RBI enhances limit under Indo-Nepal Remittance Facility to Rs 2 lakh
- The Reserve Bank of India has increased the limit of fund transfer under the Indo-Nepal Remittance Facility Scheme from Rs 50,000 per transaction to Rs 2 lakh per transaction.
- Earlier there was a ceiling limit of 12 transactions in a year. Now, this limit has also been removed.
- However, for cash-based transfers under the Indo-Nepal Remittance Facility, the per transaction limit of Rs 50,000 will still be present with a maximum number of transfers in a year allowed at 12.
Points to remember:
- Maximum limit for online fund transfer under the Indo-Nepal Remittance Facility Scheme?= Rs 2 lakh
- Maximum limit for cash based fund transfer under the Indo-Nepal Remittance Facility Scheme?= Rs 50,000
Source: RBI
What is Indo-Nepal Remittance Facility?
Ind0-Nepal Remittance Facility is a fund transfer mechanism from India to Nepal (not otherwise) that operates on NEFT. It was started by RBI in the year 2008. It is managed by SBI in India and Nepal SBI Bank Limited (NSBL) in Nepal.