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RBI raised Limit Under Indo-Nepal Remittance Facility Scheme

Published on August 31, 2021
Current Context: The Reserve Bank of India (RBI) has raised the limit of fund transfer under the Indo-Nepal Remittance Facility Scheme.
RBI raised Limit Under Indo-Nepal Remittance Facility Scheme
  • Under the new updates for the scheme, RBI has raised the limit from Rs 50,000 per transaction to Rs 2 lakh per transaction.
  • Initially, there was a ceiling limit of 12 transactions per year, but now this limit is dismissed by the central bank.
  • But for the cash-based transfers under the same scheme, the per transaction limit of Rs 50,000 will still be present with a maximum number of transfers in a year allowed to be 12.
  • The new enhancement limit will be effective from 1st Oct 2021.
  • The reason for raising the limit is to enhance the trade payments between India and Nepal.
  • This will also help to have person-to-person remittances electronically to Nepal.
  • Indo-Nepal Remittance Facility Scheme: Under this scheme, the beneficiaries receive funds in Nepalese Rupees. The funds are received into the bank account maintained with the subsidiary of State Bank of India in Nepal, i.e. Nepal SBI Bank Ltd (NSBL).

Question: 

Q.1 RBI has raised the limit from Rs 50,000 per transaction to Rs ___ per transaction under the Indo-Nepal Remittance Facility Scheme?
a. Rs 1 lakh
b. Rs 85,000
c. Rs 2 lakh
d. Rs 70,000
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