The affected companies are Good Remit Pvt Ltd, Global Mountain Remit Pvt Ltd, Sansar Remit Pvt Ltd, Lalit Money Transfer Pvt Ltd, and Max Money Transfer Pvt Ltd.

On Friday, the central bank issued a notice announcing the cancellation of these licenses. The decision was made after the companies failed to renew their licenses within the stipulated time frame as specified in the Manichanchar License and Inspection Regulations, 2077 (with the first amendment). The specific regulations cited include sub-regulation (10) clause (e) and sub-regulation (11) clauses (a) and (c) of the aforementioned regulations.

Nepal Rastra Bank’s action underscores its commitment to enforcing regulatory standards within the remittance sector. The revocation process follows a thorough review of compliance with legal and operational requirements, aiming to ensure that all financial institutions adhere to necessary regulations and maintain the integrity of the financial system.

The move is expected to impact the remittance services provided by these companies, potentially affecting their customers who rely on these services for international money transfers. As the bank continues to uphold regulatory compliance, stakeholders are advised to stay informed about the status of their service providers and any potential changes in the sector.

Nepal Rastra Bank has emphasized the importance of adhering to regulatory requirements and has urged other remittance companies to ensure timely renewals and compliance to avoid similar actions in the future. This step is part of the bank’s broader efforts to maintain a robust and trustworthy financial environment in Nepal.