Kathmandu. Nepal Rastra Bank (NRB) has cancelled the license of two money changers.

Nepal Rastra Bank (NRB) has revoked the license of Union Currency Exchange Pvt Ltd and KTM Om Money Exchange Pvt Ltd based in Thamel, Kathmandu.

According to the Foreign Exchange Management Department of the Rastra Bank, both the money changers have not been able to renew the license within the stipulated time (within three months from the expiry date) as per the provision of sub-regulation (3) of Regulation 19 of the Rastra Bank, Money Changer License and Inspection Bylaw, 2077 (with fourth amendment).