Paul Merchants Ltd Gets RBI License for MTSS Business

Paul Merchants Ltd has received approval from the Reserve Bank of India (RBI) to act as an Indian Agent under the Money Transfer Service Scheme (MTSS). This permission, granted by the RBI's Foreign Exchange Department, allows the company to function as a principal agent for overseas entities like Western Union Financial Services Inc. and MoneyGram Payment Systems, Inc. The approval is perpetual and enables Paul Merchants Ltd to undertake inward cross-border money transfer business in compliance with RBI regulations. This marks a significant regulatory authorization for the company's remittance-related activities, with operations to commence under specified conditions.