Nepal is set to introduce a major financial rule that bans cash transactions of NPR 500,000 (USD 3,476) or more, marking one of the country’s strongest moves toward transparency and digital payments. The decision, made by the Council of Ministers at Singha Durbar, takes effect on January 1 and will be strictly enforced from January 15.
The new rule requires high-value transactions to go through formal banking channels. That includes payments made by bank transfer, cheque, Real–Time Gross Settlement (RTGS), Interbank Payment System (IPS), mobile banking, or other digital systems approved by Nepal Rastra Bank (NRB). The government says the aim is to create a more transparent, modern, and secure financial environment.