https://www.taxtmi.com/circulars?id=52878 Regulation of inward personal remittances under the Money Transfer Service Scheme (MTSS) permits only specified inward personal transfers and requires Reserve Bank authorisation for Indian Agents drawn from defined financial entities that meet minimum Net Owned Funds and documentary conditions. Overseas Principals must be regulated, AML compliant and meet minimum net worth and due diligence standards; collateral must be maintained and reviewed. Indian Agents retain responsibility for Sub Agent due diligence, KYC/AML/CFT compliance, periodic reporting, audits and inspections, and permissions are time limited and renewable subject to continued conformity with RBI requirements. en-us Tue, 01 Jul 2014 00:00:00 +0530 Thu, 26 Mar 2015 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52878 Regulation of inward personal remittances under the Money Transfer Service Scheme (MTSS) permits only specified inward personal transfers and requires Reserve Bank authorisation for Indian Agents drawn from defined financial entities that meet minimum Net Owned Funds and documentary conditions. Overseas Principals must be regulated, AML compliant and meet minimum net worth and due diligence standards; collateral must be maintained and reviewed. Indian Agents retain responsibility for Sub Agent due diligence, KYC/AML/CFT compliance, periodic reporting, audits and inspections, and permissions are time limited and renewable subject to continued conformity with RBI requirements. Circulars FEMA Tue, 01 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52878