NRB Reminds Casinos to Seek Approval for Foreign Currency Dealings

Nepal Rastra Bank (NRB) has reminded casinos and similar institutions that they must obtain prior approval before conducting any foreign currency transactions.

In a recent notice issued by its Foreign Exchange Management Department, the central bank clarified that the requirement falls under Section 3 of the Foreign Exchange (Regulation) Act, 2019, which already mandates prior authorization for such transactions. The reminder aims to ensure compliance with the existing legal provisions governing foreign exchange activities.

The notice stated that casinos and related entities must secure a license from NRB to conduct or facilitate transactions involving foreign currency, including Indian rupees. It further emphasized that this requirement remains in force as per the prevailing laws and regulations.

Read: Tourism Bill 2024 Prohibits a Company from Operating More than One Casino

The Government of Nepal had earlier introduced regulatory provisions increasing the minimum paid-up capital requirements for casino operators, along with updated operational standards.

The revised Casino Regulation, issued on July 14 by the Ministry of Culture, Tourism, and Civil Aviation, classifies casinos into two categories—large and small—and stipulates higher capital thresholds for both.

Under the new rules, large casinos must maintain a minimum paid-up capital of Rs 300 million, while small casinos are required to hold at least Rs 200 million. Existing operators that do not meet these thresholds must comply with the new capital requirements by mid-April 2026.

Read: Casinos Face Higher Capital Requirement Under Revised Regulation

In a separate circular, NRB also revised the transaction limits for payments made through prepaid, debit, and credit cards. Under the new provision, the per-transaction limit for debit cards has been set at Rs 20,000, with a maximum daily limit of Rs 50,000—down from the previous daily limit of Rs 100,000. Similarly, prepaid cards can now be used for transactions up to Rs 10,000 per transaction, Rs 20,000 per day, and Rs 200,000 per month. The provision for credit cards remains unchanged, allowing transactions up to 10 percent of the approved limit.