The full form of MTSS is Money Transfer Service Scheme.

Remittances are an important source of family and national income and also are one of the largest sources of external financing. Beneficiaries in India can receive cross-border inward remittances through banking and postal channels. Banks have general permission to enter into a partnership with other banks for conducting remittance business. The International Financial System (IFS) platform of Universal Post Union (UPU) is generally used for the postal channel. Besides, there are two more channels for receiving inward remittances, viz. Rupee Drawing Arrangement (RDA) and Money Transfer Service Scheme (MTSS) which are the most common arrangements under which the remittances are received into the country.

These FAQs are mainly relating to the common queries relating to RDA and MTSS and may be referred to for general guidance. The Authorised Persons and their constituents may refer to respective circulars/ notifications for detailed information, if so needed.

Salient features of MTSS:

1.  Only personal remittances such as remittances towards personal expenses and remittances favouring foreign tourists visiting India can be sent through MTSS. Trade related remittances, remittances towards purchase of property, investments or credit to NRE / FCNR accounts, etc. or donations/contributions to charitable organization are not allowed under this arrangement. 
2.  Maximum remittance with a ceiling of USD 2500. 
3.  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.
4. Only 30 Transactions per beneficiary are permitted in a calendar year. 
5.  Payment is made in INR only, without any deduction of charges from beneficiary. 
6.  Reliable, swift and convenient. 
7.  It is a hassle free instantaneous payment to beneficiary against photo identification. 
8. The scheme does not envisage repatriation of such inward remittances.