MTSS (Money Transfer Service Scheme) is the most convenient option for the purpose of inward remittance of money abroad to India .It can be availed tourist travelling to India. Only Inward remittance in India is allowed. Under\u00a0 this , remittance can done in speedy & hassle-free manner.<\/p>\n
Inward remittance as it is known as under the scheme Of MTSS is meant for expenditure\u00a0 within\u00a0 India. A resident India is used these remittances for maintenance\u00a0 and other forms of expenditure.<\/p>\n
\u00a0Features of Money Transfer Service Scheme:<\/strong><\/p>\n Operational Procedure: For Beneficiary<\/strong><\/p>\n General Guidelines for seeking permission For Money Transfer Scheme:<\/strong><\/p>\n Criteria for selection of overseas Principal<\/strong><\/p>\n a) The principal should be a registered entity licensed by the Central Bank\/Government or any other regulatory authority for carrying on Money Transfer Activities or where Money Transfer is an unlicenced activity, the principal should be licensed\/supervised by any other regulatory\/supervisory body in the host country. Collateral requirement<\/strong> The adequacy of collateral amounts should be reviewed half yearly on the basis of remittances received during the past six months. \u00a0The minimum amount of USD 50,000 shall be kept as a foreign currency deposit while the balance amount may be kept in the form of a Bank Guarantee.<\/p>\n Other conditions<\/strong> MTSS (Money Transfer Service Scheme) is the most convenient option for the purpose of inward remittance of money abroad to India .It can be availed tourist travelling to India. Only Inward remittance in India is allowed. Under\u00a0 this , remittance can done in speedy & hassle-free manner. Inward remittance as it is known as under …<\/p>\n","protected":false},"author":1,"featured_media":509,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[232,234,231,233],"class_list":["post-508","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-features-of-money-transfer-service-scheme","tag-general-guidelines-for-seeking-permission-for-money-transfer-scheme","tag-money-transfer-service-scheme","tag-operational-procedure"],"yoast_head":"\n\n
\nFor Remitter<\/strong><\/p>\n\n
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\nb) Should be registered with the trade\/Industry bodies.
\nc) Should have a good rating from one of the reputed credit rating agencies.
\nd) Should submit confidential reports from two banks.
\ne) Should submit a report certified by independent Chartered Accountants, regarding steps taken to comply with anti money laundering norms in the host country.<\/p>\n
\nCollateral equivalent to 3 days’ average drawings or USD 50,000 whichever is higher, may be kept by the overseas principal with the designated bank in India.<\/p>\n
\na) Only personal remittances shall be allowed under this arrangement. Donations\/contributions to charitable institutions\/Trusts shall not be remitted through this arrangement.
\nb) 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.
\nc) Only 12 remittances can be received by a single individual during a year.<\/p>\n","protected":false},"excerpt":{"rendered":"