RBI Allows Direct E-transfer of Inward Foreign Remittances

To facilitate receipt of foreign inward remittances directly into the bank accounts of beneficiaries, the RBI on Tuesday said it will allow such remittances to be transferred to the Know-Your-Customer compliant beneficiary bank accounts through electronic mode, such as National Electronic Funds Transfer and Immediate Payments Service.

“Foreign inward remittances received by the bank acting as Indian agent under the money transfer service scheme, may be electronically credited to the account of the beneficiary, held with a bank other than the Indian agent bank (termed as ‘recipient bank’),” the RBI said. 

Business Line, New Delhi, 05-03-2014