NRB revokes licenses of five money exchange companies

Published On: February 14, 2024 04:38 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Feb 14: The Nepal Rastra Bank (NRB) has announced the cancellation of licenses for five money exchange companies.

According to the NRB, these licenses were canceled as the companies failed to renew them following the prescribed regulations. The revoked licenses belong to Fair Money Exchange Pvt Ltd in Kathmandu, Nyatpol Money Exchange Pvt Ltd in Bhaktapur, and Kailash Money Exchange Pvt Ltd in Kathmandu.

Additionally, Grace Money Exchange Pvt Ltd in Rasuwa and Route Nepal Money Exchange in Kathmandu are also among the companies affected by the license cancellations.

The Foreign Exchange Management Department of NRB issued a public notice regarding the license cancellations. NRB stated that the licenses were revoked by Clause 19, Sub-Clause 3 of the Nepal Rastra Bank Money Changer License and Inspection Regulations, 2077 BS (4th amendment).