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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