Latest Foreign Exchange Circular

Nepal Rastra Bank foreign exchange management department has made announcement to amend in some foreign exchange rules.
Nepal Rastra Bank  reduces the limit of USD exchange from USD 2500.00 to USD1500.00 it is implemented due to huge amount exchanges by Nepali people to go abroad, as per data around Rupees 19 Arab (Nineteen Arab) was found outside our country.  Similarly, Nepal Rastra Bank also reduces Swift Transfer (Telegraphic Transfer) limit to USD 30,000.00(Thirty Thousand) from USD40, 000.00(Forty Thousand). However, for the remittance of USD above USD 25,000.00 BCI Report (Business Credibility Information) should be obtained and kept in file.  Due to shortage of us dollar our central bank have announced vehicle financing to 50% from 65%.

Following points has been amendment
a) Individual shall be provided USD 1500.00 from passport with valid documents , earlier it was              USD2500.00
b) Exchange facility at a time only up to USD30,000.00 or equivalent for import from third                      country   except India, earlier it was USD40,000.00 or equivalent
c) No payment in excess of USD30, 00.00 shall be released to the party until the shipment of                  previous payment.
d)     USD up to 500.00 at a time and USD1000.00 in fiscal year may be provided against the VISA            of SAARC Countries for personal visit by land except India, earlier it was USD1000.00 and                USD 2000.00
e) Business Credibility Information( BCI) report must be obtained to remit USD above                            USD25000.00
f) Mode of payment should be done through letter of credit(LC)  in amount above USD30,000.00