Nepal Rastra Bank introduces new provisions to facilitate remittance payment from Nepalese workers abroad

Nepal Rastra Bank has issued a notice for remittance companies and banks/ financial institutions providing remittance services to incorporate additional provisions apart from the 'Nepal Rastra Bank Remittance Regulations, 2067'.

The new provisions have facilitated the online transaction and receipt of remittance from a foreign country to Nepal.

Remittance companies and banks/ financial institutions providing remittance services should ensure that the foreign company sending remittance on behalf of Nepalese working there should be incorporated with the Digital Payment Instrument of that country. Also, the remittance sending company should be allowed by that country's legal laws to release outward remittance.

The remittance companies and banks/ financial institutions providing remittance services in Nepal should have a provision to deposit the remittance funds directly into the online/electronic financial wallet of the receiver. In case the amount exceeds the limit allowed in such wallet systems, the fund should be deposited directly to the bank accounts of the receiver.

Also, if the transaction isn't complete for any reason whatsoever, the remittance company must reimburse the fund automatically.

Lastly, an agreement made between the two remittance companies with the aforementioned provisions should be presented to Nepal Rastra Bank.

Click here to read the full notice.