Why Did Central Bank Reduce Transaction Limit for Domestic Remittance? – |

The central bank has set a domestic remittance transaction limit of Rs. 25,000 per day.

Issuing a notice dated Falgun 18, the central bank has stated that licensed remittance companies, their sub-agents, and sub-representatives can process domestic remittance only of Rs. 25,000 per day per client. Previously, the limit was Rs. 1,00,000 per day.

The notice has clarified that while the limit for domestic remittance has changed, no alterations have been to the existing rule regarding international remittance.

Narayan Prasad Pokhrel, Deputy Spokesperson & Information Officer informed Sharesansar that the central bank wants to discourage the use of remittance intermediaries at the national level. “In all honesty,”…