Foreign currency earned via social media can be transferred to domestic accounts

KATHMANDU: Nepal Rastra Bank (NRB) has made a new arrangement whereby money earned from social media networking sites like YouTube, Facebook and TikTok including e-commerce can be remitted to a bank account in Nepal.

NRB issued a directive for transfer of foreign currency from abroad to Nepal through online financial services on Thursday.

As per the new provision, foreign currency earned through social media networking sites can now be transferred to a bank account in Nepal through the banking channel.Till date, such money was being brought to the country through money transfer services.

A statement issued by the central bank states that the amount received from the sale of information technology related professional services, payment received for placing content on social media and also money received for retail international business/trade transactions will be valid in the country.

After receiving the foreign currency in the account of the national bank, the amount till the permitted ceiling can be transferred to a domestic currency account. The amount must be transferred by payment service providers like banks and financial institutions through various payment tools.

Moreover, while earning such foreign currency if the user needs to make payments for required charges and royalties, among others, then they can send the fund abroad by following the instructions issued through the Foreign Exchange Management Department of NRB.

However, while making such foreign currency transactions it is mandatory to abide by the Money Laundering and Financing of Terrorism Act and other prevailing acts, laws and directives. Also, the licensed payment service provider has to submit the monthly details of such transactions in the prescribed format to the NRB within 15 days from the end of the month.

Fiscal Nepal |
Friday September 18, 2020, 03:14:08 PM |

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