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.