KATHMANDU: Nepal Rastra Bank (NRB) has prepared new regulations that prior approval to bring in foreign investment is not needed.
The Foreign Exchange Department of NRB has prepared the Foreign Investment and Foreign Debt Management Regulation, 2077 BS and proposed that no prior approval should be obtained from NRB to bring foreign investment.
NRB has made it public on Tuesday for the information of the public and stakeholders.
Executive Director of the Department Bam Bahadur Mishra informed that the draft has been prepared, and it will be finalized after incorporating the suggestions of the stakeholders.
“We have made the draft regulations public through the website. Additional suggestions will come and then the necessary suggestions will be finalized,” Mishra said.
The regulations stipulate that foreign investors interested in sending foreign currency to Nepal through the banking system do not need prior approval of foreign investment or the approval of the NRB for the feasibility study expenses and pre-opening expenses including company and industry registration in companies and industries with foreign investment.
Similarly, it has been proposed that prior approval from the NRB is not required to send or remit foreign currency to Nepal after obtaining foreign investment approval from the body approving foreign investment.
Comment