The Reserve Bank of India (RBI) on March 01, 2024, issued a notification regarding the updated Master Direction – Money Transfer Service Scheme
The following has been stated namely: -
•It states that the directions relating to the Money Transfer Service Scheme have been issued in a consolidated form through the Master Direction attached.
• It states that Para 3.2 which states “Procedure for making application to the reserve bank” shall include the following namely: -
“Application for necessary permission to act as an Indian Agent may be made 1(through the APConnect application (https://apconnect.rbi.org.in/entity) by non-bank AD Category -II and FFMCs)”
•In Para 6 which states “Guidelines for renewal of permission (authorization) of existing Indian Agents” shall include the following namely: -
“Application for renewal of permission should be submitted 2(through the APConnect application by non-bank AD Category-II and FFMCs)”
• It may be noted that the Reserve Bank shall issue directions to Authorised Persons who are Indian Agents under the MTSS through A.P. Circulars in regard to any change in the rules, regulations, notifications, directions, or orders or how relative transactions are to be conducted by the Authorised Persons with their customers/ constituents.
[Notification No. RBI/FED/2016-17/52 FED Master Direction No.1/2016-17]
