Nepal Rastra Bank Revokes License of Money Changer for Regulatory Violations
Nepal Rastra Bank has canceled the license of a money changer company operating in Birgunj after it failed to renew its permit within the prescribed deadline.
Nepal Rastra Bank’s Birgunj Office has revoked the operating license of Shivam Money Exchange Pvt. Ltd., located in Ghantaghar, Birgunj–8, Parsa.
According to the central bank, the company failed to renew its license within the required timeframe, leading to regulatory action and cancellation of its operating permit.
During inspection and monitoring, the company was also found violating provisions related to Indian currency exchange transactions, the bank stated.
Nepal Rastra Bank said the decision was taken in accordance with Regulation 19 (3) of the Money Changer Licensing and Inspection Bylaws, 2077, under which the company’s authorization to conduct Indian currency exchange transactions has been fully revoked.
The central bank has also urged all licensed money changers and foreign exchange institutions to strictly comply with regulatory standards, renewal procedures, and legal provisions.