Kathmandu: Nepali insurance companies will no longer require approval from Nepal Rastra Bank (NRB) to make payments to individual professionals in India for services such as actuarial analysis, surveying, and valuation.
The central bank introduced the change through an amendment to its integrated foreign exchange management directive.
According to the revised provision, insurance companies in Nepal can obtain foreign exchange facilities from commercial banks to pay natural persons in India for these specialized services, based on a recommendation from Nepal Insurance Authority.
NRB said the move aims to streamline payments for essential professional services while maintaining regulatory oversight through the Insurance Authority’s endorsement.
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