated 19.01.2015. However, these IPOs available in stock should be exhausted by selling in combination.

ð An Indian Postal Order has the denomination and a serial number with a prefixed letter printed on it.

ð It has got two parts – counterfoil and “payees” portion.

Counterfoil is kept by the purchaser as a record.

ð To enhance the value of Postal Order, there is a provision to affix postage stamps not more than 4 stamps up to Rs.3/- but this facility is not available in case of Rs. 100/- Dn. Postal Order.

ð Circle Stamp Depots supply the orders to Head Post offices.

ð Head post offices in turn arrange supply to sub post offices.

ð Branch post offices do not have the stock of Indian Postal Orders, but they will get it from their account office as and when there is demand.

ð In HOs and SOs when the stocks are received, the IPO supervisor configures the same in Point of sale in IPO module.

ð The counter PA collects the amount (value+ commission) from the customer, appropriate to the denomination.

ð At the end of the day, he generates the list of IPOs sold and IPO supervisor generates the stock memo for submission to head office.

ð When an Indian Postal Order is presented for payment at the counter, MO PA has to examine the IPO on the following points:

· The IPO is made payable at his office or in the same post town.

· If the payee is known to any official of paying post office, not below the rank of

· Postman, the Postmaster may authorize payment Postmaster writes `Payee known to me‟ or `Payee known to a member of post office staff not below the rank of a Postman‟ above the signature of the payee.

· If the purchaser has written the name of the office in a script not known to the paying post office, the payee may be asked to write the name of the paying post office in English or in Regional language.

· The Postal Order is genuine one and does not bear any alterations or corrections.

· The Postal Order is not cut, defaced or mutilated and that no fraudulent attempts have been made to alter the name of the payee or office of payment.

ð The Postal Order bears the date stamp impression and the signature of the Postmaster of office of sale and the name of the payee is noted.

ð If Postal Order is presented for payment after two years but before three years from the last day of the month in which it was sold, second commission is to be collected in the form of postage stamps and affixed to the Postal Order. (If presented after 3 years, postal order cannot be encashed.)

ð There are no Departmental instructions against its payment.

ð If postage stamps are affixed to make up broken amount, the number of such stamps should not be more than four and the amount should not exceed Rs. 3/-. In case if the number or the value exceeds the limit, payee may be permitted to remove the excess stamps carefully without mutilating the postal order.

ð Counter PA signs the Postal Order on top of the reverse side and transfers it to the Postmaster for his orders. On receipt of Postal Order, which is presented for payment, Postmaster also carries out similar checks as done by counter PA and satisfies himself that it is in order. If he satisfies, takes action to pay the money to the payee.

ð If the purchaser himself wants repayment of value of Postal Order(s) the following procedure is followed.

· The purchaser has to present both IPO and its counterfoil and sign adding the word `Purchaser‟ below his signature.

· If the IPO has been crossed, he writes the remarks `Please pay cash‟ under his initials, cancelling the crossing.

· The production of counterfoil may be waived, if purchaser is known to the postmaster.

ð Indian Postal Orders can be crossed like cheques

ð Such Postal order cannot be paid by cash across the counter, but can be paid through a Bank including PO Savings Bank.

ð The crossed Indian Postal Orders made payable to officers of Postal and Telecommunication Department in their official capacity, can be paid across the counter.

ð Printing and supply of IPOs of denominations up to Rs. 7/- is proposed to be discontinued vide order No. 28-54/2013-PO dated 19.01.2015. However, these IPOs available in stock should be exhausted by selling in combination.

FIELD POSTAL ORDERS

Field postal orders provide a convenient means of transmitting money by armed forces personnel served by army post offices.

The following are denominations and commissions

DENOMINATIONS	COMMISSION
Rs 2000	Rs 30
Rs 3000	Rs 30
Rs 5000	Rs 50
Rs 10000	Rs 60
Rs 15000	Rs 80
Rs 20000	Rs 90

ð Sold for cash at all filed post offices under Indian army postal service.

ð It is paid by all civil head and sub offices in India.

ð And also paid by all field post offices under Indian army postal service.

ð Branch offices may also pay FPOs after obtaining an order of payment from the account office.

ð The purchaser must fill in ink the name of the person and the name of the office of payment.

ð When the office of payment is not mentioned specifically, it can be paid in any one of the head or sub post office or field post office in the locality named in the order.

ð If the payment is desired through a post office savings bank it should be crossed in ink in the way of crossing a cheque.

ð The sender may also write his name and address on the order in the space provided for the purpose.

ð The purchaser of a field postal order should fill in his particulars in the counterfoil.

ð The counterfoil can be retained by the purchaser.

ð In case of loss of FPO, the purchaser cannot claim any compensation on production of counterfoil. But it will facilitate enquiry.

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POSTAL EXAMS

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16 December 2020

Money Remittance Short notes

MONEY ORDER

INSTANT MONEY ORDER (IMO)

INTERNATIONAL MONEY ORDERS

INTERNATIONAL MONEY TRANSFER SERVICES (IMTS)

INDIAN POSTAL ORDERS (IPOs)

FIELD POSTAL ORDERS

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