In the monetary policy 2076/77 issued by the Nepal Rastra Bank, the policy will be established by banks and financial institutions to collect deposits of foreign currency with institutional foreign deposits and non-resident Nepali currency for a period of at least 2 years and to allow loans to flow in Nepalese currency up to 100% of such deposits. Accordingly, Nepal Rastra Bank issued a circular on 2076/5/12. The Rastra Bank has approved arrangements for collecting and conducting periodic deposits in convertible foreign currency by banks 'A' class banks and 'B' class financial institutions authorized to collect deposits in foreign currency.
Foreign currency issue deposits must be of a minimum period of 2 years, such accounts can be joined by foreign entities (including financial institutions) and non-resident Nepalese, such accounts can be opened jointly in the name of two or more foreign institutions or non-resident Nepalese. Non-Residential Nepalese issued by the concerned body of Government of Nepal when opening an account in the name of Residential Nepalese It should also take a copy of the identity card (the ID should be renewed for operation of the account), including the decision made by the Board of Directors of the institution when opening such account in the case of institutional foreign depositor, and such issue deposit account of US Dollar, Euro, Pound Sterling, Australian. Can be opened in dollars and Canadian dollars The report said.
Likewise, the Amount of delinquent deposits to be deposited in foreign currency can be collected by banks and financial institutions up to 100% of their primary capital, even for the purpose of providing interest on the issue deposit account, only to open the savings account in that currency in the name of the concerned depositor; Depositor paid Nick and interest amount Deposit money from the country in which the deposit was received should be sent back to the account opened in the name of the depositor in the same country, but the foreign currency account can be paid or transferred in Nepalese rupees; Only payback when finished, However, for more than two years, the depositor can withdraw from the premature withdrawal after two years, the deposit should only be received from the banking system in the depository account, the minimum deposit of US $ 10,000/- or in Euro, Pound Sterling, Australian Dollar or Canadian Dollar. The indigenous currency can be collected up to 100 percent of the Amount of Nepali rupees of the issue deposit. The circular also states that you can invest in debt.
The Asset (Money) Laundering Prevention Act, 2008, to maintain the clear identity of the customer while opening and operating the account, should be submitted to the Nepal Rastra Bank within 15 days of the end of the month by the banks and financial institutions who have received the due deposit and paid their debts and interest back. Existing laws, rules and regulations issued under the Foreign Exchange (Regulatory) Act, 2019 It should also follow the arrangements in the directions, circulars, etc. and other matters relating to the operation of this account as prescribed.
(Source from Gyanmandu)
