MO Videsh

1. MO Videsh

2. Introduction • This is a key service for India since for the first time an Indian Citizen can send money abroad through the Post Offices. • At present the money can be sent to over 65 countries thro Partner Banks. • Nationwide Rollout on 24.10.09 • The POs can book MOVs POs can book thro MM PoS only.

3. Definitions • MO Videsh: A system of remittance to and from foreign countries, through the medium of Post Office. • Euro Giro : The system that enables remittances across different countries, in accordance with the bilateral and multilateral agreements among the countries concerned. • Beneficiary : The person who receives Money. • EGPO : Euro Giro Post Office, is a Nodal Office functioning at CEPT, PTC, Mysore, which co-ordinate between Partner Banks with POs. • No Service on Saturdays, Sundays & Holidays.

4. Types & Modes of Remittances • Cash. • From POSB Account. • Outward Remittances.

5. Salient Features Min 100 USD per transaction. Max 5000 USD per transaction. Ceiling for Purposes : Education, Medical, Immigration 100,000 USD per annum.  Travel 10,000 USD per annum. • Limit of outward remittance would be different for different countries depending on the bilateral agreements with the Countries.

6. Purposes of Remittance • (i) Studies abroad – Estimates from University / College etc. • (ii) Medical Treatment abroad – Estimates from Hospital / Doctor.. • (iii) Family maintenance – Declaration from Remitter. • (iv) Travel abroad – Hotel / Travel Agent Invoice etc.

7. Commission Commission Paid by REMITTER.

8. Salient Features The Remitter needs to submit the following mandatory items,, SWIFT Code (explained separately). IBAN (explained separately). ABA(American Bankers Association) Routing No. (if available). Sort Code. (if available). – required for routing money transfers between banks Beneficiary Bank Name. Beneficiary Bank A/c No. Name & Address of Remitter & Beneficiary.

9. SWIFT Code • Society for Worldwide Interbank Financial Telecommunication. • It is a Standard list of Bank Identifier Codes approved by International Organization for Standardization. • These codes are used when transferring money to a Bank Account in another Country. • SWIFT code compulsory for all transactions and SWIFT code + IBAN compulsory for some selected countries • Code containing 8 or 11 characters, made up of • 4 characters - Bank code • 2 characters - ISO country code • 2 characters - Location code • 3 characters – Branch Code, optional ( 'XXX' for primary office).

10. Examples of SWIFT Codes • USA - American Express Bank, New York - AEIBUS33. • USA – JP Morgan Chase Bank – CHASUS33. • Great Britain – Lloyd Bank, London - LOYDGB2L. • Singapore – Union Overseas Bank - UOVBSGSG. • Australia – West Pac, Victoria - WPACAU2S.

11. IBAN • International Bank Account No. • It is an Intl Standard for identifying Bank A/c’s across National borders. • IBAN imposes a flexible but regular format sufficient for account identification and contains validation information to avoid errors of transcription. • Although the length of IBAN differs from Country to Country but all of them can be validated by same algorithm using the check digits. • All Banks in European Countries & also Israel, Tunisia, Mauritius, Turkey, and Saudi Arabia also using IBAN. • From March 2012, IBAN is mandatory for UAE and Bahrain • eg. GBP for London, SAR for Saudi Arabia etc.

12. Examples of IBAN • Greece – 27 digits. • IBAN format : GR KK BBB BBBB CCCC CCCCCCCCCCCC (Sample IBAN: GR16 0110 1050 0000 1054 7023 795) • GR = Country Code, K = Check Digits, B = bank code and branch number, C = account No. • United Kingdom - 22 digits. •  IBAN format: GB KK BBBB SSSS SSCC CCCC CC (Sample IBAN: GB35 MIDL 4025 3432 1446 70) • GB = Country Code, K = Check Digits, B = alphabetical bank code, S = sort code, C = account No.

13. Forms used • All necessary application forms available in www.indiapost.gov.in • MOV User manual available in ftp://ftp.ptcinfo.org/UserManuals/MO%20Videsh/ • The POs can keep the relevant forms and KYC documents in PO for 10 years; scanned copies to be submitted to EGPO for all transactions compulsorily • Application for remittance (Annexure-I) • A2 FERA form (Annexure-II) FERA No. should be in Pincode-last 2 digits of year-Sl No. Ex. Mysore HO, 570010-13-001. • Purpose of remittance KYC Form (Annexure-III)

14. KYC Documents • The Remitter needs to submit copies of Two Photo ID cards & Address proof. • Driving Licence • PAN • Passport (within validity period). • Voter's Identity • Kisan Cards • Other ID cards

15. Process Flow for Payment ELS Server CEPT, PTC, Mysore Intermediary Bank Beneficiary’s Bank in China Post Office Beneficiary Remitter India China

16. Process flow – MO Videsh. • Customer approach the Authorized PO. • Submit the following forms duly filled. • Application for Remittance. (Annx. I). • A2 Form. (Annx. II). • KYC documents. (2 Photo IDs). • Supportive Documents. (Remittance Purpose)

17. Process flow – cont’d • Counter PA to scrutinise & accept all forms. • Login to MM PoS & book thro MO Videsh option. • Before booking confirm the exchange rate is available • Generate Receipt & hand over to Customer. • Counter Supervisor verify & authorize it. • Run eMO Communication for transferring MOV Data to Host Server.

18. Booking of MO Videsh inMM Point of Sale.

19. MO Videsh Booking in Point of Sale

20. MO Videsh Booking Screen

21. Transaction Report

22. Report View

23. Quiz on MO videsh • 01. The Remitter should pay the Amount thro Cash only in O/o Booking ? • No. The Remitter can pay either Cash or from POSB A/c. He must fill up SB-7 & handed over to the concern PM. • 02. What is the Min / Max amount for MOV transactions ? • Min 100 USD & Max 5000 USD per transaction. • 03. Is any Max limit per year ? • Yes. 100,000 USD for Education, Medical & immigration and 10,000 USD for travel per FY • 04. Is Copy of PAN Card compulsory for remittance exceeding Rs.50,000 ? • Yes. • 05. If any PO booked a txn below 100 USD, solution ? • This txn was not processed & returned to Remitter. • With latest version of Meghdoot, Commission will not be generated & displayed in the Booking screen. POs unable to book it.

24. Quiz contd. • 06. Whether IBAN / SWIFT is compulsory ? • Yes. IBAN & SWIFT is compulsory for Euro bound Remittances & SWIFT is compulsory for rest of World. • 07. What is BIC ? • Bank Identifier Codes. Some Intl Banks using SWIFT code as BIC. • 08. The Counter PA booked a MOV txn but the Counter Supervisor not authorized ? • This transaction is available with PO Server only and will not be transmitted to Central Server. Not processed by PTC & Partner Bank. • 09. Whether payment will be made in INR in foreign country? • NO. • 10. If any PO entered wrong IBAN / SWIFT / BIC, solution ? • This transaction will not be processed by ELS Server & returned to EGPO. EGPO will get correct code from PO thro e mail & process the transaction manuall thro ELS Software. To avoid POs should confirm with Remitter before booking.

25. Quiz contd. • 11. One PO try to book MOV on Saturdays ? • Not possible. Exchange Rates not available in eMO server. Not updated by EGPO. • 12. While booking of MOV, Exchange Rate is not displayed ? • Run eMO Communication module for updation of Exchange Rates from Host Server. • 13. One MOV was booked, authorized & transmitted. Whether it can be cancelled by PO ? • No. Same for eMO. • 14. What is the Preservation period of all documents in PO ? • 10 years.