Foreign Exchange Facility Recommendation for Hydropower Projects comes into force

KATHMANDU: The government has brought into effect the Directive on Foreign Exchange Facility Recommendation for the Hydropower Projects-2074 BS.

The Directive — aiming to systematise and regulate payment of fees in foreign currency for consultants, foreign technical human resources, and service providers arriving in Nepal to work on new and under-construction hydropower projects — had been introduced recently, in the second week of February.

In addition to payment of fees, the Directive was implemented by the Ministry of Energy to facilitate payment toward procurement of goods and payment for repairs and maintenance in foreign currency, the Ministry said.

According to Ministry Joint Secretary and Spokesperson Dinesh Ghimire, the Directive covers all kinds of currency note, postal order, postal note, money order, check draft, Letter of Credit, and credit card among others.