The 150 years old postal department of India, in a pioneering initiative, is planning to launch the Instant domestic Money Order scheme that will make possible in delivering money orders within 5 minutes.
This Instant Money Order (iMO) offers a safe and reliable money transfer service up to 50,000 through online. This would come into effect across the country by this year itself.
It would be a great help for people in rural areas who don’t have that much of banking services and solely rely on postal services. Earlier one could only send a maximum amount of Rs 5,000 in the money order, which normally takes 3-5 days in delivery. However, after the implementation of new service, it will just take five minutes.
In this service, the users have to deposit the money in one of the iMO-enabled post office where they would be given a 16-digit code number. This code number is to be given to the recipient by which she/he would be able to receive the money within minutes of deposit in his/her post office just by submitting a photocopy of an identity proof.
Photocopy of Voter I-Card, PAN Card, Ration Card, Post Office Identity Card, Driving License and Passport with valid expiry date is subjected to be accepted as ID proof.
The submission of ID proof by the recipient before collecting the amount minimizes the security risk. The receiver also has to fill-up a “To Make Payment” (TMP-1) form.
However, the receiver can only receive a cash amount less than Rs 20,000 and equals or exceeding that can be provided by cheque.
Presently the service has been activated in around 600 areas and soon to be implemented in other parts of the country.
iMO would cost a little extra commission from the earlier money order rates.
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