Nepal Rastra Bank (NRB) has increased the ceiling on use of foreign currency on imports to US $60,000 from existing USD 50,000 for one-time transaction.
Revising a unified circular on Monday, the NRB has raised the limit on permitting the use of convertible foreign currency equivalent to the aforementioned amount for importers. In case of the import from India, the NRB has permitted traders to import goods worth INR 30 million at once. If a trader needs to receive the foreign exchange facility for the second time, it can be done only after seven days of the first shipment.
Likewise, the NRB has also reduced the mandatory amount of maintaining the security deposit while importing goods. In the new provision, the security deposit on import by a manufacturer is maintained at only one percent of the value of imported goods while it is three percent for the traders. Previously, the rate was two percent and 10 percent for a manufacturer and a trader, respectively. However, the revised facility will be applicable only for the imports carried out through the customs points that facilitate electronic transactions.
