The revocation will impact UAE Exchange Centre’s operations in India, as it cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme.
MTSS is a quick and easy way of transferring personal remittances from abroad to beneficiaries in India. The RBI has the powers under Section 10(1) of the Foreign Exchange Management Act, 1999, to accord necessary permission to any person to act as an Indian Agent under the Money Transfer Service Scheme.
UAE Exchange Centre LLC was established in the year 1983 and is registered with the Ministry of Commerce and was approved by the Central Bank of Kuwait in 1986. The company deals in remittances like bank transfers, instant money transfers and foreign exchange business.
