Nepal Rastra Bank (NRB) is considering decreasing the limit of cash-based transaction to Rs1 million. In a bid to make economic transactions transparent and curb informal economic activities, NRB has forwarded a proposal to the Finance Ministry seeking its approval to adopt a provision under which transactions worth more than Rs1 million should be carried out with cheques, said NRB Deputy Governor Chintamani Siwakoti. As per the existing provision, cheques should be used to carry out transactions worth more than Rs3 million.

“Talks are under way, and we plan to bring the directive once we get the ministry’s green signal,” said Siwakoti. (PR)