Nepal Rastra Bank has made arrangements to deposit the Youtube and online income in Nepal’s bank account. NRB has made arrangements to transfer foreign currency from abroad to Nepal through financial services including e-commerce.
NRB is issuing notices to banks and financial institutions, licensed payment system operators, and payment service providers. This notice is especially for information technology-related skills/ expertise, sales proceeds, social media content, and retail international business/ commercial transactions. The amount including the amount will be valid.
Following this arrangement of NRB, after receiving foreign currency in the account of the indigenous bank, the payment service providers. It includes banks and financial institutions. They will be able to transfer the amount up to the specified limit in the payment instrument including the customer’s wallet in indigenous currency.
Earlier, most of the money earned from social networks like YouTube came through Western Union Money Transfer. According to the NRB, in case of remittance of required fees, royalties, etc. as prescribed in the course of earning foreign currency, the instructions issued by the Foreign Exchange Management Department of this bank should be followed.
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The money earned in this way must be complied with in accordance with the Prevention of Financial Investment in Assets Laundering and Terrorist Activities Act and other prevailing acts, laws, and directives. And the monthly details of the completed transactions in the prescribed format must be submitted to the Nation Bank by the banks and other institution s conducting such transactions within 15 days from the end of the month.
Plz comment below, how you get the amount before YouTube and online income in Nepal’s bank account.