Kathmandu, February 3
Nepal Rastra Bank (NRB), the central bank of Nepal, has directed commercial banks in the country to submit details of cash transactions of or above Rs 700,000.
The central bank has barred banks from carrying out cash transactions of or above Rs 1 million. It means, the banks now have to submit details of transactions in the Rs 700,000-Rs 1 million range to the NRB.
The bank’s Supervision Department has already handed a letter to all 27 commercial banks to submit details for an investigation into suspicious investments in terrorist activities and money laundering.
The department’s director Roshan Kumar Sigdel says the banks have also been provided with a template to submit the details.
A banker says the recent directive could also be connected to the investigations into Nepalis’ investment in cyrptocurrencies.
