Indian Agents not to Submit
List of Sub Agents under Money Transfer Service Scheme
[RBI Circular No. 49 dated
7th November 2012]
Sub:
Money Transfer Service Scheme - List of
Sub Agents
As
per extant instructions, Authorised Persons (APs), who are Indian Agents under
the Money Transfer Service Scheme (MTSS), are required to submit list of their
Sub Agents to the Foreign Exchange Department (FED), Central Office (CO) of the
Reserve Bank on a half yearly basis.
2. On a review, it has been decided to
discontinue submission of the said half yearly statement to FED,CO. The list of
Sub Agents has already been placed on the RBI website (www.rbi.org.in).
Authorised Persons (Indian Agents) should inform any addition/ deletion to the
list (names and addresses of Sub Agents) immediately, as and when they appoint/
remove any Sub Agent under the scheme, to the concerned Regional Offices (ROs)
of the Foreign Exchange Department (FED) of the Reserve Bank, under whose
jurisdiction their registered offices fall and the Forex Markets Division,
Foreign Exchange Department, Reserve Bank of India, Central Office,
Mumbai-400001. Authorised Persons (Indian Agents) should visit the RBI website
and verify the list of Sub Agents on regular intervals and any aberration to
the list observed may immediately be brought to the notice of the concerned FED
ROs and FED Central Office (CO). Further, Authorised Persons (Indian Agents)
should confirm the veracity of the list placed on RBI wesbite to FED CO either
in form of a letter or by e-mail at within 15 days of the end of a quarter.
3. Authorised
Persons (Indian Agents) may bring the contents of this circular to the notice
of their constituents concerned.
4. The directions contained in this Circular have
been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management
Act, 1999 (42 of 1999) and are without prejudice to permissions/approvals if
any, required under any other law.