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NRB Circular on Foreign Exchange Facility to Nepalese Students

April 3, 2020

 

Nepal Rastra Bank (“NRB”) has amended circular number 09/2076 of Unified Circular 2076, responding to the corona virus outbreak dated April 1, 2020 (2076/12/19). Pursuant to the amendment, Nepalese students can be provided with foreign exchange facilities for maintenance expenses without the requirement of No Objection Letter/Certificate (“NOC”) from Ministry of Education but, contingent to the following terms and conditions. Before this amendment no amount can be transferred to Nepalese students in abroad without obtaining NOC.

 

Terms and Conditions

 

1. Beneficiary: The beneficiary should be a Nepalese student living in a foreign country.

2. Submission of application along with enclose evidence: An application should be submitted to the concerned bank enclosing a supportive document to evidence that the beneficiary is studying in a foreign country.

3. Permitted Ceiling of Transfer: Per student 500 USD or amount equivalent to such amount in any other convertible currency can be sent for one time only.

4. Eligible Sender: Only the guardian or relative of the student can send such money.

5. Submission of Self Declaration: The person applying for such service has to self-declare that they have not received such exchange facility from any other banks or financial institutions.

6. Reporting Requirement: The bank or financial institution providing this facility should report the detail of this foreign exchange facility to NRB within 7 days from the end of month.

7. Misuse of Foreign Exchange Facility: The guardian/relative will be held liable for misuse of this facility or amount sent by using this facility.

 

**DISCLAIMER: This document is prepared for general understanding and should not be taken for any legal purpose without consulting legal professionals. ** The copyright of the document is vested with PLA. **