RESERVE BANK OF INDIA
A. P. (DIR Series) Circular No. 132
June 8, 2012
To,
All Authorised Persons, who are Indian Agents under Money Transfer Service
Scheme.
Madam/ Sir,
Money Transfer Service Scheme
Attention of all Authorised Persons (APs), who are Indian Agents under the Money
Transfer Service Scheme (MTSS) is invited to paragraph 5 (c) of the the
Notification dated June 4, 2003 on MTSS and the specific permission accorded to
them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money
transfer activities in India, through tie-up arrangements with Overseas
Principals.
- It has been decided to increase the number of remittances from 12 to 30 to be
received by a single individual beneficiary in a calendar year.
- All other instructions contained in the said Notification ibid, as amended
from time to time remain unchanged.
- These guidelines would also be applicable mutatis mutandis to all Sub Agents
of the Indian Agents under MTSS and it will be the sole responsibility of the
APs (Indian Agents) to ensure that their Sub Agents also adhere to these
guidelines.
- Authorised Persons (Indian Agents) may bring the contents of this circular to
the notice of their constituents concerned.
- The directions contained in this Circular have been issued under Sections
10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and
are without prejudice to permissions/approvals if any, required under any other
law.
Yours faithfully,
(Rudra Narayan Kar) Chief General Manager
RBI/2011-12/596