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December 2012

A. P. (DIR Series) Circular No. 49 dated 7th November, 2012

By Gaurang Gandhi, Chartered Accountant
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Money Transfer Service Scheme – List of Sub Agents

Presently, authorised persons (AP), who are Indian Agents under the Money Transfer Service Scheme (MTSS), are required to submit a list of their subagents to the Foreign Exchange Department (FED), Central Office (CO) of RBI on a half yearly basis.

This circular provides that, since the list of subagents is already placed on RBI website (www.rbi. org.in), AP are no longer required to submit a list of their sub-agents to BI on a half-yearly basis. AP are now required to inform immediately any change/ addition/deletion to the list of their sub-agents to the Regional Offices of FED of RBI. AP are further required to verify the correctness of the list from the RBI website and intimate the same to RBI either through a letter or by e-mail within 15 days of the end of each quarter.

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