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of <h1>RBI's MTSS Circular: Guidelines for Personal Remittances to India, KYC/AML Compliance, and Agent Requirements Explained.</h1> The Master Circular on the Money Transfer Service Scheme (MTSS) outlines guidelines for transferring personal remittances from abroad to beneficiaries in India. The scheme permits only inward personal remittances, such as family maintenance or for foreign tourists, with no outward remittances allowed. Indian Agents, authorized by the Reserve Bank of India, partner with Overseas Principals to facilitate these transfers. The circular details requirements for Indian Agents, including entry norms, application procedures, collateral requirements, and KYC/AML/CFT compliance. It also specifies guidelines for Overseas Principals, sub-agent appointments, and the renewal of permissions. The circular mandates regular reporting and record-keeping to ensure compliance with anti-money laundering regulations.
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