Outflow of remmitace down by over 1.5 percent
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KATHMANDU, JUNE 14: The outflow of remittances from Nepal in the past 10 months of the current fiscal has gone down by 1.06 percent. " During the review period this year, Rs 5 billion 478 million 700 thousand flowed outside the country, while, in the corresponding period last year, the outflow of remittances had been recorded at Rs 5 billion 533 million 300 thousand," according to the Nepal Rastra Bank.
"Foreign workers, who are working in Nepal by getting work permits (issued by the government), send money to their respective home countries. They are allowed to remit 75 percent of their earnings and should spend the remaining 25 percent within Nepal," states Dr. Gunakar Bhatta, spokesperson, Nepal Rastra Bank.
The statistics of the Department of Labour show that there are 2 thousand 800 foreigners receiving work permits in Nepal. They are working in multinational companies, banks, and financial institutions, insurance companies and various projects (pertaining to hydropower, infrastructure). etc. There are many workers from countries like India and China in Nepal.
It may be noted that a large number of Indian workers are informally employed in Nepal without getting the necessary work permits. So, the earnings sent by them to their home country have not been factored into the above-reported figures. As Nepal is among the top 10 source countries for the southern neighbour in terms of remittances, the latter is easily expected to have been receiving a huge amount of money from the former through informal channels
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