Kathmandu. Nepal Rastra Bank (NRB) has amended the Nepal Rastra Bank (NRB) Foreign Investment and Foreign Debt Management Bye-laws, 2078 BS. The Department of Foreign Exchange Management issued a notice on Wednesday amending the bye-laws.
According to the NRB, the fourth amendment has been made in the Rastra Bank Foreign Investment and Foreign Debt Management Bye-laws, 2078 BS by incorporating the terms and conditions related to foreign investment, sectoral limits of investment and other provisions as provided in Section 10 (a) of the Foreign Exchange Regulation Act, 2019.
According to the NRB, as per the provisions of Section 19930 of the Foreign Investment and Technology Transfer Act, 2075, the amount of tax payable in accordance with the prevailing law can be brought through banks and financial institutions in the name of the concerned foreign investor, industry/ company, or tax office.
Approval of the Rastra Bank or the foreign investment sanctioning body is not required to bring such money. According to the Foreign Investment Prohibition Act, 2021, the exempted industries can get the exchange facility of foreign currency required to invest abroad from the Rastra Bank.
According to the central bank, the information technology industry can get the facility of exchange of foreign currency required to invest abroad in information technology related sectors/industries within the limits of its paid-up capital as per the prevailing laws related to industrial business.
Similarly, rastra bank has said that the organization should bring back the money earned from foreign investment or investment and bring money to Nepal through the banking system. According to this bye-law, action will be taken as per the prevailing law if foreign exchange is found to be misappropriated or found to be contrary to the prevailing laws.
According to the bye-laws, the institutions investing abroad will have to submit the data related to foreign investment as demanded by the Rastra Bank.
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