Kathmandu. Nepal Rastra Bank (NRB) has reduced the limit for cheque clearing and payment.
The central bank has reduced this limit by amending the integrated directive issued in the name of banks and financial institutions. Now, banks and financial institutions will be able to deposit Rs. The amount of Rs 5 lakh or more must be paid only in the account payee cheque or the concerned person’s account. Previously, this provision was Rs. It was in the amount of Rs 10 lakh or more.
In addition, the accountant should also pay the cheques drawn in the name of the firm, company, institution or office. In such cases, the Rastra Bank has made a provision that there will be no obstruction in cash payment of the amount above the specified limit.
- To pay cash to any depositor or saver in excess of the prescribed limit, if the details and reason of the application made by any depositor or saver for payment of cash are reasonable. (Banks and financial institutions shall update the monthly statement of cash payment issued pursuant to this provision.) )
- To carry out cash transactions for daily transactions between banks and financial institutions licensed by the Rastra Bank.
According to the revised directive, microfinance institutions will now be able to deposit Rs. 1000 to support the objectives of the Money Laundering Prevention Act, 2064 BS. Payments of Rs 5 lakh or more must be made through account payee cheque.
