Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB), the central bank of Nepal, has revised the remittance reporting procedures applicable to the licensed companies and banks and financial institutions (BFIs). Nepal Rastra Bank (NRB) has changed the reporting procedures of remittance companies and banks and financial institutions.

The notice issued by the Nepal Rastra Bank states that the details of remittance transactions should be compulsorily submitted as per the revised format from now on. According to Rule 33 of the Bank Remittance Bylaws, 2076, some of the various reporting formats have been amended and all institutions have been notified to submit the details in the new format.

According to the new directive, inward remittance payment, transactions through sub-agents and sub-agencies, remittance activities throughout the country, and company transaction details should be sent through the Foreign Exchange License and Reporting System (FXOL) within the stipulated timeframe.

Similarly, such companies will have to send the monthly forms within seven days of the end of the month. Similarly, the central bank should send the operating financial statements annually and half-yearly. The annual report has to be submitted within three months of the end of the fiscal year and the half-yearly report within 30 days. Also, the provisional financial details should be submitted via email within 15 days of the end of the fiscal year.