Nepal | September 29, 2020

MoLE preparing to set up remittance fund

Sabin Mishra
Share Now:
Ministry of Labour and Employment

Ministry of Labour and Employment. Photo: mole.gov.np

Kathmandu, September 18

The government is planning to establish a remittance fund utilising the money contributed by migrant workers, non-resident Nepalis (NRNs) and other Nepali citizens residing abroad. With a plan to invest in mega projects prioritised by the government, the Ministry of Labour and Employment (MoLE) is preparing the legal base to establish the aforementioned fund.

According to Arjun Paudel, undersecretary at MoLE, the government is preparing the draft to amend the Foreign Employment Act 2007, which will incorporate a provision to establish the remittance fund.

“The money collected in the fund through contribution of migrant workers, NRNs and other people living overseas will be invested in mega projects like hydropower and other infrastructure,” he informed.

MoLE is mulling over introducing a provision that will allow Nepalis residing abroad to contribute to the fund on monthly, quarterly, half-yearly or annual basis. According to Paudel, Nepalis living overseas would be free to contribute to the scheme as per their wish. “We are not fixing the contribution amount, but the government has planned to utilise the money on nation’s priority sectors,” Paudel said.

Upon contributing to the remittance fund, investors will get a share in projects funded by the fund. Contributors to the fund will get dividend from the profit of the firms in which their money has been invested.

As per the provision mentioned in the draft bill, MoLE will form a team to handle the fund under the coordination of labour and employment minister and representatives will be included from different concerned authorities — Ministry of Finance, Nepal Rastra Bank, and others.

According to Paudel, the MoLE has started preparing the draft bill as per the suggestion of study panel coordinated by its Joint Secretary Tej Raj Pandey. The study panel had submitted its report to the labour and employment minister last month.

The study panel suggested the government to implement remittance fund as long-term investment package for Nepalis living overseas. “The fund will provide the best investment option for Nepalis living abroad,” Pandey said.

Earlier, the Hydroelectricity Investment and Development Company Ltd (HIDCL) had taken the initiative to utilise the fund generated by migrant workers by investing in hydroelectric projects. HIDCL’s subsidiary Remit Hydro has initiated two projects in Taplejung district of eastern Nepal — Ghunsa (71.5 MW) and Shikhuwa (53.7 MW).


A version of this article appears in print on September 16, 2017 of The Himalayan Times.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

leicester city, Jamie Vardy

Vardy treble inspires Leicester to 5-2 win over Man City

MANCHESTER: A Jamie Vardy hat-trick coupled with goals from James Maddison and Youri Tielemans steered Leicester City to a stunning 5-2 win at Manchester City on Sunday and kept them top of the Premier League with a maximum nine points from three games. City had not conceded five go Read More...

Prominent personalities urge govt to save Dr KC

KATHMANDU, SEPTEMBER 27 A group of 33 citizens, who once held prominent positions, have urged the government to save the life of Dr Govinda KC, who has been staging a fast-unto-death demanding reform in the medical education sector for the past 14 days. Issuing a joint press release today they Read More...

La Liga, barcelona, Lionel Messi

Messi back in scoring business in dream start for Koeman

BARCELONA: Lionel Messi was back in scoring business for Barcelona on Sunday, leading them to a resounding 4-0 win at home against Villarreal in a near-perfect La Liga opener for the Catalans under new coach Ronald Koeman. Teenage forward Ansu Fati was in inspirational form for Barca, c Read More...

Atletico Madrid, Luis Suarez, La Liga

Suarez scores twice, gets assist as Atletico lay down marker

MADRID: Luis Suarez had a stunning impact on his debut for Atletico Madrid following his move from Barcelona, scoring twice and providing an assist as his side crushed Granada 6-1 at home in their first game of the La Liga season on Sunday. Suarez, who only completed his switch from Barc Read More...

Replace all Cabinet ministers: NCP Co-chair Dahal

KATHMANDU, SEPTEMBER 27 Co-chairs of the ruling Nepal Communist Party (NCP) — Pushpa Kamal Dahal and Prime Minister KP Sharma Oli — met today to discuss Cabinet reshuffle. A source close to Dahal told THT that Dahal asked Oli to replace all the ministers in his Cabinet, but the PM did not Read More...

CCTV surveillance/monitoring of kathmandu traffic

People told to be aware of fraudsters

KATHMANDU, SEPTEMBER 27 Police have urged people, especially those going abroad or returning from foreign countries, to be aware of fraudsters offering to exchange dollar bills at a rate cheaper than the market price. According to statistics with the Metropolitan Police Office, at least such 1 Read More...

Tourism activities resume in Pokhara

POKHARA, SEPTEMBER 27 Tourism industry has shown signs of revival after six months of the COVID-19 induced lockdown was relaxed in Pokhara. Mardi Himal Trek has witnessed mobility of tourists. Number of domestic tourists along the trekking route is on the rise, according to Raju Poudel, owner Read More...

NCB arrests three with 10 kg opium in Pokhara

KATHMANDU, SEPTEMBER 27 The Narcotics Control Bureau, Koteshwor, arrested three persons with 10 kilograms opium from Pokhara Metropolitan City, Kaski, yesterday. They have been identified as Gaja Pun, 50, and Chakkar Bahadur Pun, 40, of Eastern Rukum and Rabi Gurung, 24, of Gorkha. Superint Read More...