Kathmandu. Nepal Rastra Bank (NRB) has made bank account mandatory for exchange of foreign currency.
The central bank has amended the unified directive issued for banks and financial institutions to add such a provision. The exchange facility for passport and exchange facility for official visits can be provided by depositing it in the account of convertible foreign currency (including opening a new account). There was no such arrangement before.
Similarly, Nepali citizens visiting countries other than India can be allowed to exchange up to US$ 3,000 or equivalent foreign currency per time for passport. Earlier, such a facility was US$ 2,500.
According to the revised directive, the institution dealing in currency exchange can identify and verify the customer on the basis of access to the details in the electronic records of the customer’s Nepali citizenship certificate or national identity card.
