NRB Reissues Rules on Bringing Foreign Currency Into and Out of Nepal

Nepal Rastra Bank (NRB) has reissued its notice on the import and export of foreign currency cash, reiterating existing rules under the Foreign Exchange Regulation Act, 2019 and the Asset (Money) Laundering Prevention Act, 2064. The central bank said the notice reaffirms circulars previously issued in Ashad 2075 and Chaitra 2075, urging the public to comply with the prevailing provisions. Under the guidelines, Nepali and foreign nationals may bring up to USD 5,000 or its equivalent in Indian or other foreign currencies into Nepal without making a customs declaration. Any amount exceeding this limit must be declared and certified by customs authorities upon entry. NRB said the notice has been republished under its legal authority to ensure continued compliance with foreign exchange regulations. The central bank also reiterated rules regarding Indian currency. As per a notice published in the Nepal Gazette, Nepali and Indian citizens are allowed to carry or exchange Indian Rs. 200 and Rs. 500 notes issued after November 9, 2016, up to a limit of Indian Rs. 25,000 per person. However, Nepali citizens are not permitted to carry Indian currency to countries other than India or bring Indian currency into Nepal from third countries, in accordance with existing regulations.