Department of Posts and Centurion Bank of Punjab signed agreement to provide foreign exchange services to the public.
To start with project will offer forex services from 31 head post offices in 11 states. The project will facilitate both the encashment of foreign exchange and transfer of money in foreign currency. While the main foreign exchange business will be operated by the Centurion Bank of Punjab.
India Post has a full fledged money changing (FFMC) licence, which authorizes post offices to undertake money changing business.