by Madhukar and Savita Jhingan

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The format of Indian postal orders was revised to bring it in line with standardized MICR checks with effect from September 1, 1987. The MICR technology facilitates subsequent mechanized handling and accounting. The revision of the format also reduced the cost of production.

The hundred plus years old Post Office Savings Bank was not a member of the bankers’ clearing house till recently. During 1987 and 1988 all Head Post Office, roughly 450 in number, joined their local clearing house. All banks, on the directive of the central bank, the Reserve Bank of India had already adapted the MICR technology for most of their checks and drafts.

The first MICR issue consists of nine denominations as follows: 50 paise, Re 1, Rs 2, 5, 7, 10, 20, 50 and 100. The earlier non-MICR issue, in stocks, remained concurrently on sale till it exhausted.

With the second printing of this issue a spelling error in Hindi was corrected along with slight modification in the matter of the placement of the text in the design. This is the currently available issue at the post offices in India.

First published in Postal Order News, Journal of the Postal Order Society, Vol.12 Part 3, Whole # 45, July 1997
Copyright ? 1997-1999 MSJ. All rights reserved.


Copyright © 1997-2012, Stamps of India, New Delhi, India | All rights reserved

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