The Ministry of Labour, Employment, and Social Security (MoLESS) has forwarded different proposals to encourage remittance inflow through formal channels.
At a program organized in the federal capital on Thursday, Minister for Labour, Employment and Social Security Krishna Kumar Shrestha said Nepalis working abroad should be lured to send money back home through formal channels using banking channels.
More remittance would ensure foreign exchange reserve and sufficient capital in the banks, he added. Minister Shrestha stressed the state should treat the migrant workers in a dignified manner to inflow remittance through formal channels, end the remittance cost and establish branches of Nepali banks in the major cities of the destination countries.
An additional two percent interest rate should be given to the depositors in case they directly remit money to Nepal’s bank account and the returnee migrants should be waived off in taxes for their in-kind remittance if they submit evidence of a formal channel for remitting their income, Minister Shrestha suggested.
Likewise, the provision of depositing money in the foreign employment welfare fund for taking labor approval for remigration should be waived off if the migrant workers submit evidence of remitting money through a formal channel.
The other proposals of Minister Shrestha include felicitating those sending the highest amount of remittance, ensuring interest-free loans to the returnee migrants for the entrepreneurship development in the country upon their return, and making mandatory provisions for the migrant workers to open a bank account.
