Home Indo-Nepal Remittance Scheme New Guidelines by RBI

Indo-Nepal Remittance Scheme New Guidelines by RBI

The Indo-Nepal Remittance Facility Scheme (Scheme) was launched by the Reserve Bank of India in May 2008 to facilitate cross-border remittances from India to Nepal. The Indo-Nepal Remittance Facility Scheme focus on requirements of migrant workers of Nepali origin working in India. The Indo-Nepal Remittance Facility Scheme used to send money Through National Electronic Funds Transfer (NEFT) available in the country . At present there is a ceiling of ₹50,000 per remittance with a maximum of 12 remittances in a year under The Indo-Nepal Remittance Facility Scheme. The beneficiary receives funds in Nepalese Rupees in bank account maintained with the subsidiary of State Bank of India (SBI) in Nepal, i.e., Nepal SBI Bank Limited (NSBL) or through an agency arrangement.
The following enhancements are announced –
Increase in the ceiling per transaction from ₹50,000 to ₹2 lakh.
Removal of the cap of 12 remittances in a year per remitter.

New guidelines shall come into effect from October 01, 2021.
As hitherto, banks shall accept remittances by way of cash from walk-in customers or non-customers. The ceiling of ₹50,000 per remittance with a maximum of 12 remittances in a year shall, however, continue to apply for such remittances.
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One More RBI Scheme is Popular to send money abroad i.e. Liberalised Remittance Scheme. For Details Please click here Liberalised Remittance Scheme