02)Wall Street Exchange is part of the Emirates Post Group of UAE
03)The product is named as ‘Instant Cash’
04)The product can be utilized by Indian Diaspora residing in UAE, to send remittances to their near and dear ones in India.
05)The service will be rolled out nationally in a phased manner
06)It will be made available at approximately 17,500 post offices across India by next month.
08)The Indian diaspora worldwide – especially in the gulf region – have one more remittance channel which is safe, secure and reliable money transfer service for their families back home.
09)Through ‘Instant Cash’, the money is available to the customers within minutes of completing the transaction.
10) The cash has to be collected at the Post Office only, and cash will not be delivered to home.
The salient features of the service are as follows:
• Recipients will be able to receive their payment at any of the identified 17,500 post offices by producing the unique transaction number along with their identity and KYC documents;
• Money will be available for payment immediately;
• Safe and secure transactions through established International Financial System of Universal Postal Union.
India Post is the largest postal network in the world and has completed 158 years of existence. During this long journey it has undergone continuous transformation according to the needs of the citizens. It boasts a network of 1.55 lakh Post Offices in the country, of which more than 1.39 lakh are in the rural area.
- Swazi Post partners with SA Post on cross-country money transfer (observer.org.sz)
- Indian Post Partners With WSE To Offer ‘Instant Cash’ International Money Transfer Service (trak.in)
- Stamp your mark with ‘My Stamp’ (thehindu.com)
- Xpress Money – Seeking new channels for Inward Remittances (simplybanking.wordpress.com)
- Wipro, HCL in race for Rs 1,500 cr India Posts devices project (news.in.msn.com)