3 B MONEY TRANSFER SERVICE SCHEME (MTSS)
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Foreign Exchange Facilities for Individuals — Foreign Exchange Facilities for Individuals.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the Money Transfer Service Scheme (MTSS)?
MTSS is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India, operating under the guidelines of the Reserve Bank of India.
What is the maximum amount receivable per MTSS transaction in India?
USD 2,500 or equivalent per transaction
Who regulates the Money Transfer Service Scheme in India?
The Reserve Bank of India (RBI) regulates and oversees the Money Transfer Service Scheme under the Foreign Exchange Management Act (FEMA), 1999.
What is the ceiling on number of MTSS remittances allowed per beneficiary per calendar year?
Maximum 30 remittances per beneficiary per year
What is the maximum amount that can be received per transaction under MTSS?
The maximum amount per transaction under MTSS is USD 2,500 or its equivalent in other foreign currencies.
Under MTSS, can remittances be used for business or trade payments?
No, only personal and family maintenance remittances are allowed
What is the maximum number of remittances an individual beneficiary can receive in India under MTSS in a calendar year?
A beneficiary in India can receive a maximum of 30 remittances in a calendar year under the Money Transfer Service Scheme.
Which RBI department issues guidelines and authorizes entities under the MTSS?
Foreign Exchange Department of RBI
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