NRB raises daily limit of money remitted from abroad to Rs 1.50 million from Rs 1 million

Kathmandu / Aug. 16: Nepal Rastra Bank (NRB) has increased the threshold of money remitted from abroad on a daily basis from Rs 1 million to Rs 1.50 million.

Revising a unified directive on Monday, the central bank has increased the limit of remittance earned by an individual as an income for selling goods, commission, salaries and consultant fee, among others. To enjoy the benefit, earned money should be sent through authorized remittance companies. It does not include the money to be repatriated once it entered the country.

The NRB has also asked the banks and financial institutions (BFIs) to compare the actual price in the international market and the price listed in the invoice while providing the foreign exchange to the importers. The BFIs can provide foreign exchange only by issuing telex transfers, letter of credits and bank drafts.