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Lower remittance fees to promote use of formal channels: Government taskforce
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KATHMANDU, Feb. 8 -- A government taskforce has suggested reducing the cost of remitting money to Nepal through banks or remittance companies for encouraging migrant workers to send money home using formal channels.
The taskforce was formed to recommend to the government measures for bringing remittances into the country through formal channel and utilize the workers' transfers in productive sector.
Concluding that the high cost for Nepalis abroad to send their money home through formal channel was one of the major factors prompting many in foreign countries to use informal and illegal channels like Hundi, the taskforce has recommended several policy, structural and procedural measures to the government for curbing the growing use of in...
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