KBC 13: The money order system in India was introduced in which year?
KBC Offline Quiz: KBC 13: The money order system in India was introduced in which year?1888187018801889Answer: 1880
A money order is a payment order for an amount of money that has been pre-determined. It is a more trustworthy means of payment than a cheque because it requires the cash to be pre-paid for the amount displayed on it.
In 1792, a private firm in Great Britain launched the money order system, which was both costly and ineffective. Around 1836, it was sold to another private corporation, who cut the rates, resulting in a considerable increase in the system's popularity and utilisation. The success and profitability of the system were observed by the Post Office, which took over the system in 1838. Fees were decreased even further, and utilisation climbed even more, making the money order system profitable.
In India, it was introduced in the year 1880 and began getting offered by Indian Postal Serivce.
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