BANKING GENERAL KNOWLEDGE
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Question
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Mobile Transfer Service Scheme
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Money Transfer System Scheme
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Money Timing Service Scheme
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Money Transfer Service Scheme
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Detailed explanation-1: -Money Transfer Service Scheme (MTSS) is a way of transferring personal remittances from abroad to beneficiaries in India. Only inward personal remittances into India such as remittances towards family maintenance and remittances favouring foreign tourists visiting India are permissible.
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: -The various methods of online money transfer include RTGS, IMPS, NEFT, UPI and digital wallet.
Detailed explanation-4: -Remittance Amount means the amount that Seller shall deliver to Buyer at the end of each Remittance Period as part of the Purchased Amount. The initial Remittance Amount is the amount first described above.