Nepal Rastra Bank Revokes Licenses of Two Money Exchange Companies

Kathmandu — Nepal Rastra Bank (NRB) has revoked the operating licenses of two money exchange companies for failing to renew their authorization within the prescribed time period.

According to the notice published by the Foreign Exchange Management Department, Baluwatar, the companies did not renew their licenses within three months of expiry, as required by the Money Exchange License and Regulation Directives, 2077 (Fourth Amendment).

The two companies whose licenses have been revoked are:

1. Union Currency Exchange Pvt. Ltd., Mitranagar, Kathmandu

2. KTM Om Money Exchange Pvt. Ltd., Thamel, Kathmandu

The central bank stated that despite repeated provisions requiring timely renewal of exchange licenses, the mentioned firms failed to comply, leading to the cancellation of their authorization to conduct money exchange business.

NRB also reminded all other licensed money exchange operators to maintain strict compliance with regulatory provisions and renew their licenses on time to avoid similar action.