Categories: Banking

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.

About the Indo-Nepal Remittance Facility:

Indo-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.

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.

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