Kathmandu. The Nepal Rastra Bank (NRB) has introduced new provisions requiring casinos and similar institutions to obtain official permission before engaging in foreign currency transactions.
According to a notice issued by the central bank, the arrangement has been made in line with Section 3 of the Foreign Exchange (Regulation) Act, 2019, which mandates that only licensed entities are allowed to conduct foreign exchange transactions.
The NRB stated that, in accordance with various regulations related to foreign exchange, casinos must now receive authorization from the central bank to handle foreign currency dealings, including Indian currency transactions.
Similarly, the NRB has also issued an integrated directive on payment systems, setting new limits for transactions made through prepaid, debit, and credit cards.
Under the new rules:
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Debit card transactions are now limited to NPR 20,000 per transaction and NPR 50,000 per day, a reduction from the previous daily limit of NPR 100,000.
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Prepaid card transactions are capped at NPR 10,000 per transaction, NPR 20,000 per day, and NPR 200,000 per month. The NRB clarified that there has been no change in existing prepaid card policies.
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For credit cards, the previous rule allowing transactions up to 10% of the approved limit remains unchanged.
The central bank said these measures are aimed at enhancing regulatory oversight, transparency, and financial discipline in foreign currency and payment system operations.
