June 24, 2020 | Investopaper
The existing limit when paying for share transactions through Connect IPS has been removed. Nepal Rastra Bank has issued a circular on Tuesday stating that the limit of electronic transactions has been removed due to the inconvenient situation created by corona epidemic.
At present, investors can transact upto one lakh per day/ one million per month in mobile banking, and one million per day/three million per month through internet banking. NRB has made an arrangement that the same limit will not be applicable for share trading. Stakeholders had requested to remove the current limit as a large amount of money has to be traded in share trading. As per the request, NRB has increased the limit.
Electronic Transaction Limit
As per the new provision, one can pay Rs 1 lakh through mobile banking and Rs 1 million through internet banking. This means that investors will be able to trade as many times as they want within a specified limit. Even if the NRB has removed the limit on share trading, banks and financial institutions can set the limit by assessing the risk. Therefore, the transaction limit of electronic payment in share trading will now depend on the decision of the bank and financial institution.
NRB had increased the limit of electronic transactions from last Chaitra to encourage electronic transactions to reduce the risk of COVID-19. Currently, one can do transactions up to one lakh daily through mobile banking ‘QR’ code. The monthly limit is one million. The transaction limit of internet banking is Rs 1 million per day. Likewise, on a monthly basis, on can transact up to 3 million.
Similalry, Rs one million daily transactions can be done in internet banking account transfer and the monthly limit is Rs 5 million. There is a daily limit of Rs 25,000 and Rs 100,000 per month from the agent or sub-agent, Rs 25,000 at a time from the bank account to the wallet and Rs 100,000 daily and Rs 500,000 per month. One can transact up to Rs 25,000 per transaction in other bank accounts through wallet, Rs 100,000 in a day and Rs 500,000 in a month.
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