First Business News Portal in English from Nepal
KATHMANDU: Responding to changing economic dynamics, the Nepal Rastra Bank (NRB) has opted to adjust its regulations on foreign currency usage for imports, amending the previous cap of USD 50,000 to a more flexible limit of USD 60,000 for a single transaction.
In an updated circular issued on Monday, the central bank has decided to elevate the threshold for the approval of convertible foreign currency utilization, allowing importers to access the above-mentioned sum for their import operations.
In scenarios where imports originate from India, the NRB has granted traders the authority to bring in goods valued at INR 30 million in one go.
Should a trader require foreign exchange assistance for a second transaction, such a request can only be entertained after a seven-day interval following the initial shipment.
Furthermore, the NRB has also opted to decrease the obligatory security deposit for imported goods.
As per the revised stipulations, manufacturers engaging in imports will now be required to maintain a security deposit equivalent to just one percent of the imported goods’ value.
Meanwhile, traders will need to adhere to a three percent deposit requirement. This stands in contrast to the earlier rates of two percent and 10 percent for manufacturers and traders respectively.
It’s important to note that these updated provisions will exclusively apply to imports conducted through customs points that facilitate electronic transactions.
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