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Published On: May 31, 2024 09:00 PM NPT By: Republica

Fate of Kathmandu’s casinos hangs in balance as license renewal deadline nears

Fate of Kathmandu’s casinos hangs in balance as license renewal deadline nears

Casino licenses that are not renewed by mid-June to be automatically canceled

KATHMANDU, May 31: Casinos operating in Nepal that do not get their licenses  renewed by mid-June of each fiscal year,  will be closed down automatically.

As per the Money Laundering Prevention Act 2080 BS (2023), made to amend various Nepal Acts concerning money laundering prevention and promotion of business environment, casinos will be closed if their licenses  are  not renewed. 

The Department of Tourism has reminded all casino operators to renew their licenses by this deadline. 

The reminder emphasizes that renewal applications must be submitted at least 30 days before the current license expires. Failure to do so will result in automatic cancellation of the license. 

While submitting an application for the renewal of the license, outstanding payments and the specified casino royalty must be settled by mid-June of the current fiscal  year.

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