Nepal impose credit card payment limit for Indian currency - South Asia Time

Nepal impose credit card payment limit for Indian currency

 December 25, 2018  

Nepal’s central bank, Nepal Rashtra Bank (NRDB), has set a limitof Indian Rupees 100,000 ($ 1,423) per month while making payments for goods and services in India using debit, credit, and other prepaid cards.

However, payments to hotels, hospitals, and pharmacies have been exempted from this limit.

Recently, Nepal banned the use of Indian currency notes of denominations 200, 500 and 2,000 in the country. The Indian currency is widely used in Nepal.

Nepal’s current foreign exchange reserves stand at Nepalese Rs 1,082.91 billion, of which the share of Indian currency in the total foreign exchange reserves comprises 24 percent. Nepal uses Indian currency also to maintain its foreign reserves.