Money Transfer Service Scheme: authorised Indian Agents must meet fund, due diligence, collateral, KYC/AML and reporting requirements. The Master Direction prescribes the MTSS regulatory framework: only specified authorised entities meeting minimum Net Owned Funds and fitness criteria may be authorised by the Reserve Bank as Indian Agents for inward personal remittances; applications must include due diligence documents on Overseas Principals, audited financials and banker reports; Overseas Principals must meet net worth and AML requirements and remain responsible for agent activities; Sub Agents require specified due diligence and quarterly reporting; operational limits, KYC/AML/CFT controls, collateral requirements and renewal and inspection procedures are mandated.
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: authorised Indian Agents must meet fund, due diligence, collateral, KYC/AML and reporting requirements.
The Master Direction prescribes the MTSS regulatory framework: only specified authorised entities meeting minimum Net Owned Funds and fitness criteria may be authorised by the Reserve Bank as Indian Agents for inward personal remittances; applications must include due diligence documents on Overseas Principals, audited financials and banker reports; Overseas Principals must meet net worth and AML requirements and remain responsible for agent activities; Sub Agents require specified due diligence and quarterly reporting; operational limits, KYC/AML/CFT controls, collateral requirements and renewal and inspection procedures are mandated.
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