BANKING AFFAIRS

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: -You need to provide a self-declaration stating your relation with the beneficiary, and government-issued ID proof and a copy of your PAN card to process a foreign money transfer.

Detailed explanation-4: -ENVIO is a comprehensive Remittance Management System that provides seamless processing & administration of SWIFT remittances all the way to the payment. This solution provides recording, interpreting, classifying, analyzing, reporting to finally generating payment/transaction receipt.