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of <h1>Indian Agents Must Report Collateral & Remittance Activities Under MTSS to RBI; Biannual & Quarterly Submissions Required</h1> The requirements for Indian Agents under the Money Transfer Service Scheme (MTSS) to report collateral and remittance activities to the Reserve Bank of India's Foreign Exchange Department. Indian Agents must submit statements twice a year detailing collateral held, and quarterly reports on remittances received. They must also maintain and verify lists of Sub Agents and additional locations, reporting any changes promptly. The MTSS facilitates inward personal remittances to India, prohibiting outward remittances. Indian Agents are responsible for disbursing funds received from Overseas Principals to beneficiaries in India, ensuring compliance with reporting timelines and procedures.
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