Money Changer License Revoked by NRB for Untimely Renewal of Operational Permits

3rd April 2026, Kathmandu

The Nepal Rastra Bank (NRB) Biratnagar office has officially revoked the licenses of two money changer companies for failing to renew their permits within the stipulated timeframe.

Money Changer License Revoked

This Money Changer License Cancellation follows the strict regulations of the central bank requiring timely renewal of operational permits to ensure compliance and legal standing within the financial ecosystem.

The decision serves as a stern reminder to all small and medium financial service providers that administrative deadlines carry significant weight. For these companies, the inability to navigate the bureaucratic requirements has resulted in the total cessation of their authorized business activities in the province.

Companies Affected by the Revocation

The Money Changer License Cancellation has specifically targeted two firms operating out of the industrial hub of Morang. The companies whose licenses were canceled are:

• Amrit Laxmi Money Changer Pvt. Ltd.
• Super Fine Money Changer Pvt. Ltd.

Both of these entities were located in Biratnagar Metropolitan City–15, Morang. Their permits were officially nullified after they failed to complete the mandatory renewal process within the legal window provided by the central bank. Consequently, any further foreign exchange activities conducted by these firms will now be classified as unauthorized and illegal under the laws of Nepal.

Legal Basis for the License Cancellation

The NRB did not take this step lightly; the Money Changer License Cancellation is rooted in the “Money Changer License and Inspection Regulations, 2077 (Fourth Amendment).” Specifically, sub-regulation 19(3) provides a clear mandate for all licensed institutions.

Key legal points include:

Three-Month Window: Licensed money changers must complete their renewal within three months of the license expiry date.

Automatic Invalidity: Any license not renewed within this strict grace period is considered automatically invalid.

Authority to Revoke: The NRB holds the absolute right to cancel the registration of firms that ignore these compliance timelines.

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The central bank clarified that these procedures are in place to maintain a clean and trackable foreign exchange market. By enforcing these rules, the NRB ensures that only active, compliant, and vetted organizations are handling currency exchange for domestic and international travelers.

Implications for the Money Changer Sector in Nepal

This instance of Money Changer License Cancellation sends a powerful message to the entire specialized financial sector. Compliance is no longer viewed as a suggestion but as a functional necessity for survival. The impact of such a revocation is far-reaching:

Immediate Business Interruption: The firms must stop all currency exchange services immediately, leading to a total loss of revenue.

Loss of Credibility: A revoked license makes it nearly impossible for the owners to apply for similar financial permits in the future.

Legal Consequences: If these firms continue to operate despite the Money Changer License Cancellation, they face criminal charges under the Foreign Exchange (Regulation) Act.

The NRB continues to monitor all licensed money changers across Nepal, particularly in border towns and metropolitan hubs, to protect the public trust and ensure the stability of the national currency.

Why Compliance Matters for Foreign Exchange

The Money Changer License Cancellation is part of a broader effort by the Nepal Rastra Bank to prevent money laundering and the shadow economy. Money changers are a vital link in the financial chain, and if they operate outside the regulatory net, it becomes difficult for the government to track foreign currency flows.

Timely renewals allow the NRB to:

• Verify the physical location of the business.
• Review the financial health and transaction records of the firm.
• Update the list of authorized personnel handling foreign currency.

Conclusion

The revocation of licenses for Amrit Laxmi Money Changer Pvt. Ltd. and Super Fine Money Changer Pvt. Ltd. highlights the absolute importance of meeting administrative deadlines. The Money Changer License Cancellation underscores the commitment of the NRB to maintaining transparency and legal compliance within the foreign exchange sector of Nepal.

All remaining licensed money changers are strongly advised to review their permit expiry dates and begin the renewal process well in advance. In the current regulatory climate, a simple administrative oversight can lead to the permanent closure of a business. This action by the Biratnagar office ensures that the local financial market remains disciplined and fully aligned with national fiscal policies.

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