Inward Remittances (Part 2)
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 fundamental directional character of the Money Transfer Service Scheme (MTSS)?
MTSS permits only inward personal remittances into India; outward remittance is not allowed under the scheme.
What is the maximum amount allowed per single remittance under MTSS?
USD 2,500 per individual remittance is the cap.
Who can be the remitter and beneficiary under MTSS?
Both the remitter and the beneficiary must be individuals; companies or entities cannot be parties to an MTSS transaction.
What is the maximum cash payout allowed to a beneficiary under MTSS?
Up to Rs. 50,000 can be paid in cash.
What is the minimum Net Owned Funds required for an applicant to become an Indian Agent under MTSS?
An applicant for becoming an Indian Agent must have minimum Net Owned Funds of Rs. 50 lakh.
How must an MTSS payout exceeding Rs. 50,000 be disbursed?
By account payee cheque, demand draft, payment order or direct bank credit.
Are trade-related remittances permitted under MTSS?
No, trade-related remittances are explicitly prohibited under the Money Transfer Service Scheme.
What is the maximum number of MTSS remittances a single beneficiary can receive per calendar year?
A maximum of 30 remittances per beneficiary per calendar year.
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