NRB Allows Issue Of Prepaid Card Upto $500 For Online Purchase Of Goods & Services From Abroad

March 22, 2021 | Investopaper

Exchange facility of up to 500 dollar is now available for the purpose of payment for online purchase of goods and services from abroad. NRB has issued a notification on Sunday announcing to provide such facility through commercial banks and national level development banks. Now, prepaid card worth a maximum of 500 dollars per annum or other currency equivalent to that, can be issued.

According to NRB, such card can be issued by exchanging Nepali Rupee in the bank account of the person, firm, company or organization who wants to get prepaid card. While issuing the card, the customer identity (KYC) details of the concerned user should be updated and the user should have a permanent account number (PAN).

At the request of the customer, a maximum of US $ 500 or other equivalent foreign currency can be deposited in the card based on the exchange rate of the day.  Users will be able to avail a maximum of US $ 500 or equivalent in other convertible foreign currency exchange facility once or repeatedly in a year. For this purpose, the time period calculation will start from the day the card is issued and ‘activated’.

Users of foreign goods and services that are not restricted by the prevailing laws of Nepal will be able to purchase online from abroad. While issuing prepaid card, it will be mandatory for the customer to declare that s/he has not availed such facility from other banks and development banks. If the customer is found to have used such facility from more than one institution, such customer will be prosecuted as per the Foreign Exchange Regulation Act, 2019.

Cards issued in this way will not be allowed to spend for capital transactions except for the purpose of paying for import of goods and services through online.


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