The Nepal Rastra Bank (NRB) has relaxed foreign exchange regulations for Nepali students seeking higher education abroad or those already enrolled in overseas institutions.
Through a unified circular, the central bank has introduced more flexible provisions to facilitate access to foreign currency for visa applications, visa renewals, and living expenses in countries other than India.
Additional Five Percent Foreign Currency Allowed
Under the revised rules, students are now permitted to deposit foreign currency in their bank accounts up to five percent above the prescribed amount required for their studies. The additional amount is intended to cover unforeseen or supplementary expenses during their stay abroad.
According to the central bank, students can deposit these funds after obtaining approval from the concerned embassies or relevant government agencies responsible for visa issuance and renewal.
Provision for Non-Convertible Currencies
The new directive also allows students to obtain foreign currency equivalent to local currencies that are not included in the list of internationally convertible currencies.
However, such transactions require prior approval from the relevant government authorities.
Additional Expenses Can Be Covered
Under the existing system, parents or guardians in Nepal are allowed to remit between US$2,500 and US$5,000 to students abroad to cover living expenses.
With the latest revision, the NRB has stated that additional foreign currency can also be provided if students submit supporting documents demonstrating the need for extra expenses.
The measure is expected to provide greater financial flexibility to students facing higher costs associated with tuition, accommodation, healthcare, and other necessities while studying overseas.
Digital Signatures Recognized
The central bank has also introduced provisions allowing the use of digital signatures for applications related to additional foreign exchange facilities.
Students seeking extra foreign currency may now complete the process electronically, provided they fulfill all required documentation and official procedures.
However, applicants must comply with the provisions of the Electronic Transactions Act, 2006.
Greater Convenience for Overseas Students
The latest measures are aimed at simplifying foreign exchange procedures and providing greater convenience to Nepali students pursuing education abroad. The policy changes are expected to ease financial management for students and their families while supporting the growing number of Nepalis seeking international education opportunities.
