Kathmandu – Nepal Rastra Bank has canceled the licenses of two money changer companies. On Thursday, the Central Bank issued a notice announcing that the licenses of these companies, which had failed to renew their permits for conducting money exchange business, have been revoked.

The licenses of Rastra Bank Rainbow Money Exchange Pvt. Ltd., located in Thamel, Kathmandu, and Kasa Money Exchange Pvt. Ltd., situated in Pulchok, Lalitpur, have been canceled.

The Central Bank clarified that the cancellation was carried out under sub-regulation (3) of Exchange 19 of the Money Changer License and Inspection Regulation, 2077 (with the fourth amendment), in accordance with the specified time frame.