Money Transfer Service Scheme rules require authorised Indian agents to meet eligibility, KYC/AML, collateral and reporting obligations. Regulation of inward personal remittances under the Money Transfer Service Scheme (MTSS) permits only specified inward personal transfers and requires Reserve Bank authorisation for Indian Agents drawn from defined financial entities that meet minimum Net Owned Funds and documentary conditions. Overseas Principals must be regulated, AML compliant and meet minimum net worth and due diligence standards; collateral must be maintained and reviewed. Indian Agents retain responsibility for Sub Agent due diligence, KYC/AML/CFT compliance, periodic reporting, audits and inspections, and permissions are time limited and renewable subject to continued conformity with RBI requirements.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Money Transfer Service Scheme rules require authorised Indian agents to meet eligibility, KYC/AML, collateral and reporting obligations.
Regulation of inward personal remittances under the Money Transfer Service Scheme (MTSS) permits only specified inward personal transfers and requires Reserve Bank authorisation for Indian Agents drawn from defined financial entities that meet minimum Net Owned Funds and documentary conditions. Overseas Principals must be regulated, AML compliant and meet minimum net worth and due diligence standards; collateral must be maintained and reviewed. Indian Agents retain responsibility for Sub Agent due diligence, KYC/AML/CFT compliance, periodic reporting, audits and inspections, and permissions are time limited and renewable subject to continued conformity with RBI requirements.
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