13% Interest earning account in Nepal

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Guys,
My Background - I invest good amount in stock but want to diversify. ROI is 40% & 1.80% interest in saving account. Was having conversation with my desi frens over weekend. So looks like they send money to India and earn good interest. They suggested me to look at that route too. Right now $1=116.21 NR. On top of that we can get 12 to 13% interest in Bank. Has anyone done this? I know i will have to use some other channel when i bring money back in but was wondering if I can do that legally. I am US citizen and my spouse is Green Card holder.
Thanks Guys!

looser

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I heard there are some "sahakaris" that will give you 12% but you run into a risk of them going out of business, it happened to one of my friend here whose "sahakari" went out of business overnight and left. Another issue is bringing money back here which is a big one and hard to do but if your plan is to retire in Nepal then you should be good.

looser

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Also, you are killing on your ROIs on stock, good job!

Daredream

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Looser, you never know with stock Man. Got to Diversify. I Don't think it will hurt to put little bit money in Nepal. I guess, My dad can open the CD and put me as beneficiary. But he is asking not to send over 25K at a time. Don't think there is law how much i can send money to my parents, right? What will happen if i send 100K wire?

maxpayne

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Nepal's inflation rate is on average at 6 percent and climbing. When you factor this the ROI is just about at 6-7%, same as here at mutual funds level. Multiple Sahakaris went bust during the property bubble, so be careful not to invest the whole nestegg in nepal. Src First hand exp.

Daredream

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maxpayne, good point. Something to think about.
Thanks

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