MTSS Indian Agent

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Information Matrix - Compromising of Information Related To Various Prudential NORMS Prescribed by Foreign Exchange Department For Different Regulated Entities

MTSS Indian Agent
Prudential norms for REs	Process and Format for submitting the application	Link to the instructions, if any
Entry Norms (i) The applicant to become an Indian Agent should be an Authorised Dealer Category-I bank or an Authorised Dealer Category-II or a Full Fledged Money Changer (FFMC), or a Scheduled Commercial Bank or the Department of Posts. (ii) The applicant should have minimum Net Owned Funds of Rs.50 lakh. (iii) Collateral requirement : Collateral equivalent to 3 days' average drawings or USD 50,000, whichever is higher, may be kept by the Overseas Principal in favour of the Indian Agent with a designated bank in India. The minimum amount of USD 50,000 shall be kept as a foreign currency deposit while the balance amount may be kept in the form of a Bank Guarantee. The adequacy of collateral should be reviewed by Indian Agents at quarterly intervals on the basis of remittances received during the past three months.	Application for necessary permission to act as an Indian Agent may be made to the respective regional office of the Foreign Exchange Department of the Reserve Bank of India, under whose jurisdiction the registered office of the applicant falls and should be accompanied by the documents pertaining to its proposed Overseas Principal	Master Direction – Money Transfer Service Scheme (MTSS) (Updated as on February 29, 2024)-

Disclaimer - "Foreign Exchange Department, Reserve Bank of India issues several operational instructions/ guidelines to the Authorised Persons (APs) for undertaking various forex transactions as per the provisions of the Act/ Rules/ Regulations/ Notifications issued under FEMA 1999 and the same are stipulated in various Master Directions issued by the department from time to time. Accordingly, those instructions/ guidelines are not incorporated into the Information Matrix"