Foreign Currencies Can Now be Exchanged from POS Systems

After analysing the foreign currency exchange policy, Nepal Rastra Bank (NRB) has made a policy where foreign tourists can now exchange Nepali currency from Point of Sales (POS) machines using their international cards, reports New Business Age.

The Details:

• According to a circular by NRB, foreigners can exchange Nepali currency using Visa International, MasterCard, and Union Pay international card from POS machines.
• They can mark their exchange charges but the rates should be in Nepali currency. The charges will be marked according to the agreement between banks and money exchangers.
• The Foreign Exchange Management Department has made it mandatory for money exchangers to collect a copy of the customers’ passport in case of foreigners. For Indians however, copy of relief card is needed for the transaction.