Kathmandu. The Foreign Exchange Management Department of Nepal Rastra Bank has re-issued a notice regarding the system of bringing and taking cash foreign currency into and out of Nepal.
The Rastra Bank has implemented this rule based on the provisions of the Foreign Exchange (Regulation) Act, 2019 and the Prevention of Money Laundering Act, 2064.
According to the Rastra Bank, Nepali or foreign citizens can bring up to US dollars 5,000 in cash foreign currency (equivalent to US dollars 5,000 in Indian rupees and up to US dollars 5,000 equivalent in other currencies for which exchange rates are not published) into Nepal without customs declaration. However, for amounts exceeding US dollars 5,000, it is mandatory to declare and get it certified by customs.
Similarly, regarding Indian rupee transactions, Indian rupee notes of denominations 500 and 1000 that were in circulation before November 9, 2016, cannot be transacted. However, Indian rupee notes of denominations 200 and 500 issued and in circulation since November 9, 2016, can be brought, taken, and exchanged by Nepali or Indian citizens up to a limit of Indian Rupees 25,000 per person according to the prevailing system.
Likewise, the Rastra Bank has also clarified that Nepali citizens are not allowed to take Indian rupees to countries other than India or bring Indian rupees from other countries into Nepal. The Rastra Bank has stated that the notice published on Bhadra 10, 2082, related to this matter has been revoked.
