First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has issued a circular allowing banks to issue prepaid dollar cards with a maximum limit of $500 for easing the international payments to Nepali nationals.
This means that Nepalis now can make purchase via global online platforms like Amazon, Netflix and others through a legitimate online medium.
However, any person, firm, company, or organization willing to get a prepaid card on foreign currency can get it by converting their existing fund in Nepali currency to the foreign currency from the banks, as per NRB. As per the request of the applicant, an amount equal to $500 on the basis of exchange rate in the date of issue or the same amount on exchangeable foreign currency would be deposited in the card account.
For issuing this card, users must have updated their KYC from the respective banks and should have a PAN number.
Users can enjoy this service at a maximum of $500 either through one transaction at a time annually or time and again.
However, if the cardholder is found to have generated foreign income amounting to at least double the card amount of $500, additional funds may be deposited to the card, states NRB.
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