Nepal's Finance Minister Announces Lower Cash Transaction Limit to Curb Opaque Dealings

Kathmandu. Finance Minister Rameswor Khanal announced that the limit for cash transactions has been reduced to control opaque dealings.

Speaking at an event organized in Kathmandu on Saturday on the occasion of the 61st anniversary of Rastriya Banijya Bank, Finance Minister Khanal stated that the cash transaction limit has been lowered to control opacity because certain sectors are still operating opaquely and being used as a means to launder illegally acquired black money.

He mentioned that while banks and financial institutions have performed well compared to other entities, there is still a need for greater caution. He expressed the necessity to move from physical currency to virtual currency and from physical banking access to virtual banking access. He also stated that the Ministry of Finance is in discussion with the central bank to facilitate investment based on entrepreneurship, capability, and income-generating potential, rather than collateral-based lending.

He noted that while the financial sector is not currently weak, it is natural for problems to arise periodically due to various reasons.