chhatramani/Nepal-Legal-Text-Corpus-44laws huggingface dataset:
Foreign Investment and Technology Transfer Act 2075

Chapter-3 Approval and Repatriation of Foreign Investment

Section 16: To Give Information to the Nepal Rastra Bank
1) Upon obtaining the approval for foreign investment in accordance with Section 15, the foreign investor shall give information in writing, along with the self-declaration to the effect that the amount of such investment has been earned from any legitimate source to the Nepal Rastra Bank. After giving such information, the foreign investor may bring the amount of such investment into Nepal.
2) A foreign investor shall bring the amount to be invested in convertible foreign currency through the banking system upon completion of such procedures as determined by the Nepal Rastra Bank.
Provided that an Indian investor may also make an investment of such amount in Indian currency through the banking channel.
3) Notwithstanding anything contained in sub-section (3), lease investment referred to in Section 6 and loan investment made by issuing securities referred to in Section 11 shall be as prescribed.

Foreign Investment and Technology Transfer Act 2075

Chapter-3 Approval and Repatriation of Foreign Investment

Section 17:  Foreign Investment Approving Body
(1) The Department shall approve foreign investments not exceeding six billion rupees.
(2) The Investment Board under the Investment Board Act, 2068 under the Investment Board Act, 2068, shall approve foreign investments exceeding six billion rupees.

Foreign Investment and Technology Transfer Act 2075

Chapter-3 Approval and Repatriation of Foreign Investment

Section 18: Period Within Which Investment Has to be Made
1) A foreign investor shall have to make an investment of the amount in relation to which approval has been obtained for foreign investment pursuant to sub-section (2) of Section 15 within such period as prescribed.
2) A foreign investor who has already obtained approval for making foreign investment in accordance with the prevailing law at the time of the commencement of this Act shall also make an investment of the prescribed minimum amount within the period prescribed pursuant to sub-section (1).
3) The approval-giving body may revoke the investment approval given to an industry that fails to make an investment within the period referred to in sub-section (1) or (2) or Section 43, except in case of reasonable grounds.
Foreign Investment and Technology Transfer Act 2075

Chapter-3 Approval and Repatriation of Foreign Investment

Section 19: To Give Information on Sale of or Transfer of Title to Shares
1) In the case of the sale of or transfer of title to, or otherwise change in the ownership or vested ownership of, the property, assets or shares or any other kind of financial equipment generated in Nepal from foreign investment, whether effected within or outside Nepal, the concerned company shall, not later than thirty days of the effect of transaction, give information thereof, along with the relevant documentary evidence, to the body giving approval for making such investment and have the same recorded as prescribed.
2) In the case of a change in the ownership of the industry subject to foreign investment in Nepal as a result of the transfer of title to any property, assets, shares or any other financial equipment of any holding company, the concerned branch industry or unit of the industry shall have the liability to give the information referred to in sub-section (1).
3) In the case of a transaction in accordance with sub-section (1), it shall not be recorded pursuant to sub-section (1) until tax is paid by the concerned industry upon setting out the amount of transaction, in accordance with the prevailing law.
4) Other provisions relating to the sale of and transfer of title to shares shall be as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-4 Promotion, Facilitation and Regulation of Foreign Investment

Section 21: Functions, Duties and Powers of the Board
In addition to its functions, duties, and powers referred to elsewhere in this Act, other functions, duties and powers of the Board shall be as follows:
(a) To give suggestions to the Government of Nepal for such policy, institutional and procedural reforms as may be required to be made for the attraction of foreign investment in industrial and infrastructure development,
(b) To set such strategies and programs as may be required for the enhancement of attraction of foreign investment in Nepal and promotion and protection thereof,
(c) To give approval for the establishment of industries and infrastructures with foreign investment, and promote foreign investment,
(d) To facilitate foreign investment by enhancing, expanding and protecting foreign investment,
(e) To make coordination at the policy and implementation levels of foreign investment,
(f) To assist in the implementation of policies and laws relating to foreign investment,
(g) To make arrangements for the provision of services to foreign investors from the Single Stop Service Centre,
(h) To obtain information as to whether activities of giving approval for foreign investment and delivery of services have been carried out properly and give necessary direction to the concerned body,
(i) To make facilitation, if there arises any problem in respect of the repatriation of foreign investment or amount earned, as referred to in Section 20 or implementation of this Act or the rules framed under this Act,  in that respect,
(j) To perform, or cause to be performed, such other functions as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-4 Promotion, Facilitation and Regulation of Foreign Investment

