Govt starts approval of FDI up to Rs 500 million through fast track

KATHMANDU: The government has simplified the procedures for registration of foreign direct investment (FDI) of up to Rs 500 million, allowing the investors concerned to use automated routes for the process. Publishing a notice in the Nepal Gazette on Monday, the government has implemented the clause in the Foreign Investment and Technology Transfer Act (FITTA) that talks on simplifying registration procedures for foreign investors.

According to the Department of Industry (DoI), the provision has come into force since Tuesday. Babu Ram Gautam, director general of the DoI, said the new rule will facilitate taking the FDI in the given criteria through a fast track system. ‘From now onward, foreign companies from across the globe can apply for both operating license and receiving approval via online platform,’ Gautam said. The government has enforced a one-door policy to facilitate the FDI inflow in the country. According to the DoI, any FDI application that enters a one-door system will automatically be taken for approval.