RBI fixes individual money transfer services limit at $2,500
By Our Banking Bureau | 05 Jun 2003
Mumbai: The Reserve Bank (RBI) of India has fixed the limit for individual transactions under the money transfer services (MTS) scheme at $2,500.
The RBI has also said that under this scheme, amounts up to Rs 50,000 may be paid in cash and any amount exceeding that limit shall be paid by means of cheque, demand draft, postal order or credited directly to the beneficiary''s account only.
Indian parties (agents) who wish to apply for RBI approval to enter into the money transfer services scheme must be authorised dealers, or full-fledged money changers or registered non-banking finance corporations or an International Air Transport Association-approved travel agent with a minimum net worth of Rs 25 lakh.