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National Remittance Conference Essay

5411 words - 22 pages

NATIONAL CONFERENCE ON REMITTANCE FOR DEVELOPMENT IN NEPAL

National Remittance Conference 2013

REPORT

Kathmandu, Nepal 28 November 2013
Mandeep Karn Dibayashwor Raj Baidya

Organized by National Banking Training Institute (NBTI) in association with the Asian Development Bank (ADB), and hosted by the Mr. Sanjib Subba, CEO and Company Secretary, NBTI.

Acknowledgement
APEX College would like to express its gratitude to the National Banking Training Institute for the great learning experience opportunity and report on ‘NATIONAL CONFERENCE ON REMITTANCE FOR DEVELOPMENT IN NEPAL’ . This allowed us to participate and gather crucial conference details, data and information in ...view middle of the document...

The conference aimed to bring policy makers, Banking and Financial Institutions (BFIs), regulators, scholars, migrant worker unions, remittance operators and everyone concerned under one roof to discuss ideas and learn from other countries such as Philippines. The conference was held on Thursday 28th November 2013 at Hotel Soaltee Crown Plaza. The conference was inaugurated by Mr. Krishna Prasad Devkota Joint Secretary, Ministry of Finance while Mr. Kenichi Yokoyama – country director, Nepal Resident Mission Asian Development Bank (ADB) gave the keynote speech. It featured in total of four presentations by distinguished guests followed by panel discussion and general question answer session. It was attended by more than 100 members from various BFIs, remittance operator companies, regulators, scholars, bankers and manpower agencies.

List of Abbreviations
GDP NBTI NRM ADB BFIs HRDCs CFO AML CFT NRB FDI KYC MTOs NGO FCD BSP ID ReDC CEO IME SIDC OFs OFWs IOM USD RBI Gross Domestic Product Nepal Banking Training Institute Nepal Resident Mission Asian Development Bank Banking and Financial Institutions High Remittance Dependent Countries Commission of Filipinos Overseas Anti Money Laundering Credit Fund Transfer Nepal Rastra Bank Foreign Direct Investment Know Your Customer Money Transfer Operators Non Government Organizations Foreign Currency Deposit Bangko Sentral ng Pilipinas' Identification Document Remittance Development Council Chief Executive Officer International Money Exchange Soro-Soro Ibaba Development Cooperative Overseas Filipinos Overseas Filipinos Workers International Organization of Migration United States Dollar Reserve Bank of India

Conference Overview:
'National Remittance Conference- 2013: national conference on remittance for development in Nepal’ was the first national conference of remittance. This conference served as a unique opportunity for the stakeholders from many Banking and Financing Institutions (BFIs), policy makers, and professionals of Nepal and Philippines to make noteworthy contributions and disseminate the international practices to enhance bank based remittance inflow, remittance linked investments and migrant workers’ welfare in Nepal.

During the whole day conference led by scores of expert speakers, honed their understanding of Nepal’s remittance and international remittance management practices for contributing national economy and welfare of migrant workers’ in Nepal. It was determined that general, financial and legal literacy of remitters and remittance recipients are backbone of a successful remittance management system and instrumentation.

The wide ranging presentations, discussions and panel discussions closed in the creation of wide exposure to successful international practices in remittance management and current scenario of Nepal and other Highly Remittance Dependent Countries (HRDCs) which will help all the participants in the conference to their national and governmental roles and...

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