Module: General Practice
Q71: Which of the following accurately describes the primary functional difference between an Authorized Dealer (AD) Category-II and an Indian Agent under the Money Transfer Service Scheme (MTSS)?
✅ Correct Answer: B
1. AD Category-II: These entities are authorized to release/remit foreign exchange out of India for private purposes (Medical, Education, Travel). They can also handle inward remittances.
2. MTSS (Money Transfer Service Scheme): This is a specific framework for "Personal Remittances" from abroad to India (e.g., Western Union, MoneyGram). Indian Agents under MTSS are strictly prohibited from allowing outward remittances.
They only receive money and disburse it to beneficiaries in India.
3. The Distinction: AD-II = Two-way flow (Non-trade); MTSS = One-way flow (Inward only).
2. MTSS (Money Transfer Service Scheme): This is a specific framework for "Personal Remittances" from abroad to India (e.g., Western Union, MoneyGram). Indian Agents under MTSS are strictly prohibited from allowing outward remittances.
They only receive money and disburse it to beneficiaries in India.
3. The Distinction: AD-II = Two-way flow (Non-trade); MTSS = One-way flow (Inward only).