India Launches New Project to Make Sending Money Home Easier for Indians Abroad
India's Department of Posts and NIPL team up to create a faster, safer, and cheaper way for Indians abroad to send money home using UPI and global postal networks.
The Department of Posts (DoP), under the Ministry of Communications, Government of India, has joined hands with NPCI International Payments Limited (NIPL) to make it easier, faster, and cheaper for Indians living abroad to send money home. NIPL is the international branch of the National Payments Corporation of India. An official agreement called a Non-Disclosure Agreement...
The Department of Posts (DoP), under the Ministry of Communications, Government of India, has joined hands with NPCI International Payments Limited (NIPL) to make it easier, faster, and cheaper for Indians living abroad to send money home. NIPL is the international branch of the National Payments Corporation of India.
An official agreement called a Non-Disclosure Agreement (NDA) was signed by Mr. LK Dash, Deputy Director General (International Relations and Global Business) from DoP, and Mr. Ritesh Shukla, CEO of NIPL. The signing ceremony marked the start of a promising partnership that could bring big changes to how inward remittances (money sent from other countries to India) work.
Read More: India and UK Signs Historic Multi-Billion Dollar Free TradeAgreement
This partnership will use India’s popular Unified Payments Interface (UPI) system along with the Universal Postal Union (UPU) Interconnection Platform (IP). Together, they plan to build a secure, fast, and low-cost way for the Indian diaspora to send money back home.
Affective Ways Of Tax Planning for HUF, Partnership Firm and Will Click Here
Today, many Indians working overseas send money through banks or private services, which can be expensive and slow. This new system hopes to solve that by offering:
- Lower Costs: Using UPI technology and the global postal network will make sending money cheaper. This is great news for families who rely on regular remittances.
- Secure Transfers: UPI is known for its strong security, and combining it with the trusted postal system will help ensure safe and reliable money transfers.
- Greater Reach: The global postal network can help reach rural and remote areas of India where banks may not be easily available.
- Real-Time Payments: The new system will allow real-time transfers, which means the money will reach families in India almost instantly.
Mr. LK Dash expressed excitement about the project, saying, “This partnership will help millions of Indians abroad send money to their families easily and safely. It shows our commitment to providing affordable financial services to all citizens.”
Mr. Ritesh Shukla added, “We are proud to support this initiative. It brings us closer to our goal of taking UPI global and ensuring that cross-border payments are easy and inclusive for everyone.”
Affective Ways Of Tax Planning for HUF, Partnership Firm and Will Click Here
This collaboration is expected to be a game-changer in the world of international money transfers and financial inclusion in India.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
