LAUNCH OF INTERNATIONAL MONEY TRANSFER SERVICE IN POST OFFICES IN ASSOCIATION WITH MONEYGRAM

The Department of Posts has entered into an International Cooperation Agreement with MoneyGram Payment Systems, Inc., USA to offer to the general public the MoneyGram International Money Transfer Service through selected Post Offices in India. This service has been launched on 29^th September 2011 by Shri Kapil Sibal, Hon’ble Minister of Human Resource Development, Communications & IT in the presence of Shri Sachin Pilot, Hon’ble Minister of State for Communications & IT.

Salient features of this IMTS are furnished below:-

1.  The MoneyGram International Money Transfer Service is a fast, simple and convenient method to transfer money from one place to another.

2.  In India, a person can only receive money from abroad through this service.

3.  This service operates as per the guidelines of the Reserve Bank of India.

4. Only personal remittances such as remittances towards family maintenance and emittances favouring foreign tourists visiting India are permissible under this service.

5. Trade related remittances, remittances towards purchase of property, investments or credit to NRE Accounts, etc. or donations/contributions to charitable organizations are not (NOT) permitted to be routed through this service.

SB ORDER NO. 21/2011 - Attestation of Annexure-II and Annexure-III in case of deceased claim case preferred where there is no nomination- a clarification regarding.

Attestation of Annexure-II (Affidavit) and Annexure-III (Disclaimer on Affidavit) in case of deceased claim case preferred where there is no nomination- a clarification regarding.

SB ORDER NO. 21/2011

No. F.No.113-07/2008-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001, Dated: 12.10.2011

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:- Attestation of Annexure-II (Affidavit) and Annexure-III (Disclaimer on Affidavit) in case of deceased claim case preferred where there is no nomination- a clarification regarding.

Sir / Madam,

The undersigned is directed to say that after issue of new procedure for payment of amount of Savings Bank/Certificates in the name of deceased depositor/holders circulated vide SB Order No.25/2010 dated 24.12.2010, this office was receiving many references from the field units regarding attestation of Annexure-II and III by the Notary Public. The matter was referred to Min..of Finance, Department of Economic Affairs for clarification.

2.             Min. of Finance (DEA) has now clarified that the matter was referred to Min. of Law and Justice who opined that Annexure-II and III may be attested either by Oath Commissioner or by Notary Public. Therefore, it is requested that necessary amendment may be made in these forms accordingly. Amendment to the forms notified by Min. of Finance in respect of PPF and Sr. Citizen Savings Scheme will be made by the ministry shortly.

3.             It is requested that this clarification may be circulated to all all field units and all deceased claim cases kept pending for this reason should be settled urgently.

4.             This issues with the approval of DDG(FS).

Yours faithfully,

(Kawal Jit Singh)

Assistant Director (SB)

India Post's ATM plans hit RBI hurdle

India Post's plan to set up automated teller machines (ATMs) in its post offices may fail to impress the banking regulator.

India Post is in talks with the Reserve Bank of India (RBI) to set up ATMs. However, since according to norms, only banks are allowed to set up ATMs, the central bank is not in favour of allowing India Post to set up ATMs. According to sources in the banking industry, if India Post set up ATMs, they should fall under the RBI's purview for regulation purposes.

India Post has proposed to set up a subsidiary, Post Bank of India, for providing banking facilities. It has also identified nearly 1,000 post offices, out of its 1.5 lakh post offices, where the ATMs would be initially set up.

The sources said though RBI is uncomfortable with the idea of India Post setting up ATMs, it is yet to formally communicate its apprehensions to the department of post.