KATHMANDU, March 16: Indian nationals working in Nepal can now send money through QR codes.
They can deposit money into personal accounts opened in Indian banks and financial institutions through electronic banking (e-banking), interbank payments, mobile banking, and QR codes via the 'National Payment Switch,' linked to bank accounts opened in Nepali Commercial Bank and National Development Bank. This arrangement was facilitated by the Nepal Rastra Bank (NRB).
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By amending the unified instructions issued by the Foreign Exchange Management Department of the NRB on Friday, banks have been enabled to provide the same facility for salaries of up to 15,000 Indian rupees per day and 100,000 INR per month.
In such a facility, as per the instructions of the NRB, the foreign exchange accounts opened locally and the regulations related to their operation should be followed. Similarly, the conditions set by the NRB for opening and operating foreign currency accounts abroad must be fulfilled.
An agreement was signed between Nepal and India for 'cross-border digital' payments during Prime Minister Pushpa Kamal Dahal's visit to India last May.
A cross-border digital payment agreement was signed between Nepal Clearing House, which operates the National Payment Switch on behalf of Nepal, and NPCI, which operates the Unified Payment System on behalf of India.Nepal Clearing House is preparing the infrastructure to implement the same agreement. The NRB has amended the necessary policy arrangements for the regulatory requirements needed for cross-border digital payments.
