Nepal Rastra Bank (NRB) has issued new regulations requiring casinos to obtain formal authorization before conducting any foreign currency transactions. The move aligns with Section 3 of the Foreign Exchange (Regulation) Act, 2019, and aims to regulate foreign currency dealings by licensed institutions.
According to the NRB notification, casinos and similar establishments must now acquire proper permission to handle foreign currencies, including Indian Rupees, as part of the new compliance measures. This step is part of the central bank’s ongoing efforts to enforce foreign exchange laws and guidelines.
In addition, NRB has issued an integrated directive on payment systems, specifying transaction limits for prepaid, debit, and credit cards. Under the new rules:
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Debit card transactions will be limited to NPR 20,000 per transaction and NPR 50,000 per day, down from the previous daily limit of NPR 100,000.
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Prepaid card transactions will be capped at NPR 10,000 per transaction, NPR 20,000 per day, and NPR 200,000 per month, with no changes to the nature of prepaid card usage.
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Credit card transactions will continue under the existing rule, allowing up to 10% of the approved credit limit per transaction.
These new measures by NRB aim to strengthen foreign exchange oversight, enhance financial security, and regulate high-value transactions within casinos and other institutions dealing with foreign currencies in Nepal.
