{"what_this_is":"The machine-readable twin of the BankPulse page for one RBI rulebook. Same points, same dates, same paragraph references as the page a person reads. RBI's own wording is not reproduced here: each point names the RBI paragraph, the character offset into the text BankPulse read and the sha256 of that text, so the claim can be checked against RBI's own document.","schema_version":1,"release_id":"d653cdb0a5","generated_at":"2026-09-15T00:33:59.117975+00:00","id":"md10868","title":"Master Direction – Money Transfer Service Scheme (MTSS) (Updated as on November 28, 2025)","document_kind":"Master Direction","page":"https://bankpulse.ai/rule/md10868","status":"In force","importance":{"code":"FYI","label":"FOR INFORMATION","weight":"For information","why":"General RBI update: no desk rule matched — read the source if it touches your work","layer":"bankpulse_inference"},"applies_to":{"shown":"Banks, money changers and post offices approved to send money transfers (MTSS agents)","class_code":"ALL","from":"the document's own title","layer":"bankpulse_inference"},"dates":{"prid":"md10868","mode":"four_dates_v1","published":{"label":"Published","value":"Feb 23, 2017","stated":true,"why":"The day RBI put this document out."},"effective":{"label":"Starts to apply","value":"","stated":false,"why":"Not stated separately in this document. Read the rule itself before you assume a start date."},"transition":{"label":"Time to get ready","value":"","stated":false,"why":"Cannot be worked out until the day it starts to apply is known."},"deadline":{"label":"Last date to act","value":"","stated":false,"why":"No date to act by was found in this document. Other dates may sit inside single paragraphs."},"sources":{"published":"doc_date in data/highlights/md10868.json","effective":"none held","transition":"none held","deadline":"none held"}},"rbi_source":{"url":"https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10868","document_date":"Feb 23, 2017","read_by_bankpulse":"2026-08-21 16:28:18 UTC","text_sha256":"e2d84d77741af2ffbd2da17797165c9cc4d22cbbf3505e47f8cec07a9e94a5c1","word_count":4459,"standing_last_checked":"Standing checked on RBI’s Master Directions index, 15 September 2026, 5:58 am IST."},"counts":{"points_shown":28,"points_naming_an_rbi_paragraph":28,"points_stored":28,"actions":0,"amendments":0},"points":[{"n":1,"claim":"md10868-ec7d1447","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"Who this scheme covers","plain_english":"MTSS lets banks and money changers send personal money transfers from abroad into India.","rbi_paragraph":"Para 1","rbi_char_offset":3564,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p1","layer":"bankpulse"},{"n":2,"claim":"md10868-44e66158","page_group":"Must know","stored_section":"WHO IT APPLIES TO","heading":"No sending money abroad","plain_english":"An Indian Agent cannot send any money from India back to the Overseas Principal.","rbi_paragraph":"Para 1","rbi_char_offset":3730,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p2","layer":"bankpulse"},{"n":3,"claim":"md10868-43a776e0","page_group":"Must know","stored_section":"BECOMING AN AGENT","heading":"Who may apply to join","plain_english":"Only an Authorised Dealer, a money changer, a scheduled bank or the post office may apply.","rbi_paragraph":"Para 3","rbi_char_offset":5611,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p3","layer":"bankpulse"},{"n":4,"claim":"md10868-4cb2078e","page_group":"Must know","stored_section":"BECOMING AN AGENT","heading":"Net worth needed to join","plain_english":"A bank or money changer needs at least Rs 50 lakh of its own funds to become an agent.","rbi_paragraph":"Para 3","rbi_char_offset":5838,"weight":"MUST KNOW","role":"Finance and accounts","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p4","layer":"bankpulse"},{"n":5,"claim":"md10868-73544e1b","page_group":"Must know","stored_section":"BECOMING AN AGENT","heading":"Declare no enforcement case","plain_english":"A new agent must declare that no enforcement case is pending against it or its directors.","rbi_paragraph":"Para 3","rbi_char_offset":7029,"weight":"MUST KNOW","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p5","layer":"bankpulse"},{"n":6,"claim":"md10868-7b35355b","page_group":"Must know","stored_section":"MONEY HELD AS SECURITY","heading":"Security money from abroad","plain_english":"The foreign partner keeps security money with an Indian bank. It must be three days of transfers, or