It is not allowed to issue checks on imports through the customs office where electronic payment system has been implemented

It has become impossible to issue checks on imports through the customs office where electronic payment system has been implemented. The central bank has made the provision by amending the Unified Circular 2076 issued by the body licensed to trade foreign exchange on Friday. However, the said deposit amount can also be taken by check.

Under the prevailing arrangement for payment of import of goods, exchange of Indian Rupee can be provided through letter of credit, draft or TT.

However, the central bank has stated that import of goods worth more than 30 million Indian rupees must be done through letter of credit.

In addition, the deposit amount to be taken for import at the customs office where electronic payment system has been implemented will also have to be paid electronically. Henceforth, Nepali citizens and firms, companies and associations duly registered in Nepal have made arrangements to exchange up to 300,000 Indian rupees for various services and facilities to be taken from the missions, associations, institutions and companies in India.