KATHMANDU: Nepal Rastra Bank (NRB) has revoked the operating licenses of two money exchange companies in Kathmandu for failing to renew their permits on time.
In a notice issued on Thursday, the central bank’s Foreign Exchange Management Department announced the cancellation of licenses belonging to Union Currency Exchange Pvt. Ltd., located in Mitranagar, and KTM Om Money Exchange Pvt. Ltd., based in Thamel.
According to NRB, the decision was made in accordance with Regulation 19 (Sub-Regulation 3) of the Foreign Exchange (License and Inspection) Regulation, 2077 (with the fourth amendment), after the companies failed to renew their licenses within the prescribed period.
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