USD 50,000, whichever is more.","rbi_paragraph":"Para 3","rbi_char_offset":8981,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p6","layer":"bankpulse"},{"n":7,"claim":"md10868-a3cdad3a","page_group":"Must know","stored_section":"MONEY HELD AS SECURITY","heading":"Least amount as foreign currency","plain_english":"At least USD 50,000 of that security money must be kept as a foreign currency deposit.","rbi_paragraph":"Para 3","rbi_char_offset":9168,"weight":"MUST KNOW","role":"Treasury","team":null,"products_covered":["trade-finance"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p7","layer":"bankpulse"},{"n":8,"claim":"md10868-4b9887de","page_group":"Must know","stored_section":"LIMITS ON EACH TRANSFER","heading":"Cap on one transfer","plain_english":"RBI has capped a single money transfer under this scheme at USD 2500.","rbi_paragraph":"Para 3","rbi_char_offset":9893,"weight":"MUST KNOW","role":"Operations","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p8","layer":"bankpulse"},{"n":9,"claim":"md10868-c5bfa8e1","page_group":"Must know","stored_section":"LIMITS ON EACH TRANSFER","heading":"Cash limit to a reader","plain_english":"Up to Rs 50,000 of a transfer can be paid in cash. Any larger amount must go by cheque, draft or bank transfer.","rbi_paragraph":"Para 3","rbi_char_offset":9970,"weight":"MUST KNOW","role":"Operations","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p9","layer":"bankpulse"},{"n":10,"claim":"md10868-59396a13","page_group":"Must know","stored_section":"LIMITS ON EACH TRANSFER","heading":"Yearly cap per person","plain_english":"One person can receive only 30 money transfers under this scheme in a calendar year.","rbi_paragraph":"Para 3","rbi_char_offset":10447,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p10","layer":"bankpulse"},{"n":11,"claim":"md10868-9beedf21","page_group":"Must know","stored_section":"FOREIGN PARTNER'S OWN LICENCE","heading":"PSS Act licence needed","plain_english":"The foreign partner must first get RBI's payment-system licence under the PSS Act, 2007.","rbi_paragraph":"Para 4","rbi_char_offset":12025,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p11","layer":"bankpulse"},{"n":12,"claim":"md10868-db47919f","page_group":"Must know","stored_section":"FOREIGN PARTNER'S OWN LICENCE","heading":"Foreign partner needs a licence","plain_english":"The foreign partner must be licensed for money transfer in its own home country.","rbi_paragraph":"Para 4","rbi_char_offset":12429,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p12","layer":"bankpulse"},{"n":13,"claim":"md10868-eba54568","page_group":"Must know","stored_section":"THE FOREIGN PARTNER","heading":"Foreign partner's own net worth","plain_english":"The foreign money transfer company must hold at least USD 1 million of its own net worth at all times.","rbi_paragraph":"Para 4","rbi_char_offset":12706,"weight":"MUST KNOW","role":"Finance and accounts","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p13","layer":"bankpulse"},{"n":14,"claim":"md10868-24822e8d","page_group":"Must know","stored_section":"SUB-AGENTS","heading":"Report new sub-agents quarterly","plain_english":"An Indian Agent must report new sub-agents to RBI within 15 days of each quarter's end.","rbi_paragraph":"Para 5","rbi_char_offset":15151,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p14","layer":"bankpulse"},{"n":15,"claim":"md10868-f772054c","page_group":"Must know","stored_section":"SUB-AGENTS","heading":"Checking a sub-agent every year","plain_english":"An Indian Agent must run these background checks on a sub-agent at least once a year.","rbi_paragraph":"Para 5","rbi_char_offset":17329,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p15","layer":"bankpulse"},{"n":16,"claim":"md10868-0b7d8f86","page_group":"Must know","stored_section":"SUB-AGENTS","heading":"Drop a failing sub-agent","plain_english":"An Indian Agent must end its agreement with a sub-agent that fails these checks within three months.","rbi_paragraph":"Para 5","rbi_char_offset":17572,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p16","layer":"bankpulse"},{"n":17,"claim":"md10868-1bfb1f1f","page_group":"Must know","stored_section":"SUB-AGENTS","heading":"Monthly visits to sub-agents","plain_english":"An Indian Agent must physically inspect each sub-agent's office and records at least once a month.","rbi_paragraph":"Para 5","rbi_char_offset":18293,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p17","layer":"bankpulse"},{"n":18,"claim":"md10868-94d2340d","page_group":"Must