Question
Download Solution PDFWhat is the minimum amount which can be remitted through Real Time Gross Settlement (RTGS)?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is ₹2,00,000.
Key Points
- Rs. 2,00,000 is the minimum amount that can be remitted through Real Time Gross Settlement (RTGS).
- The acronym "RTGS" stands for Real-Time Gross Settlement, which can be described as a mechanism where fund transfers are settled continuously and in real-time, individually on a transaction basis (without netting).
- "Real-Time" means the delivery of instructions at the time of receipt; "Gross Settlement" means the settlement of instructions for the transfer of funds happens separately.
- The RTGS system is intended specifically for large-value transactions.
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