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MTSS Sub-Agent Reporting: Half-Yearly Statement Dropped

Current · Source: Reserve Bank of India · RBI/2012-13/286 · issued 07 Nov 2012 · ~2 min read
Quick answerRBI has discontinued the half-yearly submission of sub-agent lists by Indian Agents under MTSS. Instead, agents must report additions/deletions immediately to their regional FED office and verify the online list quarterly.
The rule, in the simplest words
How it plays out — a real example

As a forex & trade-finance officer in Indore, I now need to inform RBI immediately whenever I appoint or remove a sub-agent. I also need to verify the list of sub-agents on RBI's website regularly and report any errors to the concerned FED office. At the end of each quarter, I'll confirm the accuracy of the list to RBI's FED CO.

What changed

Previously, Authorised Persons (Indian Agents) under MTSS had to submit a half-yearly list of sub-agents to RBI's Foreign Exchange Department (Central Office). This requirement has been removed. Now, agents must report any addition or deletion of sub-agents immediately to the concerned Regional Office of FED and to the Forex Markets Division at Central Office. Agents are also required to verify the sub-agent list on RBI's website regularly and confirm its accuracy to FED CO within 15 days of each quarter-end.

What it means for you

This reduces administrative burden on Indian Agents by eliminating a periodic reporting requirement. However, it increases the onus on agents to maintain real-time accuracy of sub-agent data and proactively report changes. Banks and other agents must now ensure their internal systems can promptly notify RBI of any sub-agent appointments or removals, and they must schedule quarterly verification of the online list.

What you must do

Who it affects

Authorised Persons (Indian Agents) under Money Transfer Service Scheme, Banks and other entities acting as Indian Agents under MTSS, Sub-agents of MTSS

❓ Common questions

What is the new reporting requirement for sub-agent changes?

Instead of a half-yearly list, you must now inform the concerned Regional Office of FED and the Forex Markets Division at Central Office immediately whenever you appoint or remove a sub-agent.

How often must I verify the sub-agent list on RBI's website?

You should visit the RBI website at regular intervals to check the list. Additionally, you must confirm the list's accuracy to FED Central Office within 15 days of the end of each quarter.

What happens if I find an error in the online sub-agent list?

Any aberration should be brought immediately to the notice of the concerned FED Regional Office and FED Central Office.

📜 Read the original circular — full text as issued by RBI
RBI/2012-13/286 A.P. (DIR Series) Circular No. 49 November 7, 2012 To, All Authorised Persons, who are Indian Agents under Money Transfer Service Scheme. Madam / Sir, 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. Yours faithfully, (Rudra Narayan Kar) Chief General Manager
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2012-13/286 · issued 07 Nov 2012. The plain-English explanation above is BankPulse’s own independent summary.
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Worked example & action-note template

Example: if you are a Compliance officer at a bank this circular applies to (Authorised Persons (Indian Agents) under Money Transfer Service Scheme, Banks and other entities acting as Indian Agents under MTSS, Sub-agents of MTSS), your first concrete step on “MTSS Sub-Agent Reporting: Half-Yearly Statement Dropped” is: “Stop submitting the half-yearly sub-agent list to FED Central Office; instead, report any sub-agent addition or deletion immediately to your regional FED office and to Forex Markets Division, FED CO.” (RBI issued this 07 Nov 2012).

  1. Circular: RBI/2012-13/286 -- MTSS Sub-Agent Reporting: Half-Yearly Statement Dropped
  2. Issued: 07 Nov 2012
  3. Action required: Stop submitting the half-yearly sub-agent list to FED Central Office; instead, report any sub-agent addition or deletion immediately to your regional FED office and to Forex Markets Division, FED CO.
  4. Action required: Visit the RBI website regularly to verify the published list of your sub-agents and report any discrepancies to the concerned FED RO and CO.
  5. Action required: Within 15 days of the end of each quarter, send a letter or email to FED CO confirming the accuracy of the sub-agent list on the RBI website.
  6. Owner: ____________ Target date: ____________
  7. Board/committee approval needed? Y / N
  8. Evidence filed in compliance register on: ____________
Built only from this circular’s own published fields — not legal advice; always confirm against the official RBI source.

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Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7681&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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