Laxmi Capital News
NRB sets limits on transaction through digital channels

Nepal Rastra Bank (NRB) has set upper limit for cashtransactions through digital payment channels as well as the ceiling for cashwithdrawal using credit card. 

Issuing new directives through a circular to bank andfinancial institutions (BFIs), payment system operator and payment systemprovider on Sunday, the central bank put restriction on cash transactions fromcredit card to 25 percent of the credit limit. 

This means a credit cardholder would not be allowed towithdraw cash more than 25 percent of the credit limit from his/her card.

Similarly, the central bank has also set an upper limitof Rs 100,000 that can be loaded on a prepaid card issued by BFIs or paymentservice providers at a time. From such prepaid card, the cardholder can dotransactions of a minimum of Rs 500 to Rs 10,000. The maximum monthly limit forthe transaction or cash withdrawal in Nepal is Rs 50,000.

Toward debit card, per withdrawal limit is Rs 25,000while the daily ceiling is Rs 100,000. 
The central bank has also set the limit of payment transactions through mobileor Internet. According to the new directives, per transaction limit from mobilebanking has been set at Rs 5,000. Those, who are using mobile banking service,would not be allowed to make payment for the transactions of more than Rs10,000 a week and Rs 50,000 a month. 

Such limit is slightly higher for Internet bankingtransactions. The daily limit for Internet banking transaction is Rs 100,000,while the monthly limit for such transactions has been set at Rs 500,000. 

The NRB has also set a ceiling on transfer of money fromone bank account to another through Internet banking service. One can transferup to Rs 100,000 from one bank to another through Internet banking at a time.However, monthly limit for such transfers has been set at Rs 1 million. 

It seems that the central bank is also tighteningtransactions carried out through e-wallet, mobile wallet or digital wallet. Thenew directive has set the limit of money that can be loaded intoe-wallet/mobile/wallet/digital wallet. As per the new rule, one can load Rs5,000 at a time, a total of Rs 15,000 in a day and Rs 25,000 in a month throughagent or sub agent. Per transaction limit through e-wallet has been fixed at Rs5,000, while daily and monthly limit for such transactions is Rs 15,000 and Rs25,000, respectively.

However, one can make payment for tax, revenue, fine,registration fees and service charges for government agencies as per the billedamount, according to the new directives. 

The limit for amount that can be loaded into digitalwallet operated by payment service provider through the account of bank orfinancial institution or from one wallet to another wallet is slightly higherthan the limit of amount that can be loaded with the help of agent or sub agent.The upper limit for the transfer of fund into digital wallet or wallet towallet transfer has been set at Rs 5,000, while the daily limit is Rs15,000. 

However, there is not any limit for transfer of moneyfrom wallet to bank account.


Source : My Republica, 18th April 2018

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