NRB allows worldwide online purchase

Those holding bank accounts in convertible currency, such as the US dollar, can now purchase goods and services worth up to $2,000 per year from around the world via online stores and web portals.

Nepalis can purchase any type of goods and services online, except those banned by the law, using international debit and credit cards issued by different commercial and national-level development banks here, says the latest directive of Nepal Rastra Bank.

“We hope this facility will help people to purchase goods, pay bills of foreign firms or universities and book international air, train and bus tickets online,” said Bhisma Raj Dhungana, acting executive director of the Foreign Exchange Management Department of NRB.

Over the years, NRB has relaxed provisions on opening convertible currency accounts. Even those who have travelled abroad for personal purpose or vacation can open convertible currency accounts using funds left over from foreign exchange facility extended by NRB.

Nepalis can exchange foreign currency equivalent to $2,500 every time they go abroad, except India. Children travelling abroad on passports of their parents and Nepalis leaving the country for employment, however, are extended foreign exchange facility of up to $500. Those visiting Tibet Autonomous Region of China and South Asian countries, other than India, can exchange foreign currency equivalent to $1,000 at one time and up to $2,000 throughout a fiscal year.

“The latest directive means that those who have travelled abroad once and opened a convertible currency accounts can continue to maintain these accounts to pay for goods and services worth up to $2,000 bought online,” Dhungana said.

Convertible currency accounts can be maintained in at least 14 different foreign currencies, including the US dollar and euro.

Source: THT