KATHMANDU, April 5: Nepal Rastra Bank has allowed Nepali entrepreneurs to receive foreign currency directly in their digital wallets for selling goods and services.
The central bank introduced this provision through the Unified Circular 2081 BS issued by its Foreign Exchange Management Department. Under the new provision, entrepreneurs can accept foreign payments via electronic methods such as QR codes using payment instruments issued abroad.
Ncell customers can now buy data and voice packs in a hassle-fr...
The circular mandates that they use the Retail Payment Switch until the National Payment Switch becomes fully operational. Businesses can now receive payments through the accounts or wallets of financial institutions and payment service providers without foreign exchange licenses.
However, these institutions must settle all transactions in Nepali rupees through a Nepali settlement bank, as they cannot receive foreign currency directly.
The circular assigns full responsibility for managing all risks related to these transactions to the concerned banks, financial institutions, and payment service providers.