Limit for receiving remittances through International Money Transfer Service to a single individual beneficiary is raised from 12 to 30.
Quick facts about money transfer service
01) Money Transfer Service Scheme ( MTSS ) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India.
02) Only personal remittances such as remittances towards family maintenance and remittances favoring foreign tourists visiting India are permissible.
The system envisages a tie-up between reputed money transfer companies abroad and agents in India who would disburse the funds to the beneficiaries at ongoing exchange rates. Such Agents can be Banks (Authorised Dealers) or Full Fledged Money Changer or registered Non-Banking Financial Company (NBFC), IATA approved Travel agents ( having minimum net worth of Rs.25 lakhs ) with prior RBI approval.
As the remittances are towards family maintenance, there will not be repatriation of such inward remittances.
The India agent is also not allowed to remit any amount on account of exchange loss to the overseas principal.
Only personal remittances shall be allowed under this arrangement.
Donations/contributions to charitable institutions/Trusts shall not be remitted through
this arrangement. This is primarily to ensure proper tracking of funds for charitable institutions/trusts is followed.
A cap of USD 2500 has been placed on individual transaction under the scheme.
Amounts upto Rs.50,000/- may be paid in cash. Any amount exceeding this limit shall be paid by means of cheque/D.D./P.O. etc. or credited directly to the beneficiary’s account only.
Only 30 remittances can be received by a single individual during a year.
In exceptional circumstances, where the beneficiary is a foreign tourist, higher amounts may be disbursed in cash. Full record of such transactions should be kept on record for scrutiny by the auditors/inspector.
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