KATHMANDU

The central bank of Nepal has proposed relaxing existing procedures on foreign investment. The Nepal Rastra Bank says it wants foreign investors to be allowed to begin any business in the country without acquiring its formal approval.

The bank’s Foreign Exchange Department Director Bam Bahadur Mishra says it has published an amendment to the existing Foreign Investment and Loan Management Regulations that contains this provision, seeking stakeholders’ feedback. Later, it will be finalised after incorporating the feedback, Mishra said .

The amendment states any company willing to receive foreign investment is not required to acquire the central bank’s approval for the feasibility study and other preliminary works.