Kathmandu. Nepal Rastra Bank has issued the Integrated Circular-2081 of the Foreign Exchange Management Department. The National Bank issued the Integrated Circular-2081 today (Friday).
Nepal Rastra Bank has included 29 provisions in the circular. The National Bank has stated that when a firm or company imports goods and services (including leases), partial or full advance payment can be made on the basis of a bank guarantee from a foreign bank. In the case of importing goods, if the amount exceeds the specified limit for import through TT, a bank guarantee from a foreign bank will be required.
However, the provisions mentioned in Section 1.7 must be complied with while importing in this way.
According to the National Bank, the amount for insurance to be provided when storing imported goods in warehouses located in various places in India and the amount for insurance at a concessional rate to be provided by the Indian seller as a warranty for the goods sold for a certain period shall be the amount of the agreement made with the concerned seller or the bill of lading issued on the basis thereof and a copy of the insurance policy issued by the insurance company. Necessary exchange can be provided for payments made on the basis of bill of exchange.
Similarly, the National Bank has made various arrangements regarding the import of goods and services and purchase and sale of Indian rupees between Nepal and India, applicable to all provincial offices, including the Nepal Rastra Bank, the Banking Department, and banks and financial institutions.
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