NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » RBI launches Indo-Nepal remittance scheme

RBI launches Indo-Nepal remittance scheme

January 07, 2009 11:55 IST

The Reserve Bank of India launched a cross-border one-way remittance scheme -- India to Nepal -- called Indo-Nepal Remittance Scheme targeting the Nepalese migrant workers in India on Tuesday.

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 5,000 and Rs 75 for amount above Rs 5,000.

It will be implemented by commercial banks under the national electronic fund transfer system.

BS Reporter in Mumbai