Samsara Nepal in UK is the first Nepali formal money transfer company owned by Nepali. On 2nd October 2007 Samsara UK formally launched its service in partnership with Kumari Bank Ltd in presence of former Kumari Bank Chairman Noor Pratap Rana, CEO Surendra Bhandari, then Charge De Affairs Nepal Embassy Jhabindra Aryal, prominent Nepali businessmen and local and national media of the United Kingdom. Core objective behind Samsara Nepal in UK is to introduce money transfer service directly through banks and discourage popular Hundi Business.
To help us discourage Hundi and encourage formal banking system we request all Nepali living abroad to use registered money transfer companies which pays out from Nepali Banks and paying agent registered with Nepal Rastra Bank.
- Samsara Nepal Financial Services UK is emerging as the market leader within the Nepalese communities in the UK as a financial institution.
- First remittance company in UK using formal banking channel, operating in partnership with all major banks of Nepal.
- Samsara Nepal, UK since its establishment is working with Nepali community creating wider awareness to discourage popular HUNDI business and promote formal remittance practise through banking channel.
- Using one of the latest online banking software for remittance and banking services
What is Hundi
Hundi which is a common word among Nepali living in UK, HongKong, Japan, Malayasia and and some European countries. Through Hundi Nepal loses around 20 million Nepali Rupees from UK alone due improper import of almost all goods coming from HongKong, Singapore and Thailand. Most of the goods enters Nepali customs without paying Custom clearance, evade VAT. We normal Nepali working night and day end of paying same price for goods like Freeze, Television, Watches almost everything which includes TAX, VAT. The businessmen does not pay relevant Tax, Vat to the Nepali government but sales in the same price which includes all the Taxes. The money collected from the sale of goods which was not declare at the custom is paid to Hundi man in Nepal to distribute to those who send money to their loved once through Hundi. In Hundi there is a zero presence of the government and rule of law which includes Nepal Rastra Bank, Nepali Bankers and the concerned authorities.
Almost 40% of Nepal’s total market is controlled by illegal Hundi system, which works like cycle. Money is collected in the destination like UK, HongKong, Japan and sold in higher rate to Nepali businessmen. The businessmen pays part of the payment to the part, which needs to declare through banks as LC (Lending Credit) and remaining amount which will not be declre trhough the money bought through Hundi. The goods enters same time with 60% customer clearance and 40% without custom clearance. The whole seller sales all 100% imported items in the same price as custom cleared to the retailers in famous shops around New Road, BagBazaar, Dillibazar and rest of the country. Money collected from sales is paid back to the businessman; Businessman pays Rupees to Hundi people in Kathmandu to by more foreign currency to import more goods. This cycle of Hundi Between Businessmen, we sending money from UK, HongKong and person collecting GBP, EURO and Dollars in the country and selling back to the businessmen but without countries benefit. Here only few Nepali businessmen become rich, richer and richer everyday but country and people going poor, poorer and poorer.
To find out more about Hundi login