The Central Bank, through a notification, has informed that the new arrangements have been made in accordance with the provision that foreign exchange should be transacted only with a license as per section 3 of the Foreign Exchange (Regulation) Act, 2019.
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The Nepal Rastra Bank has made arrangements for foreign currency transactions for casinos and other institutions only after obtaining a license.
The Central Bank, through a notification, said that the new arrangements have been made in accordance with the provision that foreign exchange should be transacted only with a license as per Section 3 of the Foreign Exchange (Regulation) Act, 2019.
Recalling the issuance of various regulations related to foreign exchange, the central bank has made a new arrangement regarding granting licenses to casinos to conduct foreign exchange transactions. It is mentioned in the notification of the Central Bank that institutions including casinos should be licensed to deal in foreign exchange (including Indian currency).
Similarly, by issuing integrated instructions on the payment system, the limits of transactions made by prepaid cards, debit cards and credit cards have been determined. According to the new system, only 20,000 can be paid through debit card. According to this arrangement, now only 50,000 will be traded per day. Previously, a daily transaction of Rs.1 lakh could be done.
Similarly, only 10,000 can be paid from prepaid card. Only 20 thousand per day can be traded and monthly Two lakhs worth of business will be done. There has been no amendment in the transaction through prepaid card. In the case of credit cards, the old system of up to 10 percent of the approved limit remains.
