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Friday, March 15, 2019

House panel endorses proposal to set seven day deadline for officials to approve FDI application

Kathmandu, March 15

The Industry, Commerce and Consumer Welfare Committee of Parliament on Friday endorsed a proposal to amend the Foreign Investment and Technology Transfer Act 2074 and set a seven-day deadline on FDI the approval process.

This is a marked departure from the provisions of the existing law, which allows officials a time period of 30 days to decide on an FDI application.

Some members of the committee had asked it to be reduced to 15 days but MP Gagan Thapa recommended for it to brought down to seven days. The committee meeting on Friday accepted Thapa’s proposal.

The bill also states that if the FDI proposal does not meet government guidelines, the government has to inform the applicant in writing and the government can also apply terms and conditions while accepting the FDI proposal.

The committee also proposed the investor will also have to prove that the FDI has a legal source.

The committee has decided that investors investing up to Rs 6 billion will have to seek permission from the Department of Industries. Similarly, those investing up to Rs 10 billion will have to take permission from the Industry and Investment Promotion Board and any investments worth more than Rs 10 billion will have to seek permission from the Investment Board.

from OnlineKhabar https://ift.tt/2CojQ1S

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