Kathmandu, May 1. The Nepal Rastra Bank (NRB) has revised the ceiling for US Dollar exchange in the country. The central bank increased the limit for NRB-licensed money exchangers to exchange US Dollars with Nepali citizens from 500 to 5,000 US Dollars, according to a circular issued for the bank and financial institutions.

However, the revised provision excludes amounts received as gifts and tips from foreign friends and clients. Additionally, Nepali students going abroad for studies and meeting all the required procedures can now avail of the exchange facility.

The NRB has also amended the provision for exchange facility of convertible foreign currency except the Indian currency for various purposes. The earlier provision allowed the exchange facility to a maximum of 1,000 USD or equivalent foreign currency.

The amended provision states that the cap of 1,000 USD will not apply to visa applications, allowing exchange facilities for the fixed visa fee, provided that the embassy concerned, including the authorized body collecting the visa application fees, makes arrangements to collect the visa fees in convertible foreign currency.

The new provision also permits foreign citizens working in airline companies providing service in Nepal to take home convertible foreign currency.