Prepaid Cards

29 December 2020, Kathmandu

Available to issue prepaid cards in foreign currency

Banijya Banks will able to issue prepaid foreign currency cards for payment online to import services from abroad.

Nepal Rastra Bank will provide the foreign exchange facility for the online import of foreign services. The Foreign Exchange Department has prepared a plan for a foreign exchange facility for the online import of external services and has also called for opinions and suggestions.

The central bank had declared that it would make arrangements to import foreign goods and services up to a certain level, and will provide exchange facilities for the foreign exchange in order to pay it, in its first quarterly analysis of monetary policy.

According to the NRB, banks of Banijya would be able to provide USD 500 or equivalent prepaid cards for the purposes of the online payment of foreign import services in convertible foreign currency.

By exchanging Nepali rupees in the bank accounts of an individual, company, or organization that wants to get a Prepaid Card for foreign currency, NRB will arrange that the card should be released. NRB has stated that the user’s KYC should be updated and take the PAN number when the card is released. Business banks will issue cards, depending on their exchange rate on the day the issue, up to a limit of USD 500 at customer request. There is a provision to deduct tax in advance when buying services from abroad.

A maximum of USD 500 worth of foreign currency would be consumed by consumers once or twice annually. Users can buy online foreign services that are not prohibited by the law of Nepal. NRB asked all parties involved and the institutions concerned to give the requisite views, suggestions, support, and feedback on the proposed arrangement by the end of Poush.


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