RBI Hikes Transaction Cap To Rs 2 lakh Under Indo-Nepal Remittance Scheme

Enhancement of Indo-Nepal remittance ability adjustment are accepted to addition barter payments

Reserve Coffer on Friday hiked the beam on remittances per transaction from India to Nepal to Rs 2 lakh from Rs 50,000, a move that will advice facilitate retirement and pension-related payments to ex-servicemen acclimatized in the neighbouring country. Besides, the axial coffer has removed the cap of 12 remittances in a year per remitter.

"As hitherto, banks shall accept remittances by way of cash from walk-in barter or non-customers. The beam of Rs 50,000 per remittance with a best of 12 remittances in a year shall, however, continue to apply for such remittances," Reserve Coffer of India (RBI) said in a circular.

While accretion the ceiling, RBI has additionally brash banks to put in abode acceptable acceleration checks and added accident acknowledgment procedures. "The enhancements are additionally expected to facilitate payments relating to retirement, pension, etc., to our ex-servicemen who accept settled/ relocated in Nepal," it said.

The annular is addressed to Chairman/ Managing Director/ Chief Executive Officer of all banks accommodating in NEFT (National Electronic Funds Transfer). The Indo-Nepal Remittance Ability Adjustment was launched by RBI in May 2008 as an advantage for cross-border remittances from India to Nepal, with appropriate focus on requirements of casual workers of Nepali agent alive in India.

The adjustment leverages NEFT ecosystem accessible in the country for alpha of such remittances and entails a beam of Rs 50,000 per remittance with a best of 12 remittances in a year.

The almsman receives funds in Nepalese Rupees through credit to her/ his coffer annual maintained with the accessory of State Coffer of India in Nepal (Nepal SBI Coffer Limited) or through an bureau arrangement.

The enhancements to Indo-Nepal remittance ability adjustment are accepted to addition barter payments amid the two countries, as additionally to facilitate person-to-person remittances electronically to Nepal.

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