Nepal Rastra Bank Increases Foreign Exchange Facility

Kathmandu. Nepal Rastra Bank (NRB) has amended the existing provisions related to foreign currency payment and exchange.

The central bank has increased the foreign currency exchange limit allowed by businessmen and service recipients through the amendment.

The Foreign Exchange Management Department of the Nepal Rastra Bank (NRB) has amended the Integrated Circular 2082 to increase the limit on foreign currency payment in import, service payment, airplane parts, satellite service, payments to India and other transactions.

According to the revised guidelines, the limit for payment in advance from 100,000 US Dollars to 500,000 US Dollars for the purpose of taking airplane engines and parts abroad for repair of airplanes has been increased from 100,000 US Dollar.

Similarly, Nepali citizens will get exchange facility of 30,000 US dollars annually to go to foreign hospitals for treatment. Earlier, such facility was up to 16,000 US dollars.

The Rastra Bank has also increased the annual limit for banks and financial institutions to provide exchange facilities. Earlier, the limit was up to 15,000 US dollars annually and now it has been increased to 30,000 dollars.

The limit for annual payment of satellite service by Nepali telecom service providers who lease satellite service from foreign service providers through banks and financial institutions has been increased from 100,000 US dollars to 500,000 US dollars.

The limit has been increased from $15,000 to $30,000 for transactions where the regulatory body has received an agreement, agreement or exchange recommendation.

Similarly, the limit has been increased on certain types of payments that require the recommendation of the regulatory body.