Mumbai, May 15 (UNI) Nepalese citizens, working in India, can now remit funds to their families in Nepal, using the National Electronic Funds Transfer (NEFT) system, participated by over 44,000 bank branches in the country.
This remittance facility could be used by Nepalese citizens either as a walk-in customer or as an account holder and could initiate the remittance to a beneficiary in Nepal upto Rs 50,000.
The scheme envisaged concessional charges, as it was aimed at poor migrant workers of Nepalese origin in India, who desire to remit money to their kith and kin, RBI said in a release here. The money would flow to a designated branch of State Bank of India. From here, it would be consolidated and flown to Nepal SBI, which in turn would disburse the remittance proceeds to the beneficiaries.
The system has been developed by the State Bank of India, in close coordination with the Reserve Bank of India as a follow up of the report of the Committee on 'Modalities of Workers' Remittance between India and Nepal', chaired by RBI Executive Director R B Barman.
The one-way funds transfer mechanism between India and Nepal was today operationalised by Dr Barman, in the presence of senior officials of RBI, Nepal Rashtra Bank, large commercial banks in India and Nepal SBI Limited. RBI took the initiative as a part of the SAARC Finance activities.
The procedural guidelines circulated to banks, are available on the Reserve Bank of India website.
UNI VK SR AG2010