RBI Hikes Per Transaction Cap To Rs 2 lakh Under Indo-Nepal Remittance Scheme

Reserve Bank on Friday hiked the ceiling on remittances per transaction from India to Nepal to Rs 2 lakh from Rs 50,000, a move that will help facilitate retirement and pension-related payments to ex-servicemen settled in the neighbouring country. Besides, the central bank has removed the cap of 12 remittances in a year per remitter.