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Meaning of Money Transfer Money Transfer means, transferring of money from one part of the globe to another. It is the quickest and easiest possible way of transferring personal funds from abroad to the beneficiaries in India.
RBI GUIDELINES
1)Only person-to-person remittances are permissible under the Money Transfer Service Scheme.
2)Any single remittance under the scheme shall not exceed USD 2500 or its equivalent in other currencies. 3)Allowed to have only 12 transactions to a single beneficiary in a calendar year.
RBI GUIDELINES
4) All remittances exceeding Rs.50,000/- shall be paid only by Cheque/DD / NEFT (However, there is no cash payout limit for foreigners/foreign passport holders in India. . 5 )Investments or credit to NRE accounts or donations/contributions to charitable Organizations are not permitted through this scheme.
: 10 digits : 78%
X Press Money
Agency Name Secret No : UAE exchange : X Pin No
Money Gram
Agency Name Secret No : Thomas Cook : Referance No
: 8 digits : 50%
EZ Remit
Agency Name Secret No : BFC : Transaction Security No.
Transfast
Agency Name Secret No : Transfast : Pin No
Instant cash
Agency Name Secret No : Wall street : ICTC No/Order No
Important Circulars
MAGRO:3417-Regional Wise Confirmation. MAGRO:3124-Introduction of NEFT system. MAGRO:3113-Stoppage of Issuing Axis bank cheque. MAGRO:3029-Introduction of Western Union Money Transfer. MAGRO:3644-Penalty for the nonconfirmation of Money Transfer in Agency site.
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