know","stored_section":"SUB-AGENTS","heading":"Indian Agent answers for sub-agents","plain_english":"The Indian Agent, not RBI, is responsible for everything its own sub-agents do.","rbi_paragraph":"Para 5","rbi_char_offset":19093,"weight":"MUST KNOW","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p18","layer":"bankpulse"},{"n":19,"claim":"md10868-ec72a684","page_group":"Must know","stored_section":"RENEWING PERMISSION","heading":"When to apply for renewal","plain_english":"An agent must apply to renew its permission at least one month before it expires.","rbi_paragraph":"Para 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money.","rbi_paragraph":"Para 8","rbi_char_offset":23604,"weight":"MUST KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p21","layer":"bankpulse"},{"n":22,"claim":"md10868-b1c3c762","page_group":"Must know","stored_section":"KEEPING ENOUGH OWN FUNDS","heading":"Yearly certificate to RBI","plain_english":"Every Indian Agent must send RBI its yearly audited accounts and a certificate on its own funds.","rbi_paragraph":"Para 9","rbi_char_offset":25424,"weight":"MUST KNOW","role":"Finance and accounts","team":null,"products_covered":["foreign-exchange"],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p22","layer":"bankpulse"},{"n":23,"claim":"md10868-bbbbe191","page_group":"Must know","stored_section":"KEEPING ENOUGH OWN FUNDS","heading":"Report a funds shortfall","plain_english":"An agent whose own funds fall below the minimum must tell RBI at once, with a plan to fix it.","rbi_paragraph":"Para 9","rbi_char_offset":25810,"weight":"MUST KNOW","role":"Finance and accounts","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p23","layer":"bankpulse"},{"n":1,"claim":"md10868-00a1053f","page_group":"Do it","stored_section":"KEY DATES","heading":"Collateral reviewed every quarter","plain_english":"An Indian Agent must review its security money every quarter, based on the last three months.","rbi_paragraph":"Para 3","rbi_char_offset":9315,"weight":"GOOD TO KNOW","role":"Treasury","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p24","layer":"bankpulse"},{"n":2,"claim":"md10868-0ffc9e5e","page_group":"Do it","stored_section":"RENEWING PERMISSION","heading":"How long a permission lasts","plain_english":"RBI first grants permission for one year, then renews it for one to three years at a time.","rbi_paragraph":"Para 6","rbi_char_offset":19761,"weight":"GOOD TO KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p25","layer":"bankpulse"},{"n":3,"claim":"md10868-a23a0a34","page_group":"Do it","stored_section":"RBI CAN INSPECT","heading":"RBI's power to inspect agents","plain_english":"RBI can inspect any Indian Agent under this scheme at any time.","rbi_paragraph":"Para 7","rbi_char_offset":22224,"weight":"GOOD TO KNOW","role":"Legal","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p26","layer":"bankpulse"},{"n":4,"claim":"md10868-3df190a4","page_group":"Do it","stored_section":"KYC ON THE MONEY RECEIVED","heading":"Keep the recipient's papers","plain_english":"The bank must keep the recipient's identification papers under the money-laundering record rules.","rbi_paragraph":"Para 8","rbi_char_offset":24540,"weight":"GOOD TO KNOW","role":"Compliance","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p27","layer":"bankpulse"},{"n":5,"claim":"md10868-792df226","page_group":"Do it","stored_section":"MOVING CASH DURING ELECTIONS","heading":"Cash limit during elections","plain_english":"During elections, cash movement is capped at Rs 10,00,000, or USD 1,00,000 in foreign currency.","rbi_paragraph":"Para 10","rbi_char_offset":28688,"weight":"GOOD TO KNOW","role":"Operations","team":null,"products_covered":[],"products_excluded":[],"bankpulse_example":null,"anchor":"https://bankpulse.ai/rule/md10868#p28","layer":"bankpulse"}],"actions":[],"amendments":[],"layers":{"rbi_source":"Facts taken from RBI's own document.","bankpulse":"BankPulse's plain-English summary of RBI's document.","bankpulse_inference":"BankPulse's own inference, not stated by RBI."},"rbi_wording_not_included":"By design. BankPulse never republishes RBI's exact sentences. Use rbi_paragraph with rbi_source.url to read RBI's own words.","terms":"BankPulse's plain-English summaries are BankPulse's own work. The underlying regulation is the Reserve Bank of India's. Always check the RBI document named in rbi_source before acting."}