The Confederation of Nepalese Industries (CNI) has welcomed the ‘Nepal Rastra Bank Foreign Investment and Foreign Debt Management Regulations, 2078’.
The Confederation has congratulated the central bank for putting in place policy arrangement to facilitate the inflow of foreign investment and foreign loan. The CNI has come up with ‘Make in Nepal’ campaign to increase industrial outputs in Nepal by attracting domestic and foreign investment.
The regulations have made a provision that there is no compulsion for foreign investors to obtain approval from the central bank to bring in or send out foreign currency once the approval was taken from the foreign investment approval agency. This arrangement will facilitate the foreign investors to bring in investment without taking much time.
The arrangement specified in the regulations noted that the foreign company or investors will obtain accounting certificate within seven days after the submission of the application for the same. The by-law also has a provision that the bank should give decision within 15 days of the application submission to allow the foreign investors to return the income generated in Nepal to his/her home country.