Kathmandu. Nepal Rastra Bank has opened the way for banks to issue prepaid cards to pay for purchases of goods and services from abroad online. The National Bank of Nepal (NBN) has issued a notice yesterday paving the way for the issuance of a prepaid card in convertible foreign currency of USD 500 or equivalent.

Customers will be able to avail such cards through commercial banks and national level development banks. The NRB said that this information has paved the way for banks to issue such cards. NRB has provided such facility to bring it in the formal system as unofficial payment is being made from Nepal for purchasing goods and services from abroad. This was also emphasized by the current fiscal year's monetary policy.

Such payments have been made informally as there is a problem in paying foreign currency for small work including training abroad through online. The NRB has said that it is trying to make it easier. Banks will be able to issue prepaid cards by exchanging Nepali Rupees in the bank accounts of individuals, firms, companies or institutions.

The customer will be able to deposit a maximum of US ५ 500 or other equivalent in foreign currency based on the exchange rate of the day applied to the card as per the customer's request.