Forex service providers required to make monthly e-filing

Published On: May 15, 2017 10:20 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, May 15: Nepal Rastra Bank (NRB) has instructed all bank and financial institutions (BFIs), money changers, remittance companies, money changers, hoteliers, travel and trekking agencies and cargo companies, among other firms who provide foreign exchange service, to submit monthly reports to the central bank electronically.

Issuing a notice on Monday, the NRB said that firms, which have acquired license for providing foreign exchange service, should submit electronic copies of monthly transactions report and other related documents to the Foreign Exchange Department of the NRB every month via online from the month of Baishakh (mid-April to mid-May).

"The new requirement is aimed at streamlining and making the reporting of foreign exchange service providers systematic," the notice reads.

These companies will get username and password for electronic filing form the department.

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