NRN legislation draft ready

Himalayan News Service

Kathmandu, January 10

A government committee has submitted its final report to finance minister Dr Prakash Chandra Lohani, in a bid to lure investment from Non-Resident Nepalis (NRN).

The committee has suggested a number of recommendations, which are likely to be incorporated in the law regarding various issues of NRNs and to ensure more investment in Nepal.

The 10-member committee formed to prepare a draft as a homework for the formulation of law by the government in response to the interest shown by NRN to invest in Nepal, during the first ever NRN conference held in Kathmandu last October, was headed by Pramod Karki, joint secretary at the ministry of finance and had representatives from the ministries of law, industry, commerce and supplies, Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and NRN International Coordination Committee. After receiving the report, finance minister Dr Lohani expressed commitment to give the draft a legal status soon following extensive discussion with the NRN representatives and the concerned authorities.

"We are sure about introducing a separate legislation for the NRNs within a stipulated time," he said.

According to the draft, NRNs willing to invest in Nepal should entitle tax-free investors, should be allowed to make investments through banks and for the purpose they should be awarded a five-year multiple visa.

The non-resident Nepalis making investment in convertible

currency will be entitled to facilities as enjoyed by foreign investors, such NRNs will receive identity cards from the government which will allow them to travel and invest like other Nepali citizens across the country.

The report also states that any NRN getting retirement after work in a foreign country or company, having a monthly income of above $2,000 and willing to invest in Nepal worth $100,000 should be allowed to purchase land and live as per the existing law of the country.

The NRNs have been defined as those Nepalis living in a country outside South Asia for at least three years and involved in any profession, business or employment and those who have not lived in Nepal for more than 182 days in one fiscal year in Nepal.

In an important announcement, the government had promised to introduce a separate legislation along with a number of measures for NRNs by January this year. The government had also green signalled to fulfill almost of all the long-running demands of the NRNs and PNOs at the first NRN conference last year.