Nepal Rastra Bank (NRB) has directed foreign investors to submit a record of their investments in Nepal from abroad. Issuing a public notice on Monday, the central bank said foreign investors have to report investments transferred to Nepal.
This has to be done even after getting approval from the Department of Industry (DOI) or Investment Board Nepal (IBN) to start a company and permission from NRB to bring funds in terms of equity or loans to set up a company, the central bank said.
Foreign investors have to submit records of all funds they have brought till date by the end of this fiscal year.
In case of failure to submit such records to NRB, the central bank will not be liable to provide foreign exchange facility to foreign investors for repayment of interest and repatriation of dividend and capital, the central bank said in the notice.
Despite repeated government declarations…
