(a) whether the Government proposes to revise the guidelines regarding the money transfer scheme ;
(b) if so, the details thereof; and
(c) the fresh steps taken by the Government to check unhindered transfer of money into and outside the country especially
through hawala transactions?
MINISTER OF STATE IN THE MINISTRY OF FINANCE
(SHRI PAWAN KUMAR BANSAL)
(a)&(b) Yes, Sir. With a view to streamline the procedure for Money Transfer Service Scheme (MTSS), Government has,
inter-alia,approved that Scheduled Commercial Banks, Post Offices, Full Fledged Money Changers (FFMCs), being regulated
entities,authorized to deal in money transfer business, will be cleared as Principal Agents directly by RBI under intimation to
the Ministry of Home Affairs (MHA).Other existing & proposed entities will be permitted for being appointed as principal
agents by RBI, with prior approval of MHA in accordance with its security requirements, electronic and physical preservation
of records including identification documents, verification of background and antecedents of overseas principals by RBI etc.
(c) Government of India has set up Financial Intelligence Unit - India (FlU IND) as . the Central National Agency responsible for
receiving, processing, analyzing and disseminating information relating to suspicious financial transactions to the Enforcement
Agencies and foreign FIUs.