Foreign exchange transaction will be easy, service will start in two months
Now dollar, euro, lira, yen and rupee can be withdrawn from ‘AVRM’ on the lines of ATM.
Sarvesh Kumar
Foreign currency can also be deposited. For this neither there will be a need to go to money exchange nor there will be a need to go round to change the currency. Within two months, this facility will be started through ‘Automated Verifiable Remittance and Money Exchange Machine (AVRM)’ from IIT, Chennai.
A Chennai-based ‘startup’ has taken the initiative to meet the needs of expatriate workers and professionals living abroad with the help of 5G technology. This will make it extremely easy for them to send money to their relatives. This facility will benefit lakhs of families living in big cities as well as rural areas, whose children want to send some part of their earnings to their relatives or acquaintances while working abroad. This will be a big relief for the tourists as well.
Startup ‘Finara’ CEO Uday Shankar told that its testing is going on right now. At present it will be started with dollar, euro, lira and rupee. Initiatives in this direction have been taken in collaboration with the Ministry of Information Technology. In this matter, talks have also been held with two private banks including taking approval from the Reserve Bank of India. In the first phase, 100 ‘AVRMs’ will be commissioned by the end of the year.
If a person living abroad sends money to his relative, then here the amount can be withdrawn using the machine through QR code or OTP. If any Indian student or worker living abroad wants to send or order money to their family members, then they can easily do so through this machine.
Monetary transactions will also be safe: If a person from any country wants to send money to his relatives, he can deposit the currency with the ‘Network Agency’ in that country. It will be possible to withdraw in no time on receipt of the OTP or QR code issued after its submission
There will be a facility to withdraw or deposit a maximum of 40 notes of any foreign currency. If a transaction of amount equal to 50 thousand rupees is to be done, then ‘KYC’ will be necessary for this. For less than this, ‘KYC’ will not be required. ‘KYC’ will not only have personal details of the cash withdrawer or depositor. If there is any kind of complaint against that person, then the machine will have its details.
In such a situation, the facility of withdrawal or deposit cannot be used. This facility will cost much less than ‘money exchange’. ‘AVRM’ will work within a radius of seven kilometers without internet: ‘Startup’ CEO Uday Shankar says that due to 5G, this machine can be used even if there is no internet within a radius of seven kilometers. This will benefit thousands of families especially in rural areas where there is network problem.
