BANKING GENERAL KNOWLEDGE
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Question
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42
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10
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24
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12
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Detailed explanation-1: -Ans: There is no limit on remittances if the sender is maintaining account with any NEFT enabled bank-branch in India. Walk-in / Non-customers are allowed to remit 12 remittances in a year with ceiling of ₹50, 000 per remittance. 4. Does the beneficiary need to maintain an account with a bank branch in Nepal?
Detailed explanation-2: -The Reserve Bank of India (RBI) has a limit of $2, 50, 000 (INR 2, 04, 50, 250) per financial year for foreign remittances. This includes both personal and business-related transactions. Any remittance amount that crosses this limit requires you to take prior permission from the RBI itself.
Detailed explanation-3: -Outward Remittance for NRIs While the NRE and FCNR accounts have no remittance limits, NRIs with an NRO account can only remit up to $1 million in a given financial year.
Detailed explanation-4: -Frequently asked questions. How much money can I send to Nepal? You can send up to $5, 000 per transfer to family and friends in Nepal.
Detailed explanation-5: -The maximum amount per transaction is limited to Rs. 50, 000/-for cash-based remittances within India and Nepal as per the Indo-Nepal Remittance Facility Scheme. Charges for remittance through IMPS are different across member banks and PPIs.