BANKING AFFAIRS

Detailed explanation-1: -Money can be received from 195 countries through identified post offices. Recipients can receive money in minutes after the remitter remits money. A maximum of 2500 USD can be received at a time. 12 transactions can be received by a single beneficiary in a calendar year.

Detailed explanation-2: -Maximum of 30 transactions per person per year.

Detailed explanation-3: -In addition, thirty remittances can be received by a single individual beneficiary under the scheme during a calendar year. 14. Can cash payment be made to the beneficiary under MTSS?

Detailed explanation-4: -There is no limit to the amount of money that you can travel with, receive and send overseas. You don’t need to declare money that you transfer overseas or receive from overseas through a bank or a remittance service provider (money transfer business).

Detailed explanation-5: -Under the RDA, there is no upper limit on the amount of inward remittances for personal purposes. Under MTSS, every inward remittance is capped at $2500. Under MTSS, a beneficiary can receive a maximum of 30 inward remittances in a calendar year.