KATHMANDU, Dec 27: The Nepal Rastra Bank (NRB) has revoked the licenses of three remittance companies. The NRB has revoked the license of Namaste Remit International Pvt Ltd, Modern Remittance Pvt Ltd and Bhatbhateni Money Transfer Pvt Ltd.
The NRB has issued a statement stating that it has revoked the licenses of these companies in accordance with the sub-rule (5) of Regulation-13 of NRB, Remittance Regulations, 2079 (first amendment).
NRB revokes licenses of five money exchange companies
The NRB has asked these companies to give written information to the Foreign Exchange Management Department if any person or organization owes money related to transaction remittance.
It is mentioned in the NRB notice that if the written information is not received, the bank guarantee of the companies will be seized.
The NRB said that if an individual or organization claims the transaction amount within the specified period with remittance companies, only the amount covered by the bank guarantee for the valid period will be settled.
