Legal News

NRB's Notice on Issuance of Prepaid Cards for Payment in Foreign Exchange

 

Nepal Rastra Bank ("NRB"), the central bank recently amended Circular No. 15/2076 ("Circular") of the Unified Foreign Exchange Circular 2076 (2019) permitting licensed class 'A' commercial banks and class 'B' development banks operating at national level to issue foreign currency denominated prepaid cards for its customers in order to make payments in foreign exchange for the purchase of goods and services from abroad with an annual limit of US$500 or equivalent foreign currency.

Earlier on January 2021, NRB had released a Consultation Paper inviting comments from concerned stakeholders regarding the proposed amendment to the Circular. Our detailed Briefing on NRB's Consultation Paper may be obtained by clicking here.