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RBI Ups Per Transaction Cap To ₹ 2 lakh Under Indo-Nepal Remittance Scheme

RBI Ups Per Transaction Cap To ₹ 2 lakh Under Indo-Nepal Remittance Scheme

Reserve Bank of India (RBI) has increased the ceiling on remittances per transaction from India to Nepal to ₹ 2 lakh from ₹ 50,000. it will help facilitate retirement and pension-related payments to ex-servicemen settled in the neighboring country.

  • RBI has also eliminated the cap of 12 remittances in a year per emitter.
  • It will boost trade payments between the two countries, as also facilitate person-to-person remittances electronically to Nepal.
  • Enhancements will come into effect from October 1st, 2021.

Indo-Nepal Remittance Facility Scheme

  • The scheme was launched by RBI in May 2008 as an option for cross-border remittances from India to Nepal.
  • It aims to focus on the requirements of migrant workers of Nepali origin working in India.
  • it leverages the National Electronic Funds Transfer (NEFT) ecosystem available in the country for the origination of such remittances and entails a ceiling of ₹50,000 per remittance with a maximum of 12 remittances in a year.

About Reserve Bank of India (RBI) –

  • Governor: Shaktikanta Das Trending
  • Headquarters: Mumbai
  • Founder: British Raj
  • Founded: 1 April 1935, Kolkata

About Nepal –

  • Capital: Kathmandu
  • Currency: Nepalese rupee
  • Prime minister: Sher Bahadur Deuba
  • President: Bidhya Devi Bhandari

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SourceNDTV
RBI Ups Per Transaction Cap To ₹ 2 lakh Under Indo-Nepal Remittance Scheme 1
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