KATHMANDU, June 9: Nepal Rastra Bank (NRB) has relaxed the foreign currency rules for students looking to study abroad or already enrolled in foreign institutes.
Issuing a unified circular, the central bank has adopted lenient policies for the students to get foreign currencies for visa process, renewal of visa and living expenses in foreign countries other than India. For this purpose, the NRB has permitted the concerned student to deposit foreign currencies in a bank account five percent in excess to the prescribed amount of funds required for additional expenses during the study period.
Hospitals too get permits to borrow in foreign currency
As per the new provision, the NRB allows students to deposit the amount after receiving approval from the embassies or government agencies for obtaining or renewing a visa and living expenses for students studying abroad. Likewise, students can get a necessary deposit of foreign currencies equivalent to the local currencies that are not in convertible currency lists after taking approval from the concerned government agencies.
Under the current provision, students get an exchange facility of US $2,500-5,000 dollars as living expenses, as concerned parents can send such an amount to the student from Nepal. In the new provision, the central bank has assured permission to provide additional foreign currencies on the basis of supporting documents in case other necessary expenses are required.
In addition, the central bank talks about approving digital signatures if the necessary documents and official procedures are fulfilled by the concerned students seeking for extra foreign currencies. However, the students need to abide with the rules under the Electronic Transactions Act, 2006.
