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Ncell was allowed for dividend repatriation after completing necessary procedures: NRB

By Our Reporter
Nepal Rastra Bank, central bank of the country, informed that it had given approval for dividend repatriation to the Ncell Pvt Ltd after receiving clearance letter from the Nepal Telecommunications Authority (NTA), a regulating body of the telecommunication sector.
Earlier, a broadsheet daily had reported that after frequent pressure from CIAA chair Lokman Singh Karki to the Nepal Rastra Bank (NRB), Ncell had received permission for dividend repartition. Against such an allegation, NRB held a press conference on 24 October to clarify its stance on granting permission to Ncell.
Narayan Prasad Poudel, executive director, NRB, informed that NRB consults with the concerned regulatory body of the particular sector before approving the proposal of dividend repatriation.
“NRB had not approved dividend repatriation of Ncell for long as we found only Rs 58.1 million had come in from banking channel initially and we asked them to show the evidences that the capital worth Rs 80 million entered the country through banking channel,” Paudel said.
Poudel said that after the company submitted evidence, the central bank had asked NTA if it had any pending issues with the company. Only after receiving clearance letter from NTA, NRB, on July 10, had approved the dividend repatriation proposal of Reynolds Holdings Ltd, West Indies. The foreign partner of the Ncell Pvt Ltd has taken away dividend in foreign currency that amounted to Rs 8.36 billion.

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