The Nepal Rastra Bank (NRB) has announced that casinos and similar institutions must obtain permission to conduct foreign currency transactions, including Indian currency.
In a notice issued recently, the central bank stated that this new arrangement aligns with Section 3 of the Foreign Exchange (Regulation) Act, 2019, which mandates prior approval for engaging in foreign exchange activities.
Recalling various regulations previously issued concerning foreign exchange, the NRB clarified that the new provision specifically pertains to granting permission to casinos to deal in foreign currency.
The notice further mentioned that casinos and other related institutions must ensure all foreign currency transactions are carried out only after obtaining authorization from the central bank.
In addition, the NRB has issued an integrated directive on payment systems, setting new transaction limits for prepaid, debit, and credit cards.
Under the new rule:
- Debit Card: Transactions are now limited to Rs. 20,000 per transaction and Rs. 50,000 per day — reduced from the previous daily limit of Rs. 100,000.
- Prepaid Card: Transactions are limited to Rs. 10,000 per transaction, Rs. 20,000 per day, and Rs. 200,000 per month. (No changes have been made to this category.)
- Credit Card: The existing provision allowing transactions up to 10% of the approved credit limit remains unchanged.
These measures are part of the NRB’s broader effort to regulate foreign exchange activities and digital payment systems within the country.
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