Money transfer regulation: inward personal remittances allowed with authorised agents abiding KYC/AML controls and reporting requirements. The Master Circular prescribes the regulatory framework for the Money Transfer Service Scheme (MTSS): only inward personal remittances are permitted; Indian Agents must be specified authorised entities meeting minimum net owned funds, documentary and KYC/AML/CFT requirements; Overseas Principals must be licensed, AML compliant and maintain minimum net worth and outreach; collateral is required from Overseas Principals and operational limits and recordkeeping apply; Indian Agents remain fully responsible for Sub Agents and must submit periodic reports and comply with inspections and renewal procedures.
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 regulation: inward personal remittances allowed with authorised agents abiding KYC/AML controls and reporting requirements.
The Master Circular prescribes the regulatory framework for the Money Transfer Service Scheme (MTSS): only inward personal remittances are permitted; Indian Agents must be specified authorised entities meeting minimum net owned funds, documentary and KYC/AML/CFT requirements; Overseas Principals must be licensed, AML compliant and maintain minimum net worth and outreach; collateral is required from Overseas Principals and operational limits and recordkeeping apply; Indian Agents remain fully responsible for Sub Agents and must submit periodic reports and comply with inspections and renewal procedures.
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