India Postal Department to launch foreign exchange service

As part of diversification, the Postal Department is foraying into the foreign exchange sector.

Four foreign exchange counters will be opened at the major post offices in four districts this month. It will be part of the 30 foreign exchange units being opened by the Postal Department across the country.

The foreign exchange counters in the state will be at the General Post Office at Pulimoodu in Thiruvananthapuram and at the head post offices at Ernakulam, Thrissur and Kozhikode, Postal Services director Mervin Alexander told this website’s newspaper.

“Work on starting the counters is going on and we hope to inaugurate them this month itself,” he said.

Among the 30 counters spread in ten states, three had already started functioning at New Delhi and are receiving good response, he said.

“Initially we are only providing currency exchange and travellers’ cheque encashing services. Our main target will be foreign tourists. After knowing the response, more counters will be opened and more services will be offered,” he said.

The Postal Department, which already had money changing services licence of the Reserve Bank of India, is launching the service in association with the Centurion Bank of Punjab. A memorandum of understanding was signed between the department and the bank at the national- level recently. The bank will provide the back office support for the counters and training to the Postal Department staff, Mervin said.

The Postal Department is already carrying out Western Union Money Transfer Services. More than 50 percent of Western Union Money Transfer Services are being done through the Postal Department.

As part of diversification, the Postal Department is foraying into the foreign exchange sector.

Four foreign exchange counters will be opened at the major post offices in four districts this month. It will be part of the 30 foreign exchange units being opened by the Postal Department across the country.

The foreign exchange counters in the state will be at the General Post Office at Pulimoodu in Thiruvananthapuram and at the head post offices at Ernakulam, Thrissur and Kozhikode, Postal Services director Mervin Alexander told this website’s newspaper.

“Work on starting the counters is going on and we hope to inaugurate them this month itself,” he said.

Among the 30 counters spread in ten states, three had already started functioning at New Delhi and are receiving good response, he said.

“Initially we are only providing currency exchange and travellers’ cheque encashing services. Our main target will be foreign tourists. After knowing the response, more counters will be opened and more services will be offered,” he said.

The Postal Department, which already had money changing services licence of the Reserve Bank of India, is launching the service in association with the Centurion Bank of Punjab. A memorandum of understanding was signed between the department and the bank at the national- level recently. The bank will provide the back office support for the counters and training to the Postal Department staff, Mervin said.

The Postal Department is already carrying out Western Union Money Transfer Services. More than 50 percent of Western Union Money Transfer Services are being done through the Postal Department.