Banking Khabar/ Nepal Rastra Bank has revoked the license of five remittance companies. Among the remittance companies that have been suspended are Global Mountain Remit Pvt Ltd, Ramro Remit Pvt Ltd, Sansar Remit Pvt Ltd, Lalit Money Transfer Pvt Ltd and Max Money Transfer Pvt Ltd.
According to clause (e) of sub-regulation 9100 of regulation 13 and clauses (a) and (c) of sub-regulation (11) of the same regulation of Nepal Rastra Bank, Remittance Regulations, 2079 (with the first amendment), the license of those remittance companies that have received a license to conduct remittance transaction seems to be canceled automatically as mentioned in the notification published by the central bank.
The notification also states that if any person or organization has outstanding transaction amount with that company, a written application should be made to the foreign exchange department within 35 days from the date of publication of the notification.
