. KATHMANDU: Nepal India Chamber of Commerce and Industry (NIKKEI) has welcomed the decision of the central bank to refund dividend to foreign investors who have invested in Nepal.

On May 29, Nikki met with NRB Governor Dr. Bishwanath Poudel and urged him to facilitate the effective implementation of the one-door system, drawing attention to the return of salary and dividend of foreign employees, hassles in payment of cross-border services, and the effective implementation of the one-door system. Earlier this week, Nepal Rastra Bank (NRB) had allowed the circulation of Rs 25,000 and Rs 25,000 notes.

Sunil KC, chairman of Nikkei, said that the NRB on Monday not only removed the hassle of submitting duplicate documents to the Department of Industry and Nepal Rastra Bank for the return of dividend to foreign investors.

Saibal Ghosh, co-convener of the Indian Business Forum (IBF), also welcomed the NRB’s new policy change, saying it will actually remove the duplication of work that has been created for both investors and the government of Nepal.

The previous system had actually created duplication of work for both the investors and the government of Nepal, said the Governor of Nepal Rastra Bank, Dr. Thanking Dr. Bishwanath Poudel and Nepal Rastra Bank on behalf of Indian multinational companies in Nepal, he said that this new process will make investors more effective and the ‘one window’ system established at the Department of Industries will be more effective and efficient. ’

KATHMANDU: Nepal Rastra Bank (NRB) on Monday amended the Foreign Investment and Foreign Debt Management Bylaw-2078 BS to facilitate the transfer of dividend from Nepal. According to this, the foreign investors have been able to take the dividend from the commercial bank where they have an account.

According to the Clause 20 and 26 of Foreign Investment and Transfer Act, 2075 BS, a commercial bank licensed to repatriate foreign investment and earned money could provide foreign currency exchange facility. For this, the dividend can be withdrawn only by submitting an application. Earlier, there was a problem of submitting documents twice as the one-door system was not effective.