Section 22: Functions, Duties and Powers of the Department
In addition to the functions, duties and powers referred to  elsewhere in this Act, other functions, duties and powers of the Department shall be as follows:
(a) To create conducive environment for the establishment and operation of industries to be established with foreign investment,
(b) To facilitate foreign investors to obtain any approval or permission including initial environmental assessment, environmental impact assessment in accordance with the prevailing law,
(c) To maintain updated records of foreign investments approved or permitted in accordance with this Act or the prevailing law and of the technology transferred in Nepal, update such records and make the same public periodically,
(d) To give approval for foreign investors and foreign experts, technicians or managerial employees who are engaged in the industries with foreign investment pursuant to Section 27 to repatriate investment and remuneration,
(e) To make and enforce Standard Operating Procedures in order to make foreign investment transparent and to make procedural simplification,
(f) To make recommendations for visas to foreign investors and their authorised representatives, foreign experts, technical or managerial employees engaged in industries with foreign investment in accordance with  Section 27 and minor members of their families, and make facilitation for that purpose.
(g) To make regular supervision and monitoring as to whether any industry with foreign investment has misused any facility granted in accordance with this Act,
(h) To facilitate industries with foreign investment in establishing industries in an industrial zone or special economic zone,
(i) To perform, or cause to be performed, such other functions as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-4 Promotion, Facilitation and Regulation of Foreign Investment

Section 23: Services to be Provided Through the Single Stop Service Centre
1) The Government of Nepal may make necessary arrangements so that exemptions, facilities, concessions or services to be provided to the foreign investors in accordance with this Act and other prevailing laws are provided through the Single Stop Service Centre.
2) In managing the services to be provided through the Single Stop Service Centre pursuant to sub-section (1), necessary provision shall be made so that the following services are provided gradually:
(a) Registration and administration of industries,
(b) Approval of foreign investment and loan,
(c) Registration and administration of companies,
(d) Labour permit,
(e) Visa facility,
(f) Testing and control of quality of goods produced by industries,
(g) Approval of environmental study report,
(h) Energy and infrastructure development and necessary coordination for that purpose, as well as a focal point among other bodies,
(i) Exemptions, facilities to which industries are entitled,
(j) Provision of permanent account number,
(k) Foreign exchange approval,
(l) Any service related to such other functions as may be required to be performed for industries in accordance with this Act and the Regulation framed under this Act.
3) It may be so prescribed that the Single Stop Service Centre may provide other services referred to in the prevailing law in addition to the services and facilities to be provided pursuant to this Section.

Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 24: Facilities to be Obtained by Industries
1) In addition to the exemptions, facilities, concessions or protection referred to in this Act, be provided to any industry with foreign investment, such exemptions, facilities or concessions as may be available under the prevailing Industrial Enterprises Act and other prevailing law shall.
2) Notwithstanding anything contained in sub-section (1), such facilities to which a sick industry is entitled in accordance with the prevailing law shall not be available to any industry with foreign investment.
Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 25: Facility to Deal with Foreign Currency
1) A foreign investor or industry with foreign investment may open an account in Nepali currency with any commercial bank, infrastructure development bank or financial institution of Nepal and in foreign currency with any bank or financial institution licenced to deal with convertible foreign currency in accordance with the prevailing law and carry on transaction accordingly.
Provided, however, that approval of the Nepal Rastra Bank shall be obtained to carry on a transaction by opening an account in convertible foreign currency.
2) An industry with foreign investment may, in order to mitigate the foreign currency exchange fluctuation risk, use any approved derivatives equipment through a bank or financial institution.

Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 26: Facility of Foreign Currency
1) An industry with foreign investment may, on the recommendation of the foreign investment approving body and with the approval of the Nepal Rastra Bank, obtain the foreign exchange facility for such amount as may be required for the following purposes:
(a) To pay such remuneration as may be payable to any foreign expert, technical or managerial employee employed in the industry in accordance with Section 27,
(b) To pay the principal or interest of any bonds or debentures issued in accordance with sub-section (1) of Section 11,
(c) To repatriate the foreign investment or income earned in accordance with Section 20.
2) After obtaining approval from the Nepal Rastra Bank in accordance with sub-section (1), an industry with foreign investment may pay or use such amount as approved from the foreign currency held in the account of such industry as referred to in Section 25.
3) Any foreign expert, technical or managerial employee employed in an industry in accordance with Section 27 may repatriate to his or her country in convertible foreign currency such amount of savings out of the remuneration receivable by him or her after paying income tax in Nepal in accordance with the prevailing law.
4) The exchange or repatriation of convertible foreign currency in accordance with sub-section (2) or (3) shall be made according to the open market exchange rate.
Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 27: Provision Relating to Experts, Top-Level Technical and Managerial Employees
1) An industry with foreign investment shall fill the positions of experts in its top-level management, high-level technical, managerial employees, or technical employees from amongst Nepali citizens.
2) Notwithstanding anything contained in sub-section (1), if an industry with foreign investment cannot fulfil the positions of experts in its top-level management, high-level technical, managerial employees or technical employees from amongst the Nepali citizens and it is necessary to transfer technical knowledge or skill through any technical or expert of another country in such an industry, the industry may employee any foreign citizen in accordance with the prevailing law.
3) The concerned industry shall provide details relating to the foreign citizens employed in accordance with sub-section (2) to the Department. The Department shall also provide the details to the Ministry of Finance, Ministry of Home Affairs, and Ministry of Labour, Employment, and Social Security.
4) The employees and workers employed in any industry with foreign investment in accordance with sub-section (2) shall comply with the terms and conditions referred to in the prevailing Nepal law.

Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 28: Provision Relating to Industrial Security
Such industrial security shall be provided to any industry with foreign investment as may be available to any other industry established in Nepal.

Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 29: Facility of Identity Card
The Department may provide an identity card in the prescribed form to any foreign investor who makes such foreign investment as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 30: Provision Relating to Visa Facility
1) The non-tourist visa not exceeding six months shall be granted to a foreign citizen who visits Nepal to conduct a study, research or survey for foreign investment.
2) The business visa shall be granted to a foreign investor or one authorised representative of him or her and the family members of such an investor or representative to stay in Nepal until the foreign investment equal to such minimum amount as prescribed is maintained.
Explanation: For the purpose of this Section, the term “family member” means the husband or wife, father, mother and minor son, or daughter of the foreign investor or his or her authorised representative.
3) Notwithstanding anything contained in sub-section (2), in the case of an investor who makes an investment exceeding the prescribed amount, such facility shall be provided only to a maximum of two persons and their family members.
4) The residential visa shall be provided to a foreign investor who makes foreign investment in an amount exceeding one million US dollars or in convertible foreign currency equivalent thereto at one time or to the authorised representative of him or her and the family member of such a person until the foreign investment equal to such minimum amount as prescribed is maintained.
5) The tourist visa shall be provided to any foreign expert, technical or managerial employee to be employed in an industry in accordance with Section 27.
6) The body giving working approval and work permit for the non-tourist visa shall make a decision whether or not to give working approval or work permit after completing the necessary procedures not later than fifteen days.
7) Other provisions relating to visa facility shall be as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 31: Provisions Relating to Land
1) A foreign investor shall have to manage such land as may be required for the industry by purchasing it on his or her own or through other means in accordance with the prevailing law.
2) Notwithstanding anything contained in sub-section (1), if a foreign investor is unable to purchase or manage the necessary land on his or her own for the operation of the industry as prescribed and makes a request, setting out the content, for the purchase or acquisition of the land, the foreign investment approving body shall make necessary recommendation, coordination and facilitation for that purpose.
3) If such land as in excess of the ceiling is required for an industry which is operated or to be operated with foreign investment for the establishment and operation of the industry, the body registering the industry shall make necessary recommendations, coordination and facilitation in accordance with the prevailing law. The land that is not subject to such ceiling shall be used only for the same purpose for which it has been purchased.
4) Other provisions relating to the provision of land in lease to an industry with foreign investment and to the ceiling of land shall be in accordance with the Industrial Enterprises Act and the prevailing law.
5) Other provisions relating to the land to be provided to any industry to be operated with foreign investment shall be as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 33: Nationalisation or Expropriation Not to be Made
1) No industry with foreign investment in accordance with this Act shall be nationalised.
2) No industry shall, except for a public purpose, be expropriated directly or indirectly. If it is required to expropriate it for the public purpose, due process referred to in the prevailing law shall be fulfilled.

