Nepal Rastra Bank has made arrangements to deposit the income from social media like YouTube in Nepal’s bank account. NRB has made arrangements to transfer foreign currency from abroad to Nepal through online financial services including e-commerce.
NRB is issuing notices to banks and financial institutions, licensed payment system operators, and payment service providers, 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 provider (including banks and financial institutions) will be able to transfer the amount up to the specified limit in the customer’s wallet and other payment instruments 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.
The money earned in this way must be complied with in accordance with the Prevention of Financial Investment in Money Laundering and Terrorist Activities Act and other prevailing acts, laws, and directives.