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Published On:
August 20, 2024 07:29 PM NPT
By: Republica
Money earned abroad must be brought to Nepal within 35 days of returning: NRB
KATHMANDU, Aug 20: Nepal Rastra Bank (NRB) has mandated Nepali migrant workers to bring the money earned abroad within 35 days of returning home. The central bank issued a notification stating that money in foreign banks should be brought home within 35 days.
According to the provisions of the Foreign Exchange (Regulation) Act, 2019, and the Act Restricting Investment Abroad, 2021, any Nepali citizen is prohibited from opening a bank account abroad, investing in real estate, or making any other type of investment.
However, there is a provision that allows Nepali citizens to open an account in a foreign bank and deposit the amount earned during their stay abroad.
If someone wishes to maintain such an account or make investment even after returning to Nepal, they must disclose their name, address, account number, foreign currency, and amount to the NRB within 35 days.
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