Re: What is the currency for international funding ?

["Raj Rao" <raj@xxxxxxxxxxx>]

hi
The bankers in India do not seem to be aware of any International Money
Order (MO). There are currently two forms of invard remittance - a) By wire
Transfer b) By physical delivery of the Bankers Draft.
In the second case, the Bankers Draft is sent back to the issuing back for
collection. This could take anywhere between 10 to 21 days.

In case of Wire Transfer the money is available in the local bank account
almost immediately. However, currently it is uneconomical for small
payments.

Could you pls investigate further what exactly is this International MO and
how does it work? For instance, some banks might have correspondant bank
relationships in India and come up with innovative services. One such
service I know of is remittance of money by NRIs in middle east. They can
send money to Canara Bank via Wire Transfer and Canara Bank will physically
prepare the Draft and send it to the recepient by Courier anywhere in India.

Regards,

raj

- -----Original Message-----
From: SWAPS <swaps@xxxxxxxxxxxx>
To: linux-india@xxxxxxxxx <linux-india@xxxxxxxxx>
Date: Wednesday, May 19, 1999 5:55 PM
Subject: What is the currency for international funding ?


Hi,
  I had sent out the following question to the project coordinator of one of
the  monetary, web based OSS projects (like sourceXchange.com, cosource.com)
and got the following reply.
My question to the list is: Can a person in India receive a MO in foreign
currency and deposit it in their ordinary account ? If not then can we
request
for a policy change by the government to allow such micro transactions in
foreign currency ?
Reasons:
1) This is going to become a viable alternative to many OSS developers who
would like to work on projects without travelling abroad.
2) The developing nations can generate lot of income through such means.
3) This will be a part of the e-commerce system.

Thanks
- -swaps

<attachment>

Great question.

Our current plan is to use US Post international money orders. Do you know
if this will work for you, or do you have any suggestions?

Thanks!
Bernie Thompson
cosource.com