Indian nationals can now send money to India thru banking system

KATHMANDU: Indian citizens in Nepal and Nepali citizens in India can now easily send or receive money through the banking system.

Issuing a unified circular to all agencies licensed to carry out foreign exchange transactions on Friday, the Nepal Rastra Bank (NRB) said Indian citizens in Nepal can send up to INR 15,000 per day and up to INR 100,000 per month to personal accounts maintained at Indian banks and financial institutions from personal accounts in Nepali banks and financial institutions through e-banking, inter-bank payments, mobile banking, and QR codes.

Similarly, Nepali citizens in India can send money from their Indian bank accounts to bank accounts in Nepal through e-banking, inter-bank payments, mobile banking, and QR codes under the Indo-Nepal Remittance Facility Scheme.

Similarly, Nepali merchants can receive foreign exchange payments in their accounts maintained in commercial banks or national-level development banks through QR codes.