The Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of the US Dollar.
Revising an integrated circular, 2079 BS issued for the bank and financial institutions, the central bank increased the ceiling for the exchange of the US Dollar. Prior to that NRB-licensed money exchangers were allowed to make an exchange of the US Dollar up to 500 with a Nepali citizen. Now such ceiling is up to 5,000 US dollars.
However, the revised provision is not for the amount received as gifts and tips from foreign friends and clients. The revised provision has also ensured the exchange facility for Nepali students going for abroad studies meeting all the required procedures.
Apart from this, the provision related to exchange facility of convertible foreign currency except the Indian currency allowed to the Nepali citizens for various purposes has also been amended. The provision before its amendment stated that such exchange facility could be provided to maximum up to 1,000 USD or other convertible foreign currency equivalent to this.
However, the amended provision states that the cap of 1,000 USD will not cause any obstruction in the case of visa application while providing exchange facility up to the fixed visa fee provided that the Embassy concerned including the authorized body collecting the visa application fees making arrangement to collect the visa fees in the convertible foreign currency itself.
Similarly, the provision related to the convertible foreign currency which the foreigners working in Nepal can take home has also been amended. New provision has been added for foreign citizens working in airlines companies providing service in Nepal.