Nepal Rastra Bank (NRB) has tightened reporting requirements for remittance companies and financial institutions involved in remittance services, requiring them to submit daily transaction details within three days. The new rules will take effect from mid-October.
Under the revised provisions, companies must submit monthly reports through the Foreign Exchange Online (FXOL) system within seven days of the end of each Nepali month. The reports must cover inward remittances processed directly or through sub-agents and sub-representatives, as well as any action taken against them.
The central bank has also introduced standardized reporting for country-wise inward remittance transactions. Companies must additionally disclose monthly balances held with foreign partners and information on Fedan rates determined by the Foreign Exchange and Dealers Association of Nepal.
Remittance companies are required to notify the NRB of any changes to their boards of directors and submit provisional quarterly and annual financial statements within 15 days of the end of each reporting period. The revised requirements aim to strengthen oversight and standardize remittance reporting.
