Money coming from India to get safer, faster passage

Kathmandu, December 26:

Manakamana Money Express (MME), active in 87 countries, will funnel remittance from India through proper banking channels.

MME chairman Bhim Prasad Sherchan said they would soon start the service. “Nepalis working in India return carrying earnings in cash and often get looted on the border,” he said adding that MME would help them. Nepalis working in India send home the largest amount but due to lack of official records of Nepalis working in India and in the absence of proper channelling of money, there has always been a problem.

“MME wants to help migrant workers bring their earnings back home safely,” he said during the signing of the agreement between NMB Bank and MME.

Upendra Poudyal, CEO of NMB Bank, and MME chairman Sherchan signed the agreement for cooperation in remittance business today.

“Remittance plays a major role in Nepal’s economy,” said Poudyal adding that remittance supports above 60 per cent of Nepal’s imports. According to a report, in 2007 global remittance touched $375 billion whereas developing countries’ received $243 billion in remittance.

Remittance had helped the economy tide over even during a decade of conflict.