Government to regulate courier sector, Bill likely in monsoon session
The government will soon amend the Indian Postal Act to bring courier companies under the ambit of this Act, a move that may hit hard the private players but could prove to be a shot in the arm for the Indian Postal Department.
According to sources, the Communication and IT Minister A Raja has given a go-ahead to the department to place the amendment in the Cabinet soon and the amended Act will be introduced in Parliament in the forthcoming Monsoon session.
If approved, this would bar the private courier service providers from carrying packets weighing below 500 grams and could give a major blow to the courier companies which earn a major share of their revenues from letter and packets weighing below half a kilogram.
However, this would also give a chance to both the parties — private courier service providers and India Post– to have business partnership with each other.
Department of Trade officials said this could prove to be a win-win situation for both parties and added that through business partnership India Post will earn more revenues to become self- sufficient.
The government said the India Post Office (Amendment) Bill is being given final touches and is likely to be introduced in the monsoon session of Parliament.
The government is also planning to bring in a regulator called the Mail Regulatory and Development Authority to monitor this sector better.
Department of Trade, which is poised for a face-lift with new schemes in its kitty, also has plans to expand its basket of financial services and may remodel some of the post offices into postal finance marts.
The government will soon amend the Indian Postal Act to bring courier companies under the ambit of this Act, a move that may hit hard the private players but could prove to be a shot in the arm for the Indian Postal Department.
According to sources, the Communication and IT Minister A Raja has given a go-ahead to the department to place the amendment in the Cabinet soon and the amended Act will be introduced in Parliament in the forthcoming Monsoon session.
If approved, this would bar the private courier service providers from carrying packets weighing below 500 grams and could give a major blow to the courier companies which earn a major share of their revenues from letter and packets weighing below half a kilogram.
However, this would also give a chance to both the parties — private courier service providers and India Post– to have business partnership with each other.
Department of Trade officials said this could prove to be a win-win situation for both parties and added that through business partnership India Post will earn more revenues to become self- sufficient.
The government said the India Post Office (Amendment) Bill is being given final touches and is likely to be introduced in the monsoon session of Parliament.
The government is also planning to bring in a regulator called the Mail Regulatory and Development Authority to monitor this sector better.
Department of Trade, which is poised for a face-lift with new schemes in its kitty, also has plans to expand its basket of financial services and may remodel some of the post offices into postal finance marts.
