Reserve Bank of India launches new money remittance service

The Reserve Bank of India has reported today the launch of a new remittance service called Indo-Nepal Remittance Scheme, a cross-border one-way remittance scheme. The new service has been launched especially for the Nepalese who work in India. 

According to Business Standard the remittance is limited to 12 transactions a year per sender. The maximum amount is 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 was also said that the service will be implemented by commercial banks under the National Electronic Fund Transfer (NEFT) System.