BANKING AFFAIRS

Detailed explanation-1: -For cash remittance, there is a cap of INR 50, 000/-. This amount can be paid in cash to a beneficiary in India. Amount more than this prescribed amount shall be paid through the account payee cheque/ demand draft/ payment order, etc., or direct credit to the beneficiary’s bank account.

Detailed explanation-2: -Salient features of MTSS: Amounts up to Rs. 50, 000/-may be paid in cash. Any amount exceeding this limit shall be paid by means of cheque / DD /PO etc or credited directly to the beneficiary’s account. Only 30 Transactions per beneficiary are permitted in a calendar year.

Detailed explanation-3: -Money Transfer Service Scheme ( MTSS ) is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. Only personal remittances such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.

Detailed explanation-4: -Amount up to Rs. 50000/-in cash and more than that in Cheque or credited to savings accounts in PO.