Kathmandu. KATHMANDU: The Foreign Exchange Management Department of Nepal Rastra Bank (NRB) has brought clarity on the provision of bringing in and taking out of Nepal. According to the NRB, the provision has been reinstated on the basis of Section 5 and 12 of Foreign Exchange (Regulation) Act, 2019 and Section 29 of Money Laundering Prevention Act, 2064.
As per the notice, Nepali or foreign nationals can bring cash up to USD 5,000 into Nepal without declaring customs duty.
In case of Indian rupees, the declaration will not be required up to 5,000 US dollars and in the case of other foreign currencies which are not published by the Nepal Rastra Bank. However, the Nepal Rastra Bank (NRB) has stated that it is mandatory to declare and certify the foreign currency worth more than USD 5,000 in Nepal.
Nepal Rastra Bank (NRB) has also clarified the provisions related to Indian currency. According to a notice published in the Nepal Gazette dated January 12, 2002, the Indian banknotes of Rs 500 and Rs 1,000 denominations in circulation prior to November 9, 2016 have been completely banned.
Similarly, Nepalese and Indian nationals can buy and exchange Indian banknotes of Indian currency notes of Indian currency in Indian currency after November 9, 2016 up to a maximum of Rs 25,000 per person.
The Nepal Rastra Bank (NRB) has a provision prohibiting Nepali citizens from taking Indian currency to any country other than India or bringing it back to Nepal.
