Nepal Rastra Bank Extends Deadline for Remittance Companies to Meet Capital Requirements

Kathmandu. Nepal Rastra Bank has extended the deadline for remittance companies to meet their minimum paid-up capital requirements by two years. Through the 'Remittance Regulations, 2079 (Second Amendment)', a new provision has been introduced requiring remittance companies to reach a minimum paid-up capital of 100 million rupees by the end of Ashar 2087.Previously, this capital requirement was mandated to be met by the end of Ashar 2085. The central bank had previously issued directives for phased capital increases, which included targets of 30 million by 2081, 40 million by 2082, 60 million by 2083, 80 million by 2084, and 100...