GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Money Transfer Service Strategy
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Money Transfer Service Scheme
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Medium Transfer Service Scheme
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Moderate Transfer Service Scheme
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Detailed explanation-1: -MTSS (Money Transfer Service Scheme) is the most convenient options for the purpose of inward remittance of money from abroad to India. The facility provided under this scheme can be availed by the tourists traveling to India.
Detailed explanation-2: -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-3: -There is no facility for cash remittance under RDA. RDA and MTSS are slightly different from the viewpoint of the Reserve Bank of India. Inward remittance via MTSS is done through the transfer of fund services outside India, which work by coordinating certified agents in India.