The Ministry of Finance has set a new rule for holding foreign cash in Nepal. Now, no one can keep more than $1,500 in cash or its equivalent in foreign currency. This rule was announced on Wednesday night through the ministry’s official social media account, X (formerly Twitter).
How It Works
- Travelers returning from abroad can keep up to $1,500 in cash from legal sources.
- Any amount above that must go through the banking system.
- Anyone entering Nepal with more than $5,000 must declare it at customs. Amounts under $5,000 do not need declaration.
Legal Warning
The ministry clarified that cash from legal and transparent sources can be kept personally. But undisclosed or suspicious money can be investigated under the Anti-Money Laundering Act, 2064.
Reason for the Rule
The new rule aims to strengthen financial discipline and reduce unproductive spending. Minister Rameshwar Khanal has emphasized strict enforcement. The ministry also reminded that retired political and administrative officials are entitled to benefits only as per approved laws and standards.
