Press Information Bureau

Government of India

Ministry of Finance

11-May-2012 17:43 IST

Remittance of Funds by Migrant Population

Reserve Bank of India (RBI) has issued guidelines on “Domestic Money Transfer – Relaxations” on October 05, 2011 which are available at RBI’s website www.rbi.org.in.

Banks and authorized prepaid payment issuers have been advised to report the number of transactions effected under the above scheme which are being collected from banks by RBI.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in Lok Sabha today.

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DSM/SS/Hb

Domestic money transfer reporting: banks must report transactions under new relaxations to enable regulatory monitoring. The central bank issued guidelines relaxing rules for domestic money transfer and required banks and authorised prepaid payment issuers to report the number of transactions effected under that relaxed regime to the regulator for monitoring and data collection.