April 30:  Nepal Rastra Bank (NRB) has increased the ceiling for the exchange of the US dollar. Revising the Integrated Circular, 2079 BS issued for the bank and financial institutions on Friday, the central bank increased the ceiling for the exchange of the US dollar.

Prior to this, NRB-licensed money changers were allowed to make an exchange of USD 500 with a Nepali citizen. Now such a ceiling has been raised up to US$ 5,000. 

However, the revised provision will not be applicable for the amount received as gifts and tips from foreign friends and clients. The revised provision is to facilitate the currency exchange for Nepali students going for abroad studies meeting all the required procedures.   

Similarly, the provision related to the convertible foreign currency which the foreigners working in Nepal can take home has also been amended. A new provision has been added for foreign citizens working in airlines companies providing service in Nepal.

As per the new provision, foreign citizens working in airline companies in Nepal can convert a maximum of 70 percent of their salary, after paying taxes, into foreign currency and send the money to their respective country provided that they have taken labour permits and the term of service is still active. In case of Indian citizens, they can convert their salary into Indian currency.