Kathmandu. Nepal Rastra Bank (NRB) has increased the us dollar exchange facility for import of services (excluding goods import) from countries other than India.
Nepal Rastra Bank (NRB) has amended the unified directive issued for the licensed bodies of foreign exchange and increased the limit of exchange facility of dollars for import of services. Now these agencies will be able to provide exchange facility by taking necessary documents for up to US$ 8,000 or other convertible foreign currency per time. Earlier, such exchange facility was worth $ 5,000.
Therefore, if a firm, company or organization registered in Nepal has to enter into an agreement with a service provider abroad or have to pay for the service, then it has to get approval or recommendation from its regulatory body in order to create a liability of more than US $ 8,000 per time. The recommending regulatory body will have to recommend that the amount sent for the import of the service should be made available according to the existing arrangement by ascertaining the amount based on the need and justification.
Commercial banks can facilitate the exchange of foreign currency up to US$ 15,000 or equivalent per time on the basis of the approval or exchange recommendation of the agreement or consent of the regulatory body. Earlier, the limit was $12,000.
For payment of US$ 15,000 or more per time, exchange facility will have to be provided only on the basis of the approval of this department, along with the recommendation of the regulatory body.
In addition, in the absence of a regulatory body and the agreement or consent has not been approved or recommended by the regulatory body, exchange facility should be provided only on the basis of the approval of the Rastra Bank Bye-laws department for the payment of US$ 8,000 or more per time. For this, registration certificate of firm, company or institution and permanent account number registration certificate have been made mandatory.
