July 6: Nepal Rastra Bank (NRB) has made it mandatory for all parties to conduct transactions worth Rs 1 million or more through cheque. The new rule comes into effect from July 16.

NRB has issued such circular to all the concerned bodies to conduct transactions of Rs 1 million or more only under the watch of banks and financial institutions.

This rule applies to individuals, firms, companies or institutions. According to the NRB, even deposit or payment of loans of such scale cannot be done through cash under normal circumstances after the rule comes into effect.