Present context: International Payment in Nepal
On 31st January 2020, Nepal Rastra Bank published a notice and stated that the international payment in Nepal using any unofficial medium is illegal and if anyone is found to be using an unofficial channel for the international transaction then such person will be prosecuted under the act “Foreign Exchange (Regulation) Act 2019 (1962)”. Nepal government claims that people are using an unofficial medium of international payment to advertise their social media channels such as Facebook pages, Twitter, and YouTube. However, the Nepal government claims that people can use Cellcom Private Limited, eSewa Phone Pay, IME Digital Solution, Sparrow Pay Private Limited, and CGpay Private Limited for the international payment within the Himalayan country. These payment gateways are insufficient for Nepalese people.
Nepal’s government is not able to introduce a valid international payment gateway in our country which could help many Nepalese. However, I must say, Nepalese leaders, are in their position just to make laws that do not help any Nepalese. Nepalese people would be happier if the government had imposed a ban on unofficial mediums of international payment in Nepal after introducing a valid and easiest means of international payment gateway. I agree that these types of payments through unofficial means hamper the economy of our country. But the Nepalese government should think about facilities given by the government before implementing any rules and regulations. if the government would have been able to provide valid gateway previously then many Nepalese wouldn’t have to use such unofficial means. Let’s hope, Nepal government will provide us a valid gateway for international payment soon.
Importance of International Payment In Nepal
There are many freelancers in Nepal who get work from foreign countries and get paid from such an unofficial medium. However, imposing a ban on such medium has snitched the job of such freelancers. This has contributed a little to increase the unemployment rate of Nepal. Honestly, Nepal’s unemployment rate and the poverty rate is very high since the past and the present step of government has further contributed to this issue. Besides this, with the use of social media promotion and advertisement, many people are successful to run their business and this has helped many Nepalese as well. I think the government of Nepal should be aware of the importance of social media marketing for the growth and development of the Nepalese business and the country.
The international payment gateway is important for buying and selling goods in the international context. Let’s take an example. To buy a shirt from Amazon, you should have access to such a gateway which is accepted by amazon. And to sell your shirt or any product to an international customer, they need to have access to the payment system which you accept. If you accept eSewa payment then the international customers cannot buy your product. So, the lack of international payment gateway has become a barrier to international trade. The government need to be aware of this thing too.
For the next, if you want to run your site you need to buy domain and hosting. I know there are lots of companies in Nepal which provide this service. But you want to buy hosting from a renowned international company. Then it is impossible without a valid international payment gateway. Due to lack of proper international payment gateway, many Nepalese bloggers and Youtubers are facing difficulties to earn online.
In the end, I want to say that I am a Nepali citizen disappointed with the behavior of the government. The renowned politicians of our country are increasing the number of rules and regulation and I agree with the fact that these rules and regulations are needed for the development of the country. However, the government is failing to recognize the needs and preferences of Nepalese citizens. Either the government is not aware of people’s need or it is underestimating the power of Nepalese people.