10th March 2022, Kathmandu
The transaction limit for revenue payment to the Government of Nepal initiated from various channels including CORPORATEPAY and Bank Central (bank branches) have been increased up to NRs 2 Billion for On-us (same bank) transactions.
The increase in transaction limit has been made after consultation with the relevant Government agencies, BFIs and with approval from Nepal Rastra Bank, based on which the customers of the BFIs can now initiate revenue payments up to NRs. 2 Billion per transaction through NCHL Bank Central module for On-Us transaction and initiated through its bank branches.
Similarly, the CORPORATEPAY system will now allow On-Us revenue payment up to NRs. 1 crore for transactions initiated through the public network and up to NRs. 5 crores for transactions initiated through a private network.
The increased limit is applicable for On-us transactions whereby both the debiting and crediting bank are the same, however, for Off-us (different BFIs) transactions, the existing limit of NRs. is 30 crores for non-real-time and NRs. 20 Lakh for real-time shall continue to be applicable.
The increased limit is expected to support GoN’s drive to increase e-payment for its revenue collection, particularly for the department/ divisions handling high-value transactions including the Inland Revenue Department, Department of Customs and similar. NCHL has been facilitating the GoN by enabling mobile wallets, mobile banking, connect-IPS, internet banking, CORPORATEPAY, Bank Central and similar channels for e-payment of revenue collection, corresponding to which over NRs 34 Billion equivalent of revenue has already been processed through NCHL infrastructure in the current fiscal year until mid of Falgun.
NCHL has been operating various clearing and settlement systems including NCHL-ECC, NCHL-IPS, connect-IPS, connectRTGS, NPI, CORPORATEPAY and recently has implemented National Payment Switch with the extension of various non-card based digital payments including QR based payments.
There are over 60 banks & financial institutions as its direct members with access to over 5,728 bank branches and over 87 non-bank institutions as indirect/technical members within NCHL’s network.
For more information, visit www.nchl.com.np
