Cash transaction limit of 5 lakhs maintained, 10 lakhs system abolished

Kathmandu. Nepal Rastra Bank has implemented a system where cash cannot be withdrawn by exchanging checks worth more than 5 lakh rupees. The Central Bank has made it compulsory to have an account payable when issuing checks above 5 lakhs. The limit of cash transaction which was earlier up to 10 lakhs has been reduced to 5 lakhs. The government has reduced the limit of cash transactions with the aim of reducing money laundering.

The government's decision has been published in the Nepal Gazette. According to the same decision, the central bank has limited the amount of cash that can be withdrawn from checks to 5 lakhs per time. More than 5 lakhs should be deposited in the account of the concerned person. Every transaction should be less than 5 lakhs in cash. Transactions of more than 5 lakhs should be done through account payable cheque.

However, it is said that this arrangement will not affect those who collect cash through social work or business. Checks drawn in the name of firm, company, organization or office should also be paid to account payee. However, an exception may apply if a depositor or saver applies for cash payment with special reasons.

Express

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