Kathmandu. The Ministry of Finance has urged the entrepreneurs to make electronic payments as far as possible.
The ministry issued a notice today requesting this. “The Ministry’s serious attention has been drawn to the information that cash was found burnt or burnt in various places in course of the Jenji agitation on September 7 and 24,” the notice reads.
The notice states that the government is encouraging electronic transactions through financial institutions or banking instruments to buy and sell services and goods or carry out other transactions. “Since any amount can be transacted up to any limit through electronic payment, there is no need to deposit large amount of cash,” the notice reads. ’
The Ministry has clarified that there would be no obstruction in keeping and utilizing any amount of the amount earned as per the prevailing law and in one person or elsewhere. “However, investigation is underway as per the Money Laundering Prevention Act, 2064 BS to find that various individuals have hidden the undisclosed amount at their residence or elsewhere,” the notice reads.
The existing legal provisions regarding transactions in cash by any person are as follows:
Any person, firm, company or institution shall buy or sell any service or goods worth Rs. 10 lakhs or more at a time through banking instruments.TAG_OPEN_li_18 Provided that, the limit shall be as prescribed by the prevailing tax laws.
As per the provision, Nepalese or foreign nationals coming to Nepal can bring in Nepal up to US $ 5,000 (up to Indian Rupees equivalent to US Dollar 5,000 in the case of Indian Rupees and up to US Dollar 5,000 in the case of other foreign currencies not published by the Nepal Rastra Bank) without the customs declaration.TAG_OPEN_li_17
The foreign currency obtained from the foreign currency and other legitimate sources obtained by a Nepali citizen for employment abroad or doing business abroad or obtained under the foreign exchange facility for foreign travel may be kept in cash up to a maximum of US$ 1,500 or equivalent convertible foreign currency for future use.TAG_OPEN_li_16
The Ministry has alerted all the agencies to carry out investigation and take action as per the prevailing laws if the undisclosed cash was found anywhere except the legal provisions.
