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of <h1>RBI Master Circular on MTSS: Guidelines for Inward Remittances, Compliance, and Agent Criteria in India.</h1> The Master Circular on the Money Transfer Service Scheme (MTSS) outlines the guidelines for transferring personal remittances from abroad to India. MTSS permits only inward remittances for family maintenance and tourists, prohibiting outward transfers. Indian Agents, authorized by the Reserve Bank of India (RBI), partner with Overseas Principals to facilitate these transactions. The circular details the criteria for Indian Agents, the appointment of Sub-Agents, and the role of Overseas Principals, emphasizing compliance with KYC/AML/CFT norms. It also includes procedures for application, renewal, and inspection, with strict guidelines on collateral and reporting requirements.
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