Foreign Investment and Technology Transfer Act 2075

Chapter-5 Exemptions, Facilities and Concessions to be Provided to Industries with Foreign Investment or Foreign Investors

Section 34: Change in Terms, Services and Facilities
Notwithstanding anything contained elsewhere in this Act or the prevailing law, if any provision made in a manner to change the terms of foreign investments and any exemption, facility or concession receivable by foreign investors is to the disadvantage of any foreign investor having obtained approval prior to the making of such provision, such a change shall not apply to such an investor.

Foreign Investment and Technology Transfer Act 2075

Chapter-6 Grievance Handling and Action

Section 35: Grievance Handling
1) If a foreign investor or industry has any grievance with respect to any act or action performed by any authority that registers, regulates, or monitors industries in accordance with the prevailing law or by any authority of the Single Stop Service Centre, such an investor or industry may make an application to the Department, setting out that content, for a hearing.
2) The Department shall address, as prescribed, the grievance received in accordance with sub-section (1).
3) If a foreign investor or industry has a grievance regarding any act or action performed by the Department or Single Stop Service Centre, it may make an application to the Ministry for its hearing, setting out the content.
4) The Ministry shall address, as prescribed, the grievance received in accordance with sub-section (3).

Foreign Investment and Technology Transfer Act 2075

Chapter-6 Grievance Handling and Action

Section 36: Prohibition on Acts, Actions Contrary to The Terms
If any foreign investor or industry with foreign investment is found to have done any act contrary to this Act or the rules framed under this Act and the terms specified while giving approval for foreign investment, such approval may be revoked, or it may be caused to rectify the error, upon fulfilling the procedures as prescribed.
Foreign Investment and Technology Transfer Act 2075

Chapter-6 Grievance Handling and Action

Section 37: Monitoring and Inspection of Industries
1) The officer designated by the Department may, as required, make monitoring and inspection of any industry with foreign investment.
2) The officer who makes monitoring and inspection in accordance with sub-section (1) shall, not later than three days after the date of completion of the monitoring and inspection, give a report to the Department, setting out the details
inter alia
whether or not the foreign investor or industry has done any act contrary to Section 36.
3) Other provisions relating to monitoring and inspection of the industry shall be as prescribed.

Foreign Investment and Technology Transfer Act 2075

Chapter-7 Miscellaneous

Section 38: Bilateral or Multilateral Investment Agreement May be Concluded
The Government of Nepal may bring foreign investment by concluding a multilateral or bilateral investment agreement with any foreign-friendly country or international institution for the promotion of foreign investment.

Foreign Investment and Technology Transfer Act 2075

Chapter-7 Miscellaneous

Section 39: Agreement May be Made
1) In making an investment in any industry jointly by a Nepali investor and a foreign investor, a joint agreement concerning foreign investment may be made with respect to that investment, subject to this Act.
2) The agreement referred to in sub-section (1) shall provide for,
inter alia
, the terms of the joint distribution of profits earned from the investment and settlement of disputes relating to the distribution of profits earned from the investment and settlement of disputes relating to the investment.