The Reserve Bank (RBI) of India has fixed the limit for
individual transactions under the money transfer services
(MTS) scheme at $2,500.
The RBI has also said that under
this scheme, amounts up to Rs 50,000 may be paid in cash
and any amount exceeding that limit shall be paid by means
of cheque, demand draft, postal order or credited directly
to the beneficiary''s account only.
parties (agents) who wish to apply for RBI approval to
enter into the money transfer services scheme must be
or full-fledged money changers or registered non-banking
finance corporations or an International Air Transport
Association-approved travel agent with a minimum net worth
of Rs 25 lakh.