Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has decided to grant foreign currency exchange up to USD 20,000 to the information and technology companies exporting services to foreign countries.

The central bank has made this provision by amending the Foreign Investment and Foreign Debt Management Bylaw-2078 BS. According to the Bylaws, the foreign currency exchange facility required to invest in foreign countries can be availed from the Nepal Rastra Bank (NRB) as per the Foreign Investment Restriction Act 2021.

According to the existing laws related to industrial business, the IT industry can get foreign currency exchange facility from the Rastra Bank to invest in IT-related foreign sector industries within the limit of its paid-up capital.

The IT industry must have earned foreign currency by exporting services for at least the last three fiscal years. According to the regulation, the average foreign currency earned by the IT industry by exporting such services should be up to 50 percent or up to US$ 1 million or equivalent foreign currency (less of the two).

However, companies exporting services abroad have to comply with the conditions when investing up to $ 20,000 abroad.