International payments up to Rs 1 lakh per month through QR

After the amendment issued by the Central Bank on Thursday, Indian citizens working in Nepal will get the same facilities in terms of salary by using the electronic system including accounts opened in the Nepali Commercial Bank and National Development Bank and depositing 15,000 Bharu per day and 1 lakh per month.

Similarly, Nepalese citizens can also pay for goods and services up to one lakh Indian rupees per month through QR in India and Bhutan, according to the Rashtra Bank circular. By adding Section 9 to the Integrated Circular-080, the National Bank has made it clear that merchant payments will be available through electronic means other than cards in India and Bhutan.

This facility, which was previously provided only through cards, has now been started through QR. QR code can now also be used to send remittances from India to Nepal. "Such remittance amount can be received by depositing it in the account or wallet operating with the financial institutions and payment service providers licensed to conduct banking transactions from this bank in accordance with the prevailing law, which is not licensed to conduct foreign exchange transactions," the amendment said.

Until the National Payment Switch is fully operational, the Rastra Bank has said that all services, remittances, payments made abroad can be done through the Retail Payment Switch (RPS). According to the information regarding the amendment of the circular published by the Foreign Exchange Management Department of the National Bank, if the amount received in Indian currency from the commercial and national level development bank through the QR code, it will be received in Nepali currency instead of in Indian currency.

In the Integrated Instruction on Payment System - 080 published by the Payment System Department of the National Bank on Thursday, it is said that organizations that have received a license to conduct international transactions through QR codes must obtain prior consent from the department before entering into an agreement with a foreign institution. According to the circular, the department must obtain approval before starting the transaction with the foreign organization. According to the

department, if the transaction is not completed and the balance is reduced, the transaction amount will be charged or not. Settlement should be done within 30 days of transaction at most. It is said that the responsibility of both the equipment issuing and acquiring organizations will be.