Nepal Rastra Bank moves to liquidate five remittance firms

Kathmandu, August 25 — Five remittance companies are nearing the final stages of liquidation.

According to Nepal Rastra Bank, the companies on the verge of liquidaation are Good Remit Pvt Ltd in Lazimpat, Global Mountain Remit in Gaushala, Sansar Remit in Darbarmarg, Lalit Money Transfer Pvt Ltd in New Road, and Max Money Transfer Pvt Ltd in Anamnagar.

These companies, which were licensed by Nepal Rastra Bank, are undergoing liquidation in accordance with sub-regulation (clause (e) of 100) of regulation 13 of the Nepal Rastra Bank's Remittance Regulations, 2022 (with the first amendment), and clauses (a) and (c) of sub-regulation (11) of the same regulations.

The bank has stated that if there are any outstanding amounts due to individuals or organizations related to remittance transactions with these companies, those amounts should be settled. The bank has also issued a notice requiring that these transactions be resolved within 35 days from the date of the notice.