What Is Money Transfer Service Scheme Offered By Post Office?
Money Transfer Service Scheme (MTSS) is an worldwide Money transfer carrier supplied by way of the Department of Posts (Post Office), Government of India. This provider allows cash transfer provider from around 195 nations and territories to India. The Post Office offers this worldwide money transfer provider in India in collaboration with Western Union Financial Services, an international financial services agency that gives international cash transfer services across the world.
Under the scheme, handiest inward non-public remittances into India, including the ones made in aid of overseas vacationers travelling India and remittances for family aid, are authorized. Under MTSS, no outward remittances from India are allowed. This International Money Transfer Service is secure, prison, rapid & reliable. Also, it’s far approved by means of the Reserve Bank of India (RBI) and is being furnished by the Department of Post, Government of India. How to acquire cash from every other u . S . In India? To avail of this Service, a remitter goes to someone of the Western Union places within the nations wherein the Service operates.
Fills up a shape to ship the amount and pays foremost quantity and charges. The sender receives a unique Money Transfer Control Number/Reference Number on a receipt after the transaction is sent through the gadget. Thereafter, the sender calls up his/her payee and offers records on the cash sent. The Payee/Receiver is going to the Post Office, fills up a shape to get hold of money, suggests legitimate identity and receives cash along side the receipt, as soon as the transaction is demonstrated. This whole manner is finished inside ten minutes.
1. The Payee gets the full quantity in Indian Rupees. There is a most restriction of 2500 USD that can be despatched at a time as in line with relevant RBI regulations which should however be best for personal use.
2. Amounts up to INR. 50,000/- may be paid to the beneficiary in coins. Any quantity exceeding this restriction will be paid by using an account payee Cheque or credited without delay to the Savings Account standing within the Post Office inside the name of the beneficiary. However, inside the case of foreign tourists, higher amounts can be payable in cash.
3. Only 30 transactions may be received with the aid of a unmarried beneficiary in a calendar yr. 4. The Post Offices have been directed to treat the payee as “Most Favoured Customers”, which guarantees courteous and green provider to them.
5. Under the KYC / AML / CFT suggestions issued by means of the RBI to prevent the device of move-border inward money transfer into India to be utilized by criminal elements for cash laundering or terrorist financing activities, beneficiaries/recipients of the money transfers need to provide sufficient information important to establish their identification and proof of house thru dependable Govt issued files like: 1. Election Card 2. Driving License 3. PAN Card 4. Ration Card 5. Aadhar Card and many others reproduction of which also must be furnished to the Post Office for receiving a switch.
In India, Post Office aside from the postal carrier offers diverse different financial services to residents which includes more than one Savings Schemes, and Money Transfer Service Scheme is one that the Post Office gives beneath the International Money Transfer Services.
Money Transfer Service Scheme According to the statistics to be had at the IndiaPost.Gov.In website (Post Office), “Money Transfer Service Scheme or MTSS is a quick and clean manner of shifting private remittances from overseas to beneficiaries in India. Only inward non-public remittances into India including remittances closer to circle of relatives protection and remittances favoring overseas tourists touring India are permissible. No outward remittance from India is permissible below MTSS.”
Further, “As a end result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services, a kingdom of the art International Money transfer Service is now to be had through the Post Offices in India, which allows instantaneous remittance of money from around 195 international locations and territories to India. The recipients can in reality collect the cash in minutes after the sender has made the remittance.” Furthermore, “The provider is focused to particularly fulfill the needs of NRI-structured households in India, touring International travelers and foreign students analyzing in India.” Approved through the Reserve Bank of India According to the IndiaPost (Post Office), “This International Money Transfer Service is secure, legal, speedy & dependable. Also, it’s far approved by means of the Reserve Bank of India and is being provided with the aid of a Department of the Government of India i.E. The Department of Posts.”
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