Nepal Rastra Bank Facilitated to Exchange Foreign Currency from Bank in Villages:
From now on, it is possible to exchange foreign currency at the branches of commercial banks established in villages. Nepal Rastra Bank has implemented the arrangement that the bank has to buy foreign currency from every branch. Earlier, the bank used to trade foreign currency only from certain branches in urban areas. Therefore, Nepalese returning from abroad or working in the tourism sector in rural areas were forced to travel long distances to exchange their foreign currency.
In order to buy foreign currency, you still have to go to a certain branch specified by the bank. NRB has made arrangements for the bank to conduct foreign exchange trading (buying and selling) branches and conduct business accordingly. In addition, the licensing policy has been relaxed to facilitate foreign exchange transactions. Earlier, foreign exchange firms, companies or institutions were required to obtain separate licenses for each trading post (branch or counter) and renew accordingly. Now such permission will be given to an organization in one go.
NRB will give such permission to all for-profit and non-profit organizations or companies on the basis of proof of foreign exchange transactions. The 'Nepal Rastra Bank Foreign Exchange Trading License and Inspection Rules, 2077' issued on Sunday has said that financial institutions, department stores, supermarkets, hotels and tourism services, aviation services as well as casinos will be allowed to conduct foreign exchange transactions.
Earlier, the casino, which had adopted a very restrictive policy, was considered an attractive place to launder assets through foreign exchange transactions. NRB has stated that now such casinos are being brought under the purview of regulation and foreign exchange transactions are being canceled. This will facilitate the operation of the casino.
