KATHMANDU, June 7: Nepal and India have agreed to implement direct transfer of cash between the two countries, allowing the residents of each of the countries to send the cash directly to another country.
Foreign Minister Shishir Khanal, who is currently on an official visit to India, along with India's External Affairs Minister S Jaishankar, jointly launched the transfer service on Sunday. With the bilateral agreement in effect, money can be sent between the two countries through the interconnection between India's Unified Payments Interface and Nepal's National Payment Interface.
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Under the new provision, Indians can now send up to 15,000 Indian currencies at a time. The limit of cash amount to transfer from Nepal to India is Rs 200,000 per month, according to Nileshman Singh Pradhan, chief executive officer of Nepal Clearing House Limited (NCHL). "Likewise, Nepalis working in India or residents from India can send up to Rs 200,000 each time," said Pradhan.
From now onwards, money can be sent from bank account to bank account. Currently, this service can be used through about half a dozen banks in Nepal. Indians visiting Nepal have already been getting the facility of paying through QR in Nepali land. However, those Nepalis going to India have been barred from paying through QR code on Indian land.
Three years ago, similar service was started under the cross border payment agreement signed between Nepal and India. In the new provision, money can be sent from Indian banks to Nepali banks and vice-versa. Now, such facilities are available to Indians working or temporarily living in Nepal.
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