Kathmandu. A person who is a director of a bank and financial institution cannot become a director of a remittance company at the same time. A person who is a current director in a bank or financial institution cannot become a director of a remittance company at once.

Nepal Rastra Bank has issued an integrated circular and has provided that it is not allowed to engage in other licensed/permitted organizations.

"A person holding the position of director or officer in a bank and financial institution licensed by the National Bank and an organization licensed to perform payment-related activities shall not be allowed to hold the position of director/officer in a money changer or remittance company licensed by the National Bank at the same time," said the National Bank.

In addition, it has been stipulated that a person holding the position of director and officer of a money changer or remittance company licensed by the National Bank cannot simultaneously hold the position of director or officer in another money changer or remittance company. However, it is said that this provision will not hinder in the case of appointment by the Government of Nepal or the National Bank. The National Bank has said that the arrangement should be regularized by the end of October 2080.