Question

Write Short Notes on the following:

Money remittance services of post offices

Answer 1

Money remittance services of post offices include services that help in transferring funds from one place to another. The following are the money remittance services of post offices:

i. They provide foreign exchange services to the general public, i.e., buying and selling of foreign exchange.

ii. They transfer money from one place to another through money order facility.

iii. They send money abroad and receive money from abroad (of the customers) through money order.

iv. They transfer personal remittances to beneficiaries in India through international money transfer.