The Department of Posts is planning to introduce Instant Money Order facility across the country this year, which will enable people to send and receive up to Rs 50,000 within five minutes.
Currently, the users can send a maximum of Rs 5,000 in the money order and it takes 1-4 days for the other person to receive it at any part of the country.
"We will introduce Instant Money Order scheme across the country, where the other person will be able to receive it in just five minutes," Department of Posts general manager John Samuel told PTI.
The department has recently introduced this facility across 600 locations, which would be expanded all across this year.
In the Instant Money Order (IMO) facility, users would have to deposit money with one Post Office. After this, they would be given a code, which is to be given to the other person for receiving money in five minutes in the post office of his/her area.
However, the other person would have to give his identity proof before collecting the money, he said, adding, with this there would be no security hassle
Source: The Tribune January-28-2008
