The Fifth Amendment has removed this provision and made it possible for such companies to also obtain permits.
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Now, permission from the National Bank is no longer required to bring all types of foreign investment into the country.
The Nepal Rastra Bank has made a provision through the Nepal Rastra Bank Foreign Investment and Foreign Debt Management Regulations, 2078 (Fifth Amendment) that companies do not need the permission of the central bank to bring in and take out foreign investment from Nepal, and that companies on the blacklist in Nepal can also bring in foreign investment.
According to the new provision, now companies on the blacklist in Nepal can also bring in investment from abroad. Earlier, there was a provision that companies on the blacklist could not bring in foreign investment from abroad.
The fifth amendment has removed that provision and made a provision that such companies can also obtain permission. However, in order to withdraw the foreign investment, dividends, and other amounts brought in by the company, it must have come out of the blacklist.
Similarly, now the permission of the National Bank is not required for newly established industries (greenfield investment) and for existing shareholders in operating Nepali industries to increase investment (brownfield investment).
Although there was a provision earlier that the permission of the National Bank was not required for new industries established after receiving foreign investment, there was a provision that the permission of the National Bank was required when existing industries increased their investment.
