Nepal's Finance Minister Announces Lower Cash Transaction Limit to Curb Opaque Dealings
Summary
Nepal's Finance Minister Rameswor Khanal has reduced the cash transaction limit to combat opaque dealings and promote virtual banking reforms.
Key Points
- Nepal's Finance Minister Rameswor Khanal announced a reduction in the cash transaction limit to curb opaque dealings.
- Opaque financial activities are being used to launder illegally acquired black money in some sectors.
- Banks and financial institutions have performed well but require more caution moving forward.
- The Ministry of Finance is collaborating with the central bank to promote lending based on entrepreneurship and income potential instead of collateral.
