September 22, 2020 | Investopaper
Nepal Rastra Bank has implemented a provision for Nepalis in foreign employment to send their earned money to their relatives from their mobile phones. After such an arrangement, the problem of losing money and not getting it on time will be solved.
The central bank has made a new provision to send remittances through mobile banking, internet banking, electronic card and digital wallet. According to the existing system, remittances were sent only by the banking system or the remittance service provider company. After the new provision, it has become easy to send money from mobile.
The Foreign Exchange Management Department of NRB has made a provision through a circular that Nepalis living abroad can send money to Nepal through electronic means. According to the bank, Nepal’s banks and financial institutions and remittance service providers have to be affiliated with the electronic payment institution operating in the country where Nepalis are working abroad.
In addition to the previous provisions of the Remittance Regulations 2076 of the Nepal Rastra Bank, an arrangement has been made to send money to Nepal through electronic means by concluding an agreement with additional terms and conditions. NRB has stated that the provision has been implemented with the aim of further expanding and developing the electronic system.
After the new provision, remittances can be received at home through institutions or companies providing mobile banking, internet banking, electronic card and wallet services run by banks and financial institutions in Nepal.