Kathmandu: As remittance inflows have been declining, the government has been trying to allure Nepali migrant workers in foreign every possible way. Remittance inflow is the major source of foreign currency reserve for Nepal.
According to Nepal Rastra Bank, the central bank, in the last few months, the declining reserve of foreign currency is widening amid huge trade deficit.
Additional facilities have been announced for Nepali migrant workers in foreign employment in the government’s budget announcement for the coming Fiscal Year 2079/80. A 50 percent fee waiver on passport renewal, labor permit renewal and consular service has been announced for remittance senders.
Earlier, the Government of Nepal through Nepal Rastra Bank has implemented the provision of paying one percent interest more than other savers when depositing the amount received through remittance inflow in the savings account of banks and financial institutions. This has prompted Nepali workers in foreign employment to send money to their family living in Nepal through legal channels.
However, at the suggestion of some bank employees, there are complaints that the bankers are trying to stop term deposits by paying extra interest by self-declaring that even the income within Nepal is remittance received from abroad.
Apart from this, Nepalis living abroad can also open a USD account in any commercial bank of Nepal. The facility of depositing money in dollar account and withdrawing it through legal means with the approval of NRB has been provided.