Kathmandu, December 25
Nepal Rastra Bank (NRB) has set a new limit on electronic payments for Nepali nationals in India.
Issuing a circular today, the central bank has barred class ‘A’ commercial banks and class ‘B’ development banks from allowing electronic payments of above INR 100,000 per month from a bank account.
The NRB’s decision to put a cap on electronic payments through electronic cards like credit, debit and prepaid cards as well as point of sale (PoS) in India primarily intends to ease the foreign exchange reserve pressure of the country.
As there were no restrictions on such payments earlier, the increasing electronic payments made by Nepalis in India had been adding pressure on country’s foreign exchange reserve.
However, the NRB circular states that the new electronic payment cap exempts payments for hotels, pharmacies and hospitals in India.
Similarly, the INR 100,000 per month electronic payment cap also exempts the current cash withdrawal limit that Nepalis have been enjoying in Indian market.
Currently, the central bank has set the cash withdrawal limit through cards in India at INR 15,000 per day and a maximum withdrawal amount of INR 100,000 per month.
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Written by Sandeep
This news first appeared on https://thehimalayantimes.com/business/inr-100000-monthly-e-payment-limit-set-for-nepalis-in-india/ under the title “INR 100,000 monthly e-payment limit set for Nepalis in India”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.