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8/28/2019 (62) What is the difference between the rupee drawing arrangement (RDA) and the money transfer

y transfer service scheme (MTSS)? Please…

Layman's Explanations Money Transfers Money Related Questions

What is the difference between the rupee drawing I have initiated a person to transfer me the money
arrangement (RDA) and the money transfer service in mauritian rupee in India Allahabad bank. Will
there be any problem if it is not in usd?
scheme (MTSS)? Please explain it in simple words.
Why is there a difference between money that u
Answer Follow · 5 Request transfer and money that gets credited . There is
almost 2% lesser credit apart from transfer ch...

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Answered May 26, 2017 money (no more currency and coins) for every
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transaction in India?
I ought to remove this claim over economics expertise soon.
Where should be keep our money? Rupee value
Anyway, I’m not a qualified economist, but I nevertheless ran a Google search keeps bouncing, crypocurreny is not reliable.
Where should be keep our money so that we don't
and read up on the contents of 2–3 links. I hope you find my synthesis useful.

Rupee Drawing Arrangement (RDA): What is Cash Reserve Ratio, Repo Rate and
Reverse Repo Rate in layman's term. Also how
It is a channel/method to obtain money from overseas in the form of remittance does RBI decides what amount of currency should
be circ...
(gifts). It is usually limited to individuals only, but a certain limit of money
exchange for trade purposes can be done via RDA as well. Only a certain What chrges I have to pay if I will receive money
of 4000 pound in India and to convert it into
category of bank, called AD-I (Authorized Dealer-I; the level of permit allowed to rupee?
a bank to exchange foreign currency as per RBI directives) is allowed to transact
I have Yugoslovia 1993 bank note currency
via RDA. 500000000 DINARA, it is valid now? If it is valid
what is the price in Indian currency?
In this arrangement, the authorized banks use approved exchange houses as
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their representative in a foreign land (which too are approved by RBI) to perform
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monetary exchange under the RDA. The money to be remitted is sent to the
bank account of the receiver, and no cash remittance is allowed under RDA.
Also, there is no limit over the amount of money transferred to an individual’s
account. However, there is an upper limit of Rs. 150000 (now Rs. 500000) on
any trade-related exchange.

Money Transfer Service Scheme (MTSS):

MTSS is quite similar to RDA, except for the limitation that they can only be
used to remit money to close relatives for Indians, and for transference of funds
to foreign tourists from their families/friends. Any other kind of remittance, like
donations, trade remittances and charity funds are not allowed via MTSS.

This arrangement works quite similar to the RDA’s arrangement. The foreign
money transfer companies are called Overseas Principal, and the Indian Agents
are AD-I compliant banks who are responsible for distribution of the fund sent
in by the Overseas Principal at the current currency exchange rates. These
Indian Agents can also appoint sub-agents, which can be local businesses,
commercial establishments etc. Basically any business which gets a permission
from the banks can become a sub-agent.

There is also a limit over the exchange done via MTSS. Currently (as per RBI
website’s FAQ[1]) it is USD 2500, and a maximum of 30 remittances can be done
8/28/2019 (62) What is the difference between the rupee drawing arrangement (RDA) and the money transfer service scheme (MTSS)? Please…

by an individual in one year.

There is however, allowance for cash remittance, unlike RDA, which has no
provision for cash remittance. The current limit for this is Rs. 50000, and money
exceeding this can be paid via cheque, demand draft, etc. For a foreign tourist,
an exception can be made, where he can be allowed more than Rs. 50000 in cash
via MTSS.

So well, that’s it. I hope it was helpful to you.

Now I’m off to remove my proclamation over the title of economist.

[1] Frequently Asked Questions
4.4k views · View Upvoters · Answer requested by Shubham Goel

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