First Business News Portal in English from Nepal
KATHMANDU: The Nepal Rastra Bank (NRB) has introduced a provision whereby foreign investors are now not required to take investment approval from the central bank.
A provision to this effect has been incorporated in the Foreign Investment and Foreign Debt Management Bylaw-2078 BS, issued by NRB today.
Prior to this, small investors had been facing hassle in bringing in investment in Nepal as they had to take nod from the central bank.
Introducing the bylaw, NRB has also improved investment accounting has also been improved. As per the provision, once the investment is received, it should be accounted for in NRB. If there is no accounting before, now a period of one year will be given by issuing notice.
However, one should take approval of NRB to take foreign loan and approval for such loan will be provided within 15 days. Debt accounting of such loans should be done within six months. If the loan has been paid by fixing the payment schedule, the payment will be made from the bank and financial institution.
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