In a move to enhance transparency and oversight, Nepal Rastra Bank has imposed stricter reporting measures on companies handling remittances.
Kathmandu — Nepal Rastra Bank (NRB), the central bank of Nepal, has recently introduced tighter reporting requirements for companies involved in the remittance sector. This regulatory update aims to improve the transparency, monitoring, and security of remittance flows into Nepal, a country highly dependent on overseas employment income. The enhanced guidelines require remittance companies to provide more detailed and timely reports on transaction volumes and sender details, enabling authorities to better track the flow of foreign currency and deter illegal financial activities. Remittances constitute a significant portion of Nepal’s GDP, mainly coming from Nepali workers employed abroad, including destinations such as India, the Middle East, and Southeast Asia. The NRB’s move reflects ongoing efforts to safeguard the integrity of the remittance system and support economic stability for Nepali households reliant on overseas earnings.
Sources referenced:
- https://myrepublica.nagariknetwork.com/news/nrb-tightens-reporting-by-remittance-companies