Presentation on theme: "FOREIGN MONEY ORDER. OUTWARD MONEY ORDER -Foreign Money order service from India to Foreign countries except Burma & Bhutan is TEMPORARILY UNDER SUSPENSION."— Presentation transcript:
OUTWARD MONEY ORDER -Foreign Money order service from India to Foreign countries except Burma & Bhutan is TEMPORARILY UNDER SUSPENSION. -Hence, VP & COD services from all foreign countries to India, except Burma, is TEMPORARILY UNDER SUSPENSION.
INWARD MONEY ORDER -Inward MO through List system to India from Foreign countries is available with reference to 5 countries. -Inward MO through IFS (International Financial System) to India from UAE is introduced from 2011. -Maximum limit of Foreign MO is as follows. 1. Malta : £ 400. 2. South Africa : £ 40. 3. Italy : $ 2800. 4. UAE : $ 2722. 5. Singapore : $ 600/-
INWARD MONEY ORDER -Following countries issue MO list with address of payee & remitter on the same MO list (MP-2) 1. Malta 2.South Africa 3.UAE 4.Italy 5.Singapore
PREPARING FMO -On receipt of the inward MO list from a foreign country at Indian Office of exchange, Scrutinize the following: -List belongs to your exchange office -List is date-stamped & signed -List is pertaining to ordinary MO only -No MO payable in other country is advised in the list -List is in consecutive series with the previous list received earlier. If not, call for the same -Full name & address of payee as well as remitter are available -Sheet total & grand total are correct
PREPARING FMO -After check, sign with dated signature -Make following entries on the list itself. - Assign local MO No. against each international MO No. -Write amount in Indian currency after conversion -Write O/o payment against each MO ensuring that MO is drawn on the correct O/o payment -Prepare MO 7(a) form by copying the particulars from the list carefully without any correction / erasure. However MO’s are transmitted through EMO system for payment to the payee from year 2011 onward. -If the value of MO exceeds the maximum limit of respective foreign MO limit, are not issued and return to origin country. -if the amount of Inward MO exceeds `5000, the same is routed through H.O. only.
PREPARING FMO - Sign -Get impressed Oblong MO stamp in the presence of Head Clerk FMO (Oblong stamp should always be under the personal custody of the Head Clerk FMO) (RULE 352 FOREIGN POST MANUAL)
CHANGE OF NAME OF PAYEE -If any request for change of payee name is received from the remitter through the foreign postal administration, charge a fee, equal to inland MO commission, from the second payee at the time of payment of MO (RULE 353 A FOREIGN POST MANUAL)
REPAYMENT TO REMITTER REQUEST RECEIVED WITHIN CURRENCY PERIOD: -Recall the MO from the office of payment, if it is yet to be paid. -On receipt of Unpaid MO, advise its repayment through the “Repayment List” (RULE 356 FOREIGN POST MANUAL)
REPAYMENT TO REMITTER REQUEST RECEIVED AFTER EXPIRY OF CURRENCY PERIOD: -Make a reference to the account office of office of exchange which issued the MO & obtain sanction for repayment. -Advise repayment through the “Repayment List” -Send an intimation to the above office. (RULE 357 FOREIGN POST MANUAL)
READVISING OF MO -Each audit office will send a monthly list of inward foreign MOs which have not been paid within six months of their issue (become void) to the office of exchange which advised them. -On receipt of this list, MOs should be re-advised to the foreign country of issue. -Communicate the date of advice & the exchange account in which it will be included, to the audit office. -If any enquiry is pending against a MO, defer the re-advise and send intimation to the audit office. (RULE 357 FOREIGN POST MANUAL)
REISSUE OF MO -Void inward foreign MOs held at audit office may be re-issued in favour of the payee by the audit officer, if the re-issue is applied for within 6 months of their issue. -In such cases, MOs are not reissued without the cognisance & assent of the office of exchange concerned. -No Foreign MO may be re-issued after the expiry of 6 months from the date of its issue. (RULE 362 FOREIGN POST MANUAL)
REISSUE OF MO -Postmaster receiving such claim has to make a reference to the office of exchange concerned. -After being fully satisfied with the genuineness of the claim, the office of exchange will apply to the audit office for re- issue of the void MO. (RULE 362 FOREIGN POST MANUAL)