With Reference to Postal Services, Explain the Following : Money Order - Business Studies

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Short Note

With reference to Postal Services, explain the following :

Money Order

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Money Order: Money order is a device of remitting money from one place to another through post offices. The person who sends the cash is known as the remitter and the person to whom it is sent is known as the payee. The post office acts as an agent by taking the requisite commission from the remitter and agrees to remit the amount to the payee. A money order is an order issued by one post office to another requiring the latter to pay a certain sum of money to the payee.

Concept: Encashment of Leave, Gratuity
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