NRB Reissues Guidelines on Bringing Foreign Currency Cash Into and Out of Nepal

Nepal Rastra Bank (NRB) has re-issued it's notice on bringing foreign currency cash into Nepal and taking it out, citing provisions under Section 5 and Section 12 of the Foreign Exchange Regulation Act, 2019, and Section 29(a) of the Asset (Money) Laundering Prevention Act, 2064.

The central bank said the notice reaffirms its earlier circulars published on 32nd Ashad, 2075 and 26th Chaitra 2075 BS. As per those provisions, Nepali or foreign nationals can bring foreign currency cash into Nepal without a customs declaration up to USD 5,000 or its equivalent in Indian currency, or in other foreign currencies for which NRB does not publish an exchange rate. Amounts exceeding this limit must be declared and certified at customs. NRB exercised its authority under Section 12 of the Act to republish the notice, directing the public to comply accordingly.

Citing a notice published in the Nepal Gazette on 28th Poush 2082 BS (Volume 75, Number 57, Part 5), the bank reiterated that one may transact with Indian currency notes of Rs 500 and Rs 1,000 denominations that were in circulation before November 9, 2016. Indian currency notes of Rs 200 and Rs 500 denominations issued after that date can be brought in, taken out, or exchanged by Nepali or Indian citizens up to a limit of Indian Rs 25,000 per person, as per existing provisions.

The bank also reiterated that Nepali citizens are not permitted to carry Indian currency to countries other than India, or bring Indian currency into Nepal from other countries.