The Nepal Rastra Bank (NRB) has made certain revisions to foreign exchange transaction regulations to facilitate businesses and importers. The bank has extended the time for importing goods and services and presenting original documents to the bank after availing foreign exchange facilities through letters of credit, bank drafts and telegraphic transfers (TTs).
Previously, the importers had to import the goods within 90 days. Now according to the new rule, importers who have availed the draft and TT foreign exchange facility can import the goods within 120 days.
If a foreign exchange facility is used multiple times for partial payments but the shipments happen at once, the goods must be imported within 120 days from the initial use of the facility.
The NRB has also extended the deadline for submitting original documents to the NRB considering the various challenges importers face due to procedural delays during import of goods and services.
Importers availing the foreign exchange facility based on copy documents can now present the original documents within 60 days of availing the service. The deadline was 45 days previously.
If the original documents are not submitted within 60 days of the time interval from the day of filling out the foreign exchange facility form, the same importer will not be issued another foreign exchange regulation form based on copy documents again.
