KATHMANDU, April 18: Nepal Rastra Bank (NRB) has set upper limit for cash transactions through digital payment channels as well as the ceiling for cash withdrawal using credit card.
Issuing new directives through a circular to bank and financial institutions (BFIs), payment system operator and payment system provider on Sunday, the central bank put restriction on cash transactions from credit card to 25 percent of the credit limit.
This means a credit cardholder would not be allowed to withdraw cash more than 25 percent of the credit limit from his/her card.
NRB revises upper limits of payment settlements through mobile...
Similarly, the central bank has also set an upper limit of Rs 100,000 that can be loaded on a prepaid card issued by BFIs or payment service providers at a time. From such prepaid card, the cardholder can do transactions of a minimum of Rs 500 to Rs 10,000. The maximum monthly limit for the transaction or cash withdrawal in Nepal is Rs 50,000.
Toward debit card, per withdrawal limit is Rs 25,000 while the daily ceiling is Rs 100,000.
The central bank has also set the limit of payment transactions through mobile or Internet. According to the new directives, per transaction limit from mobile banking has been set at Rs 5,000. Those, who are using mobile banking service, would not be allowed to make payment for the transactions of more than Rs 10,000 a week and Rs 50,000 a month.
Such limit is slightly higher for Internet banking transactions. The daily limit for Internet banking transaction is Rs 100,000, while the monthly limit for such transactions has been set at Rs 500,000.
The NRB has also set a ceiling on transfer of money from one bank account to another through Internet banking service. One can transfer up to Rs 100,000 from one bank to another through Internet banking at a time. However, monthly limit for such transfers has been set at Rs 1 million.
It seems that the central bank is also tightening transactions carried out through e-wallet, mobile wallet or digital wallet. The new directive has set the limit of money that can be loaded into e-wallet/mobile/wallet/digital wallet. As per the new rule, one can load Rs 5,000 at a time, a total of Rs 15,000 in a day and Rs 25,000 in a month through agent or sub agent. Per transaction limit through e-wallet has been fixed at Rs 5,000, while daily and monthly limit for such transactions is Rs 15,000 and Rs 25,000, respectively.
However, one can make payment for tax, revenue, fine, registration fees and service charges for government agencies as per the billed amount, according to the new directives.
The limit for amount that can be loaded into digital wallet operated by payment service provider through the account of bank or financial institution or from one wallet to another wallet is slightly higher than the limit of amount that can be loaded with the help of agent or sub agent. The upper limit for the transfer of fund into digital wallet or wallet to wallet transfer has been set at Rs 5,000, while the daily limit is Rs 15,000.
However, there is not any limit for transfer of money from wallet to bank account.
