Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has made some important changes in the provisions related to foreign exchange by amending the Integrated Circular 2081 BS. Revised Circular No. 10 issued by the Bank. 2082. According to Section 830, new regulations have been implemented in areas including insurance, import, export and deposit.
The government has given concession in the deposit amount in case of imports made through the offices collecting customs revenue only through electronic means after the implementation of the electronic payment system. As per the provision, the industry should deposit only 1 percent and the business houses only 3 percent while importing goods from such offices. In other cases, the existing provision of deposit of 2 percent in the case of industries and 10 percent in the case of business organizations remains the same.
The goods already issued from Mechi, Biratnagar, Birgunj, Bhairahawa and other customs offices can be changed to Chobhar Dry Port Customs Office as per the demand of the importers.
Similarly, in case of issuance of transportation documents before the date of issuance of the letter of credit, the bank can amend the letter of credit if the goods have not reached the customs point with self-declaration.
Now, banks can lend to importers in convertible foreign currency and the banks themselves can determine the interest rate.
Prior approval of Nepal Rastra Bank is not required for the banks and financial institutions to import services, pay membership fees, etc. for their own purposes. However, it is mandatory to inform the concerned supervision department before entering into an agreement that creates a payment liability of more than US $ 3 lakh or equivalent foreign currency.
As per the provision, Nepali exporters should clearly disclose the documents submitted while exporting goods. If the foreign currency received from abroad is not spent for the related purpose, then the amount up to US $ 10,000 can be repatriated within 60 days. However, money of suspicious or illegal nature cannot be returned.
