Nepal Rastra Bank (NRB) to systematize remittance business

The Nepal Rastra Bank (NRB) has directed the concerned agencies to release the exchange rate from 10:00 am to 2:00 pm every day for the purpose of remittance exchange.

Making some amendments to the Unified Directives 2076, the NRB has asked the banks and financial institutions, and remittance companies to determine the exchange rate through the Foreign Exchange Dealers Association of Nepal (FEDAN).

The FEDAN should send the exchange rate to the Foreign Exchange Management Department of the NRB every day, it is said.

Likewise, the companies doing remittance business should take membership of the FEDAN. If the licensed companies have hired sub-agents by taking cash deposits, the companies are expected to opt for alternative provisions for the purpose of bail instead of the cash.

Executive Director of NRB Ramu Poudel said that such a directive was issued to make the remittance transaction more systematic.