Kathmandu. The Ministry of Finance has said that all the agencies have been activated to investigate and take action as per the prevailing law if the undisclosed cash is found anywhere except the legal provisions.

This was reported after receiving information that cash was found burnt or burnt in various places during the Genji agitation on September 23 and 24. The government has been encouraging electronic transactions to purchase and sell services and goods or other transactions through financial institutions or banking instruments.

Since any amount can be transacted up to any limit through electronic payment, there is no need to deposit a large amount of cash. All have been requested to do any of their transactions through electronic payment as far as possible.

It has stated that there is no obstruction in keeping and utilizing any amount of income earned in accordance with the prevailing law and any amount of the money that is sourced to itself or elsewhere. However, investigation is underway under the Prevention of Money Laundering Act, 2064 BS in connection with the fact that various individuals have hidden the undisclosed amount at their residence or elsewhere.

Any person, firm, company or institution should buy or sell any service or goods worth one million rupees or more at a time or make any other transaction through banking instruments. Provided that, the limit shall be in accordance with the prevailing tax laws.

As per the law, a Nepali or foreign citizen coming to Nepal can bring in Indian currency equivalent to US dollar 5,000 (up to Indian rupees and up to 5,000 US dollar in case of other foreign currencies not published by the Nepal Rastra Bank) without a customs declaration and in case of more than that, the customs declaration should be certified by declaring the customs duty.

As per the provision, a citizen of Nepal may keep a maximum of US $ 1,500 or convertible foreign currency equivalent to it in cash for future use of foreign currency out of the foreign currency earned by a Nepali citizen for employment abroad or by doing business abroad or obtained under the foreign travel facility under the exchange facility.