Nepal Rastra Bank (NRB) has announced the revocation of licenses for five money exchange companies due to non-compliance with regulatory obligations.

According to the Foreign Exchange Management Department, the decision is a result of these companies’ failure to renew their licenses in accordance with prescribed regulations.

The companies affected by the license cancellations 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.

NRB cited Clause 19, Sub-Clause 3 of the Nepal Rastra Bank Money Changer License and Inspection Regulations, 2077 BS (4th amendment) as the legal basis for the license revocations. This clause outlines the regulatory framework governing money changer operations in Nepal and the importance of adherence to licensing requirements.