KATHMANDU: The government has lowered the ceiling on foreign investment.

Announcing the annual budget for the coming fiscal year 2079/80 on Sunday, Finance Minister Janardan Sharma said that the limit of foreign investment has been reduced.

Minimum foreign investment of Rs 50 million was allowed until now. The ceiling of minimum investment has been reduced to Rs 20 million.

Similarly, the government has made arrangements to approve foreign investment of up to Rs 100 million through automated system and committed to lease land to industries for 50 years.

Moreover, if big investors seek foreign investment approval through online, the initial approval will be given within 7 days after the conclusion of initial preparation. The budget mentioned that the investors are required to operate projects within six months of approval.