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April 2014

A. P. (DIR Series) Circular No. 110 dated 4th March, 2014

By Gaurang Gandhi Chartered Accountant
Reading Time 1 mins
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Money Transfer Service Scheme – ‘Direct to Account’ facility

This circular permits recipient banks to credit foreign inward remittances received under MTSS directly to the bank accounts of beneficiaries that are KYC compliant, subject to certain terms and conditions, through electronic mode, such as NEFT, IMPS, etc. The partner bank must clearly mark the direct-toaccount remittances to indicate to the Recipient Bank that it is a foreign inward remittance.

In cases where the bank accounts of the beneficiaries are not KYC compliant, the Recipient Bank has to carry out KYC/CDD before the remittance can be credited the bank account or allowed to be withdrawn.

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