Government Registers Bill to Amend Payment and Settlement Act
Summary
The government has registered a bill to amend the Payment and Settlement Act, aiming to modernize and secure Nepal’s payment system. The proposal expands room for foreign payment service providers, strengthens customer protection, and gives Nepal Rastra Bank broader regulatory powers.
Key Points
- The government registered a bill in the Federal Parliament to amend the Payment and Settlement Act, 2075.
- The amendment would allow qualified foreign payment institutions to operate in Nepal and expand digital payment services.
- The bill strengthens consumer protections, including a requirement to refund e-money within 30 days if a licence is revoked or not renewed.
- Nepal Rastra Bank would gain wider authority, including powers to issue orders and set criteria for digital financial services.
