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Answer» Money Order (MO): - A money order is an order issued by the post office to pay money to the ‘ person on whose name the money order is sent.
- Through this arrangement one can send money from one place to another under post office. The post office will charge a commission to the sender.
- The person who receives the money order will have to sign a receipt which will work as a proof that the receiver has received the money. The signed receipt will be then sent to the sender for confirmation of payment.
The postal department has also started Electronic Post office i.e. e-Post Office. Under this system it offers two advanced level money order procedures. They are: - Electronic Money Order (eMO)
- Instant Money Order (eMO)
1. Electronic Money Order (eMO): - eMO is a web based rapid money transfer service where in a receiver can receive the money within 24 hours at his address.
- Through eMO a minimum of ₹ 1 to ₹ 5000/- can be sent to any part of India. Once the sender pays the desired amount to the postal department he gets a receipt for the same. The sender needs to properly fill the name and address of the receiver to whom money is to be sent.
- The receiver receives money at his home within 24 hours by showing a photo-id.
- The postal department also sends message to the sender informing the confirmation of payment.
- The sender of eMO will have to go to post office to fill up a form or visit the website of postal department through his computer or mobile to use this service.
2. Instant Money Order (iMO): - iMO is a web based instant money transfer service where in a receiver can receive money within the next minute the sender sends the money.
- A minimum of ₹ 1000 to ₹ 50,000 can be sent to any part of India.
- Once the sender pays the desired amount to the postal department he gets a 16 digit iMO number. The sender needs to give this number to the receiver secretly i.e. without showing it to anyone.
- The receiver then needs to go to any designated post office, show the iMO number and his photo-id proof on the counter and receive the money.
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