Kathmandu: Nepal Rastra Bank has announced that individuals seeking employment in Australia will now be eligible for passport exchange benefits on par with those traveling to Europe, the United States, and Japan. Currently, job seekers heading to Japan, South Korea, Europe, the US, and Canada have been receiving a foreign exchange facility of $500. In contrast, those traveling to other countries have only been eligible for a benefit of up to $200.
With this new regulation, Nepalese workers heading to Australia will also qualify for the $500 exchange facility. This change has been attributed to the high cost of living in Australia, akin to that of the US, Europe, and Japan, according to Revati Prasad Nepal, Executive Director of the Foreign Exchange Management Department at the Nepal Rastra Bank.
Additionally, the new directive mandates that individuals going abroad must specify their purpose for foreign currency exchange. This includes details regarding whether the trip is for business, medical treatment, permanent relocation (for the first time), temporary employment, education, or other personal reasons.
Moreover, the limits for foreign currency exchange for medical treatment abroad and the purchase of medical equipment have also been increased. Previously capped at $10,000, this facility will now allow Nepalis to access up to $15,000.
The amendment to the integrated guidelines on foreign exchange management will also enable Indian nationals working in Nepal to receive their salaries in convertible foreign currency from companies that source such currency. According to the directive, these Indian workers will be able to repatriate their earnings in foreign currency, provided they meet the stipulated conditions.
This comprehensive reform by the Nepal Rastra Bank aims to streamline foreign exchange processes and better accommodate the needs of Nepalese citizens working abroad.