Nepal Rastra Bank raises paid up capital for money changers and remittance companies
Nepal Rastra Bank has increased the paid up capital requirement for money changers and remittance companies. It has fixed the paid up capital of foreign currency exchange firms to Rs. 1.5 million and for remittance companies that issue remittance card to Rs 250 million. Remittance companies that work as principal company for remittance service will have to maintain a paid up capital of Rs 100 million. Remittance companies who work as principal company for foreign remittance companies have to raise their paid up capital to Rs 20 million.
The Central Bank has instructed that money changers raise their paid up capital by July 2017. Those companies who also provide exchange service of Indian Currency will have to maintain a paid up capital of Rs 2 million.