Banking Khabar / Nepal Rastra Bank has been conducted publish remittance exchange rate as remittance exchange rate at morning 10 am and afternoon 2 pm every day. The Central Bank has modify the financial institutions and remittance companies and the Integrated Circular 2076 to fix the average purchase rate through the Foreign Exchange Dealers Association of Nepal (FEDA) at the exchange rate used by banks. The central bank has oriented that banks and financial institutions and remittance companies should maintain same exchange rate for remittance purposes on the basis of that rate.
Every day Fedan will have to send the details of such exchange rate to the Department of Foreign Exchange Management. All remittance dealer’s and organizations will be required support to FEDAN. While obtaining the license the central bank has stated it is not allowed to provide any kind of financial and non-financial services to Foreign Service providers without mentioning in the agreement submitted by the licensed company.
If a company licensed to conduct remittance transactions has appointed a sub-agent on cash deposit, alternative arrangements should be made for the purpose of bail instead of cash.