Emphasis on legalizing and further digitization of remittances

KATHMANDU:To sustain the improvement in remittance flow, stakeholders have stressed the necessity to legally introduce remittances and collaborate on further digitization of remittances. During a conference hosted by the Nepal Remitters Association in collaboration with Nepal Rastra Bank, stakeholders agreed that they should focus on improving remittance services while keeping in mind the positive impact of remittances on the economy.

Acting Governor Dr. Neelam Dhungana Timsina stated at a workshop in Kathmandu last Monday that remittances are increasing and play a key role in economic development. According to Acting Governor Dhungana, everyone should take the initiative to legally bring in remittances and digitize them, and Rastra Bank is willing to work with the Nepal Remitters Association to accomplish this.

Similarly, Tulsi Prasad Ghimire, Executive Director of the Nepal Rastra Bank's Foreign Exchange Management Department, asked competing remittance businesses to compete fairly and renew their licenses on time in order to conduct business on a consistent basis. Executive Director Ghimire also stated that Nepal Rastra Bank is prepared to support the growth and facilitation of the remittance business.

Ram Bahadur Manandhar, Executive Director of the Nepal Rastra Bank's Non-Bank Financial Institutions Supervision Department, recommended remittance companies to follow the norms and regulations established by the Nepal Rastra Bank.

On that occasion, Chandra Tandon, President of the Nepal Remitters Association, stated that if remittance companies, banks, and financial institutions that work with remittances have healthy competition, remittances will increase, as will foreign exchange reserves and the income of remittance companies, banks, and financial institutions that work with remittances. He stated that if income increases in this manner, the state's revenue contribution will increase dramatically, so it is important to pay attention to it.