(Last Updated On: September 14, 2020)
NRB bans advertising on social media and the internet in Nepal. Regarding it’s the subject of today’s peers raises questions against big corporate organizations and digital marketing firms doing businesses in Nepal.
Nepal Rastra Bank said that they would take action if found advertising informally through social networks and the internet in a statement that was released on Friday.
Nepal Rastra Bank has banned advertising on social networks like Facebook, Twitter, YouTube, and the Internet. The Rastra Bank said that it is illegal to send payments abroad for the advertisement informally and also receive such payments from abroad both are illegal in Nepal.
The Rastra Bank warned that it is illegal to pay while advertising by ‘boost’ on social networks like Facebook, Twitter, and YouTube.
Now, by advertising on social networks and paying money, the NRB has said that there will be a case of money laundering.
According to the post by OnlineKhabar, Executive Director of Rastra Bank Bam Bahadur Mishra said the decision was made by saying that illegal advertising is being done on social media and a huge proportion of money is being carried from illegal channels abroad.
Advertising on social networks and the Internet informally will be stated as against the act too, action will be carried out following the Foreign Exchange Act 2019 and the prevailing law.