Mumbai, Apr 17 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. Source
Indians make up for a considerable portion of the foreign workers working in the UAE. Most of these workers are highly skilled and remit high amounts of money back home. It would thus make sense to tap this trend and offer better services. Etisalat, for instance, has come up with some brilliant plans to attract the Indians living in the UAE. Since the Indian postal service is the biggest in the world, it would be easier for the money transfer agencies to tap business. The future belongs to the remittances and the best way to accept this is by offering innovative products to the Indian sliving in countries like the US and UAE.
ReplyDelete