Casinos Must Obtain NRB Approval to Deal in Foreign Currency

Kathmandu, October 10 — The Nepal Rastra Bank (NRB) has made it mandatory for casinos and similar institutions to obtain prior approval before engaging in any foreign currency transactions.

According to a notice issued by the Foreign Exchange Management Department of NRB on Friday, this provision is based on Section 3 of the Foreign Exchange (Regulation) Act, 2019, which states that foreign exchange transactions can only be carried out with a valid license from the central bank.

This means that casinos, gaming houses in five-star hotels, and other institutions dealing with foreign clients must now obtain permission from NRB before exchanging, depositing, or making payments in foreign currency.

NRB stated that this measure aims to regulate and ensure transparency in foreign currency operations and to strengthen the monitoring and accounting of foreign income within Nepal.