Money transfer means, transferring money from one part of the globe to another. In other words, it is the quickest and the most convenient way to transfer personal funds from foreign countries to the beneficiaries in India. Ideally the money remitted by the sender can be received by the beneficiary within 15 mins. as against around 15 days taken through bank draft.
- Only person to person remittance is permissible under the Money Transfer service scheme.
- Only 12 transactions are allowed to a single beneficiary in a calendar year.
- A single remittance under the scheme should not exceed USD 2500 or it sequivalent in other currencies.
- All remittances exceeding Rs.50,000 shall be paid only by cheque / DD/ RO or by direct credit to the account of the recipient.
- Investment or credit to NRE /FCNR / EEFC accounts etc. or donations / contributions to charitable organizations are not permitted under this scheme.
- Payments are made against proper identification.
- Trade related remittances are not permitted. Only personal remittance such as remittance towards family maintenance & remittance towards foreign tourist visiting India are permissible.
- Ne remittance can be received in anonymous or fictitious / benami names.
Money Transfer agencies:
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