Rupee Drawing Arrangement(RDA) and Money Transfer Service Scheme(MTSS) are channels of cross border remittances. Which of the following statements is incorrect regarding the RDA and MTSS?
1
The MTSS is a way of transferring personal remittances from abroad to beneficiaries in India.
2
No cash disbursement of remittances is allowed under the RDA.
3
The RDA and MTSS can be used for cross-border outward remittances from India.
4
A cap of USD 2500 along with 30 remittances in a calendar year is placed under MTSS.
5
Under MTSS, cash disbursement of ₹50000 is allowed to be received by an Indian beneficiary.