Kathmandu. Nepal Rastra Bank has increased the deposit amount of money changer companies. The central bank has made such arrangement by implementing 'Nepal Rastra Bank Moneychanger License and Inspection Regulations, 2077 BS'.

The NRB has informed that the new regulations have been implemented by repealing the 'Nepal Rastra Bank Money Changer License and Inspection Regulations, 2067 BS' which was being implemented earlier.

As per the previous arrangement, the companies were paying an annual fee of Rs 2,000 for buying and selling Indian rupees. According to the new regulations, a fee of Rs 25,000 has been set for such transactions.

Similarly, money changers will have to pay Rs 1 lakh out of Rs 3,000 paid for convertible foreign currency transactions. In addition, the NRB has informed that it has to pay a fee of Rs 125,000 for the purchase and sale of both Indian and convertible foreign currencies.

Similarly, Rs 25,000 in Indian Rupees, Rs 75,000 in convertible foreign currency and Rs 100,000 for both of them have to be deposited to get money changer's license and renewal of license.

The licensed money changer has set a capital of Rs 1 million for buying and selling Indian Rupees, Rs 1.5 million for convertible foreign currency and Rs 2 million for both transactions.

As per the issued regulations, NRB may conduct on-site inspection and non-on-site supervision of the money changer as required. Moneychanger has issued circulars, orders, instructions, notices and regulations issued under the Nepal Rastra Bank Act, Foreign Exchange (Regularization) Act, Prevention of Money Laundering Act, and the rules, regulations and prevailing laws made under the Acts. NRB has said that it will take action if the regulations are violated if the conditions are not met.