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RBI increases number of money transfer per individual in a financial year

Reserve bank of India has increased number of money transfer inward remittance from the foreign country from 12 to 30 per individual in a financial year. RBI has issued a circular number 132 dated 08-June 2012 about this increment in the foreign transactions. Full circular is as under.

A. P. (DIR Series) Circular No. 132
June 8, 2012
All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme.
Madam/ Sir,
Money Transfer Service Scheme
Attention of all Authorised Persons (APs), who are Indian Agents under the Money Transfer Service Scheme (MTSS) is invited toparagraph 5 (c) of the the Notification dated June 4, 2003 on MTSS and the specific permission accorded to them under FEMA, 1999 by the Reserve Bank to undertake inward cross-border money transfer activities in India, through tie-up arrangements with Overseas Principals.

2. It has been decided to increase the number of remittances from 12 to 30 to be received by a single individual beneficiary in a calendar year.

3. All other instructions contained in the said Notification ibid, as amended from time to time remain unchanged.

4. These guidelines would also be applicable mutatis mutandis to all Sub Agents of the Indian Agents under MTSS and it will be the sole responsibility of the APs (Indian Agents) to ensure that their Sub Agents also adhere to these guidelines.

5. Authorised Persons (Indian Agents) may bring the contents of this circular to the notice of their constituents concerned.

6. The directions contained in this Circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals if any, required under any other law.
Yours faithfully,
(Rudra Narayan Kar)
Chief General Manager

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