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of <h1>RBI's Master Circular on MTSS: Guidelines for Inward Personal Remittances, Authorizations, and Compliance for Indian Agents.</h1> The Master Circular on the Money Transfer Service Scheme (MTSS) by the Reserve Bank of India outlines guidelines for transferring personal remittances from abroad to India. It permits only inward personal remittances, such as family maintenance and foreign tourist expenses, and prohibits outward remittances. The circular consolidates existing instructions and is valid for one year. It details the authorization process for Indian Agents, requirements for Overseas Principals, and conditions for Sub-Agent appointments. It also includes KYC/AML/CFT guidelines to prevent money laundering and terrorist financing, and mandates regular audits, reporting, and compliance checks for all parties involved.
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