Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
A speedy and stress-free mode used for transferring personal remittances from abroad to recipients (beneficiaries) in India is known as the Money Transfer Service Scheme. Only inward personal remittances into India For example remittances towards family maintenance and remittances favoring foreign tourists visiting India are allowed. No outward remittance from India is allowed under this scheme.
Table of Contents
Remittances are one of the major sources of national income and also for the families. Remittances are similarly one of the largest sources of external financing. This is one of the sources where people in India called beneficiaries, can receive cross-border inward remittances through banking and postal channels. The common postal channel used for this is the International Financial System[1] (IFS) platform of the Universal Post Union (UPU). Generally, banks have permission to enter into an agreement with other banks for conducting remittance business. Moreover, there are two more modes used in our country for receiving inward remittances, like Rupee Drawing Arrangement (RDA) and the Money Transfer Service Scheme (MTSS).
Read More: FEMA Guidelines: Inward Remittance.
After going through with the whole scheme of RBI on Remittances [Money Transfer Service Scheme (MTSS) it seems that the people should grab this opportunity and take the permission of the concerned authority to be an Indian Agent and disburse funds to beneficiaries in India at ongoing exchange rates.
Recommended Article: Money Transfer from Overseas / NRIs to India.
Gujarat (GIFT City) is a central business district that is under construction and located in th...
The Reserve Bank of India defines a bank as a legal entity that acts as a financial institution...
NBFC has been imposed by RBI with the mandatory filing of returns in XBRL mode from financial 2...
Accounts payable management is a difficult and time-consuming activity that necessitates consid...
What is a Stock Audit? The inventory is being physically checked. But occasionally, depending o...
Are you human?: 4 + 4 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
Transferring money from outside India is easy on the edge of Digital currency and in this article, we will discuss...
28 Nov, 2020
Chat on Whatsapp
Hey I'm Suman. Let's Talk!