Kathmandu. Nepal Rastra Bank is going to provide the facility of foreign exchange for importing foreign services online. The Department of Foreign Exchange under NRB has prepared a proposal for the facility of foreign exchange for importing foreign services online and has also called for opinions and suggestions.
Through the first quarterly review of the monetary policy for the current fiscal year, the central bank had announced to make arrangements to import foreign goods and services up to a certain amount online and provide an exchange facility in foreign currency to pay for it.
According to the NRB, commercial banks will be able to issue prepaid cards in convertible foreign currency of USD $500 or equivalent for the purpose of paying for import of services from abroad online.
NRB is going to make arrangements to issue such a card by exchanging Nepali rupee in the bank account of the person, firm, company, or organization who wants to get a prepaid card of foreign currency.
NRB has stated that the user’s KYC should be updated and PAN number should be taken while issuing the card. Commercial banks can issue cards up to a maximum of USD $500 at the request of the customer, depending on the exchange rate on the day of the issue.
There is a provision to deduct the tax incurred while purchasing services from abroad while issuing such cards.
Users will be able to consume a maximum of US $500 worth of foreign currency once or twice a year. Users will be able to purchase online services in Nepal that are not prohibited by Nepal’s law.
NRB has requested all the concerned persons and bodies to provide necessary opinions, suggestions, support, and feedback on the proposed arrangement by mid-January.