This Week's Top Stories about Sending Money Abroad from Delhi

DELHI, India - Sept. 20, 2021 - PRLog -- The week has been filled with development and news on money remittance. People who are looking for options to send money abroad from Delhi should pay heed to these headlines from over the week to gauge better opportunities and send money at a better value.

The Reserve Bank of India has hiked the cap on the transaction limit for sending money to Nepal from India. The previously set cap of Rs. 50,000 per transaction has been increased. The cap now sits at Rs. 2 lakh per transaction. The circular has been issued and banks and money remittance agencies are soon to follow suit. According to The Reserve Bank of India, this decision will help make payments related to pension towards retirement to ex-servicemen who are settled in neighboring countries.

India and Singapore will link the popular Unified Payments Interface, known as UPI, with PayNow in order to bolster the efficiency of trade, travel, and remittance of money. This linkage will allow users availing of either platform to seamlessly transfer money on a reciprocal basis without having to get on board the other. The Reserve Bank of India hopes to get this operational by July 2022.

A study conducted by researchers from a Delhi-based institute, at Monash University, Australia, says that the reverse migration of workers to the state of Bihar due to COVID has adversely affected remittance. According to the study conducted from October 2020 to January 2021, remittance has halved due to this. The study has been conducted towards Human Development and the Center for Development Economics and Sustainability and has been funded by the International Growth Center.

The popular online bank, PayTM Payments Bank, is all set to expand its horizons to offer international remittance services. According to its CEO, the New Umbrella Entity which has been proposed by the PayTM Payments Bank and its investors, will revolutionize the scenario of digital payments in India, if their plans are approved.

This is the first time that the annual remittance outflow from India has witnessed a fall since 2015. The Reserve Bank of India doubled the annual limit for sending money abroad and set the cap at USD 250000 back then but now, the outflow has seen contraction. This, however, is good news for current accounts as they will be able to conduct more transactions under the Liberalized Remittance Scheme.

RRSB Forex has taken the market for money remittance by storm. The company has emerged as one of the best destinations from where customers can send money abroad from Delhi at the best rates. The exceptional array of services along with the modern approach to business has all but solidified the position of RRSB Forex as the top money remittance company in the country. Visit: https://www.rrsbforex.com/send-money-abroad.php