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of <h1>RBI Updates MTSS Guidelines: New Rules for Inward Remittances, KYC Compliance, and Agent Responsibilities.</h1> The Reserve Bank of India has revised the guidelines for the Money Transfer Service Scheme (MTSS), which facilitates inward remittances to India. Under MTSS, only personal remittances like family maintenance and funds for foreign tourists are allowed, with a cap of US $2500 per transaction. Indian Agents, who must be authorized dealers or full-fledged money changers with a minimum net owned fund of Rs.50 lakh, can partner with Overseas Principals to disburse these funds. The guidelines also cover the appointment of Sub Agents by Indian Agents, KYC/AML/CFT compliance, and the responsibilities of Overseas Principals. The Indian Agents are responsible for ensuring their Sub Agents adhere to these guidelines.
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