RBI quadruples Nepal remittance limit

Mayur.Shetty@timesgroup.com

Mumbai: The RBI has hiked the per transaction limit under the

Indo-Nepal remittance facility

from Rs 50,000 to Rs 2 lakh and removed the cap of 12

remittances

per year.

Under the Indo-Nepal facility,

migrant workers

can walk into a bank branch and deposit cash in India and the money is credited to the beneficiary’s account in

Nepalese rupees

in

SBI Bank Nepal

or through an agency arrangement.

“A review of the scheme has since been made to boost trade payments between the two countries, as also to facilitate person-to-person remittances electronically to Nepal,” the RBI said. The enhanced limit is expected to facilitate payment towards retirement and pension dues to

ex-servicemen

who have relocated to Nepal.