Less than one-third of the $14 billion remitted to India by Non-Resident Indians every year go through the legal channel, K Noorjehan, chief postmaster general, has said.
"According to a study, over 2.8 million Indians in the United States and the United Kingdom remit an estimated $14 billion to India every year and of that only $4 billion are sent through the legal channels," Noorjehan said at a function on 'India - The Global Village' organised in association with India Post and Western Union in London.
She said the Western Union, the US-based global leader in money transfer services and India Post have an official arrangement for quick transfer and distribution of money planned to bridge the gap and provide reliable services to customers in remote villages in India.
Western Union Financial Services and India Post were in London as part of their road shows.
"India Post's visit not only strengthens ties with Indian communities but helps Western Union unite our Indian customers with possibilities that fit their money transfer
needs," Don Rankin, Western Union regional director, UK, Ireland and Scandinavia said.
Currently, out of a total 12,000 Western Union agent locations in India, 4,200 are India Post locations.
C Phunsog, Minister, Economic, High Commission of India, extended full support of the mission to the venture of Western Union and India Post in making money officially transacted to India speedily.