Kathmandu. The approval of Nepal Rastra Bank is not required to open and operate a custodini account in a foreign bank. On Monday, Nepal Rastra Bank made such arrangement by amending the Unified Circular 2076 related to foreign exchange transactions.

The account details opened in this way should be submitted to this bank annually. Similarly, the NRB has stated that there will be no impediment to the issuance of any amount at once in the case of convertible foreign currency that has been legally imported into Nepal by declaring customs as per the prevailing law.

Similarly, in case of amending the letter of credit to be more than ten percent of the amount mentioned, in addition to other things to be done as per the rules, approval of your central office is also required. However, if the revised amount is US पाँच 5,000 or its equivalent in other convertible foreign currencies or less, such approval is not required.

 Also, after receiving the documents under the issued letter of credit and paying the same, the same letter of credit cannot be amended again. However, NRB has stated that such provision will not be applicable in case of revolving letter of credit.