KATHMANDU, July 8: Acting on a tip off, police have arrested two persons with Rs. 10 million from Ward 12 of Birgunj sub metropolis. The two, Rahul and Roshan Kesari were arrested for their involvement in Hundi transactions.
The preferred method of sending money via the Korea-Nepal remittance corridor is not formal banking channel. It is an informal remittance transfer system called hundi. Central banks of Nepal and Korea do not recognize hundi as an official remittance transfer. So why is it in vogue?
KATHMANDU, Aug 29: Metropolitan Police Crime Division (MPCD) on Monday arrested eight persons, including an India, for their involvement in Hundi business from different parts of the capital. The business, which involves transfer of money through illegal channels, is considered a criminal offence. During the crackdown, police seized Rs 17.2 million and IRs 100,000.
KATHMANDU, Aug 30: Metropolitan Police Crime Division (MPCD) on Monday arrested eight persons for dealing with the illegal Hundi business (money transfer via illegal channels) from different parts of the Capital City.
Difficulty for operation of remittance companies there blamed
KATHMANDU, June 11: With remittance companies finding it difficult to expand their operation, Nepali living in the countries like Hong Kong, South Korea, Australia and Israel are using Hundi system to send their hard-earned money back home.
According to stakeholders, the difficult process for remittance companies to expand presence in these countries where a large number of Nepali are currently living and working to start their operation is helping to flourish informal remitting system like Hundi.
Lack of domestic companies in the destination countries, particularly South Korea and Israel, leaves Nepalis there with no option but to use Hundi system.