Kathmandu. The integrated directive issued by Nepal Rastra Bank to the licensed banks and financial institutions has provisions regarding cheque clearing and payment.
Banks and financial institutions should mandatorily pay the amount of Rs 5 lakh or more in the account of the concerned person only. In addition, the accountant should also pay the cheques drawn in the name of the firm, company, institution or office.
However, there will be no obstacle to cash payment in excess of the specified limit in the following circumstances:
- To pay cash to any depositor or saver in excess of the prescribed limit, if the facts and reasons are reasonable for the application made by any depositor or saver for payment of cash.
- To carry out cash transactions for daily transactions between banks and financial institutions licensed by the Rastra Bank.
Therefore, the Nepal Rastra Bank (NRB) has urged people to be aware of the limitations of cash transactions.
