Nepal Sets Mandatory Banking Rule for Transactions Above Five Lakh Rupees

Nepal sets a new cash-transaction limit as transactions above five lakh rupees have to be done mandatorily through the banking system. Government spokesperson and Minister for Information and Communications of Nepal Jagdish Kharel said the move is aimed at aligning Nepal with international anti-money laundering standards and helping the country avoid being placed on the Financial Action Task Force’s grey list. This step has been taken to curb money laundering and strengthen financial transparency.