Nepal Rastra Bank raises limits on foreign payments and foreign exchange facilities

Nepal Rastra Bank has amended its foreign exchange provisions and raised the limit on foreign payments.

The bank has changed provisions on the import of various goods and services, payment for foreign services and banking transactions. Through the amendment, the limit on foreign exchange facilities has also been raised along with foreign payments.

Along with the amendment, the limits on payments made under headings including medical treatment, satellite services and aircraft engines have changed. Service recipients and businesses who must pay in foreign currency in these areas will be subject to the revised provisions.

Nepal Rastra Bank, as the regulator responsible for managing foreign exchange, has revised such limits from time to time. The latest amendment allows more money to be paid than before for transactions involving the import of goods and services and foreign service payments.