NRB makes receiving foreign currency earned from IT services, social media monetization easier

Published On: September 18, 2020 03:37 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Sept 18: Nepal Rastra Bank (NRB) has made the transfer of foreign currency earned from e-commerce as well as social media platforms like YouTube easier.  

Issuing a notice on Thursday, NRB’s Payment Systems Department said that foreign currency earnings from the export of information technology services and expertise, contents posted on social media and retail-level international professional or business services could be received through bank accounts.

According to the notice, the foreign currency deposited in a domestic bank account can be transferred to the digital wallets or other payment instruments in local currency to the limit allowed by the central bank.

The Payment Systems Department also said that any customer has to transfer money abroad to pay fee or royalty while earning such foreign currency after following the directive issued by the central bank.

Each banking institution will have to submit all such transactions in a prescribed format to the Payment Systems Department within 15 days of the end of each month, according to the notice.

The new provision is aimed at facilitating the transfer of foreign currency that individuals and firms earn by providing their expertise or services related to information technology including the money earned through social media monetization.

“Many individuals and firms were complaining that they were facing hassles while getting their small amount of foreign currency earnings from ecommerce or providing expertise related to information technology transferred through formal banking channels,” Bhuban Kadel, executive director at the Payment Systems Department, told Republica.   “The new provision will make it easier to receive such payments through the banking channel,” he added.

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