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NRB Caps Cash Carry at $5,000 to Stop Forex Smuggling

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Nepal, August 26 – The National Bank of Nepal (NBK) has imposed a limit on the quantity of foreign currency individuals may bring into or take out of the nation.

A statement released publicly on Tuesday informed citizens they can transport up to $5,000 in physical currency. This regulation is applicable for everyone arriving at or leaving Nepal.

“The NRB circular mentioned that individuals who want to transport more than USD 5,000 should inform customs beforehand,” it said. Furthermore, the bank has banned taking Indian currency in amounts of 200, 500, and 2,000 rupees, along with using these notes for any financial activities.

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The NRB has additionally prohibited Nepalese nationals from holding Indian currency while visiting nations outside of India and warned about utilizing outdated Indian denominations of 500 and 1,000 rupees, which have been invalidated by the Indian government.

Under the Foreign Exchange (Regulation) Act 1962, the Money Laundering Prevention Act 2008, and a notification included in the Nepal Gazette, the new regulations seek to control the transportation and usage of foreign currency, as stated by the NRB.

The authorities have stepped up initiatives to take Nepal off the Financial Action Task Force’s (FATF) grey list. An officer from the National Bank of Nepal stated that this action aims to prevent the illegal movement of foreign currency through Nepal’s frontiers.

The FATF’s September 2023 report assessing Nepal’s efforts against money laundering and terrorist funding pointed out a significant vulnerability: the absence of an effective cash disclosure mechanism. The global regulatory body raised major concerns about the increasing illicit movement of currency, gold, and silver across Nepal’s open frontiers.

Produced by HT Digital Content Services with authorization from Republica.

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