Nepal Rastra Bank Increases Foreign Exchange Payment Limits
Summary
Nepal Rastra Bank has raised foreign exchange payment limits for medical treatment abroad, satellite services, service imports from India, card transactions, and aircraft parts purchases. The new rules also relax advance payment requirements for airlines and businesses while setting higher approval thresholds for large foreign currency transfers.
Key Points
- Nepal Rastra Bank amended foreign exchange arrangements to raise payment limits for imports, services, and banking transactions.
- Nepali citizens can now exchange up to US$30,000 annually for medical treatment abroad, up from US$15,000.
- Telecom companies may pay up to US$500,000 a year for satellite services, and Nepali airline companies can make advance payments of up to US$500,000 for aircraft engines or parts.
- The central bank also increased limits for card balances, service payments to India, and large foreign exchange transactions requiring approval.
