Remittance between India & UAE to begin from Apr 26

Written by Prachi Karnik Pradhan | Mumbai, Apr 17 | Updated: Apr 19 2008, 03:53am hrs
International money remittance between residents of UAE and India would begin from April 26, informed MP Rajan, chief post master general, Maharashtra circle of the Department of Post (DoP). Such transactions would be a reality due to an agreement between the postal administrations of India and Emirates Post to launch the Electronic International Money Orders using International Financial System (IFS) of the Universal Postal Union (UPU), said Rajan. Rajan said that there was a long pending demand from Indian expatriates for an economic and reliable electronic money order facility. It is estimated that about $ 27 billon comes as inward remittances annually from the Gulf, noted a senior department official.

The DoP also plans to extend the facility in Saudi Arabia, US and Korea.