Nepal Rastra Bank has introduced a new provision allowing Nepali entrepreneurs to receive foreign currency payments directly into their digital wallets for the sale of goods and services.
This update comes through the Unified Circular 2081 BS, issued by the central bank’s Foreign Exchange Management Department. The circular permits businesses to accept payments from abroad via electronic means, including QR codes and payment instruments issued internationally.
Entrepreneurs must utilize the Retail Payment Switch for such transactions until the National Payment Switch becomes fully functional. They are now allowed to receive foreign payments through accounts or digital wallets operated by financial institutions and payment service providers, even if those providers do not hold a foreign exchange license.
However, all transactions must be settled in Nepali rupees through a Nepali settlement bank, as these institutions are not authorized to handle foreign currency directly.
The circular also places full responsibility for managing the associated risks on the relevant banks, financial institutions, and payment service providers involved in these transactions.
