NRB cancels licenses of five money exchange companies for non-renewal violations

KATHMANDU: The Nepal Rastra Bank (NRB) has taken a decisive step by canceling the licenses of five money exchange companies for failing to comply with renewal regulations.

The companies affected by this measure include Fair Money Exchange Pvt Ltd in Kathmandu, Nyatpol Money Exchange Pvt Ltd in Bhaktapur, and Kailash Money Exchange Pvt Ltd in Kathmandu. Grace Money Exchange Pvt Ltd in Rasuwa and Route Nepal Money Exchange in Kathmandu have also faced license cancellations.

The NRB, through its Foreign Exchange Management Department, issued a public notice to announce the license revocations. The cancellations were made under the authority of Clause 19, Sub-Clause 3 of the Nepal Rastra Bank Money Changer License and Inspection Regulations, 2077 BS (4th amendment).

The decision emphasizes the importance of adherence to prescribed regulations, and the NRB’s action underscores its commitment to maintaining discipline and compliance within the financial sector.

The public notice serves as a reminder to financial institutions and money exchange companies to ensure timely renewal of licenses to operate within the legal framework set by the regulatory authorities. The move aims to uphold the integrity of the financial system and protect the interests of stakeholders involved in foreign exchange activities.