Kathmandu, Apr. 7
Minister for Labour, Employment and Social Security Krishna Kumar Shrestha has proposed up to two per cent higher interest rate on the remittances directly deposited in Nepal's bank accounts from abroad.
At a stakeholders' meeting held at the
Ministry of Finance on Thursday, he suggested to remove service charges for
sending money from abroad and establish the branches of Nepali banks in major
cities or job destinations.
Suggesting various steps to be taken by
the government to bring remittances to Nepal through formal channels, Minister
Shrestha proposed to provide 50 per cent concession on the services provided by
the state to those who send remittances through formal channels.
"It would be better to provide
interest-free amount for a certain period of time equal to the amount sent to
those who return to Nepal and venture abroad," he said while adding that
the bank account should be made compulsory for workers going for foreign
employment.
Minister Shrestha said that people
should be attracted to bring in foreign currency through banking channels
instead of hundi to get maximum benefit from foreign employment or
remittances.
He said that the problems of lack of
investble capital and foreign exchange reserves in banks would be solved if the
remittances could be brought through formal channels.
According to him, the state should treat
the workers who have gone for foreign employment with respect, and impose a
complete ban on foreign employment by any means other than these prescribed by
the government.
Other proposals include honouring the individuals
who send the most amount of remittance annually.
Published in The Rising Nepal daily on 7 April 2022.
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