Funds Earned Through IT Services Can Be Easily Brought into The Country The government has brought an ordinance to recommend foreign exchange payment for software import. In addition, companies related to software, hardware, or information technology in Nepal are going to amend the law through an ordinance so that the money earned by exporting services can be easily imported into Nepal.
The meeting of the Council of Ministers held on Monday passed an ordinance to amend 10 laws targeting the investment conference and decided to send it to the President. Minister of Communication and Information Technology and Government Spokesperson Rekha Sharma informed that by amending the laws including the Electronic Transactions Act, 2063 and the Foreign Investment and Technology Transfer Act, 2075 under the same ordinance, provisions regarding the recommendation of electronic exchange payments have been added.
The Ordinance has provided for a domestic company or firm to establish and operate a branch office or unit even abroad. For this, the Information Technology Department should recommend Nepal Rastra Bank.
Minister Sharma said that the government has brought an ordinance ‘Act to amend certain Nepal Acts related to Investment Facilitation, 2081’ to ensure that there are no obstacles in bringing investment to Nepal. According to him, after President Ramchandra Paudel issues an ordinance, it automatically becomes a law.
Industrial Business Act, 2076, Foreign Investment and Technology Transfer Act, 2075, Special Economic Zones Act, 2073, Forest Act, 2076, National Parks and Wildlife Protection Act, 2029, Land Act, 2021, Land Acquisition Act, 2034, Environment Protection Act, 2076, Electronic Transactions Act, 2063 and Nepal Civil Aviation Authority Act, 2053 are going to be amended.