The Reserve Bank of India (RBI) today launched a cross-border one-way remittance scheme — India to Nepal — called Indo-Nepal Remittance Scheme targeting the Nepalese migrant workers in India.
The remittance is limited to 12 transactions a year per sender with a maximum amount of Rs 50,000 per transaction with a normal transaction fee of Rs 50 for an amount less than Rs 5000 and Rs 75 for amount above Rs 5000.
It will be implemented by commercial banks under the National Electronic Fund Transfer (NEFT) System.