We are having Money Transfer Service Scheme (MTSS) arrangement that operates under the purview of RBI guidelines and facilitates instant payment of cash in respect of Foreign Inward remittance to individual beneficiaries in India under the following brand names:

1. Money Gram:-

 A tie up with M/s. Thomas Cook (India) Ltd. which is a super agent of Moneygram payment system Inc and facilitates moneygram remittance from all over the world.

 

2. Xpress Money  :-

A strategic tie-up with M/s. UAE Exchange & Financial Services Ltd for facilitating Global Money Transfer Service, Xpress Money. UAE Exchange & Financial Services Ltd is the principle agent for UAE Exchange Centre LLC, Abu Dhabi, for facilitating Xpress Money Service in India.

 

3. Western Union Money Transfer:- 

 A strategic tie up with M/s Weizmann Forex Limited for enabling payment under Western Union Money Transfer Scheme.
 

 

4. Ria Money Transfer:-

A strategic tie up with M/s Weizmann Forex Limited for enabling payment under RIA Money Transfer Scheme.

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.
     

Operational Procedure :

For Remitter

  •  Visit your nearest Money transfer outlet (any of the 5 arrangements mentioned above) 
  •  Complete the Send form and submit valid identification documents (passport/ driving license) 
  •  Remit the money to the agent and collect the Transaction reference number. 
  •  Convey the transactional details to the beneficiary.

For Beneficiary

  •  Collect the reference number from the Remitter. 
  •  Walk into the nearest SIB Branch. 
  •  Complete the remittance Receive form and furnish transaction details with valid ID proof 
  •  Collect the funds in local currency.