chhatramani/nepal_legal_acts_corpus_english huggingface dataset:
Public-Private Partnership and Investment Act, 2019

50. Board to Write: (1) If, upon an application for a license, permit or approval required according to the prevailing law to implement a project approved under this Act, the concerned body does not provide such license, permit or approval within the period prescribed by the prevailing law, the concerned person may file an application to the Board stating such fact.

(2) If the application filed pursuant to Sub-section (1) appears reasonable, the Board may write to the concerned body or official to provide the license, permit or approval according to the prevailing law, specifying a time limit.

(3) Upon receiving a letter pursuant to Sub-section (2), the concerned body or official shall provide the license, permit or approval according to the prevailing law within such time limit and inform the Board thereof. 51. Provincial or Local Level May Implement Project: (1) Provincial or Local Levels may implement projects falling within their respective areas under public-private partnership pursuant to this Act.

(2) If any project to be implemented by the Board under this Act appears suitable for implementation by a Provincial or Local Level, the Board may grant approval to such Provincial or Local Level to implement such project under public-private partnership.

(3) When a Provincial or Local Level implements a project under public-private partnership, it may request necessary advice and consultation from the Public-Private Partnership Directorate, and upon such request for advice and consultation, the Directorate shall provide such advice and consultation.

(4) Notwithstanding anything contained in Sub-section (1), if a project to be implemented under public-private partnership by a Provincial or Local Level involves the use of funds from the Viability Gap Fund, such Provincial or Local Level shall implement such project only after obtaining the approval of the Ministry of Finance upon the recommendation of the Investment Board. 52. Provision Relating to Visa: (1) Notwithstanding anything contained in the prevailing law, a non-tourist visa of up to six months shall be granted to foreign nationals coming to conduct study, research or survey of a project licensed under this Act.

(2) A foreign investor investing in a project, or one authorized representative Amended by the Act to Amend Some Nepal Acts Relating to Improvement of Economic and Business Environment and Enhancement of Investment, 2081.or family members of such investor or representative, and foreign workers and employees who have obtained labor permits according to the prevailing law and work in such project, shall be granted a visa to stay in Nepal as long as foreign investment remains in the project according to the prevailing law.
Public-Private Partnership and Investment Act, 2019

Explanation: For the purposes of this Section, "family members" means the husband or wife, mother, father and dependent sons and daughters of the foreign investor or his/her authorized representative.

(3) The Office shall provide recommendations for a visa to the concerned body for the persons mentioned in Sub-section (2), considering necessity and justification. 53. May Prescribe Terms of Service and Facility: (1) While providing service and facility to consumers, the licensee may prescribe necessary terms, subject to this Act, decisions made by the Board, prevailing law and the agreement.

(2) A consumer shall not be entitled to avail service and facility contrary to the terms prescribed pursuant to Sub-section (1). 54. Royalty to be Paid: The licensee shall pay the royalty as per the agreement to the concerned body in accordance with the terms mentioned in the agreement. 55. Project to be Transferred: (1) Projects implemented under public-private partnership shall be transferred to the concerned body as mentioned in the agreement.

(2) Upon transfer of the project pursuant to Sub-section (1), the machines, equipment, structures and other similar items and systems installed in such project shall be in the capacity condition and working order as mentioned in the agreement.

(3) Other provisions relating to project transfer shall be as prescribed. 56. Ownership: The ownership of the project transferred under this Act and the machines, equipment and other structures installed in such project and the buildings, houses and other similar items and systems related to the project shall vest in the concerned body. Chapter-8
Miscellaneous

57. Fund of the Board: (1) The Board shall have its own separate Fund.

(2) The Fund referred to in Sub-section (1) shall comprise the following amounts:

(a) Amounts received from the Government of Nepal,
(b) Grant and aid amounts received from foreign governments or international organizations and institutions,
(c) Fees and service charges received from investors under this Act,
Added by the Act to Amend Some Nepal Acts Relating to Improvement of Economic and Business Environment and Enhancement of Investment, 2081.(d) A certain portion of the income accruing to the Government of Nepal from projects implemented through the Board, set aside by the Annual Appropriation Act.

(3) Prior to receiving the amount pursuant to Clause (b) of Sub-section (2), approval of the Ministry of Finance of the Government of Nepal must be obtained.

(4) The capital and administrative expenditure for the operation of the Board shall be borne from the Fund pursuant to Sub-section (1) based on the annual program and budget approved by the Board.

(5) Other provisions relating to the operation of the Fund of the Board shall be as prescribed. 58.
Public-Private Partnership and Investment Act, 2019

58. Accounts and Audit: (1) The accounts of income and expenditure of the Board shall be maintained in the format adopted by the Government of Nepal.

(2) The final audit of the Board shall be conducted by the Auditor General.

(3) The Board shall make its financial statement public annually. Added by the Act to Amend Some Nepal Acts Relating to Investment Facilitation, 2081.58A. Permanent Employees: (1) The Office shall have permanent employees according to the posts approved in the organizational structure pursuant to Sub-section (2) of Section 10, in the posts of gazetted second class or equivalent or below.

(2) The appointment of employees pursuant to Sub-section (1) shall be made by the Chief Executive Officer upon the recommendation of the Public Service Commission.

(3) The appointment procedure, designation, job responsibilities, terms of service, remuneration and facilities of employees appointed pursuant to Sub-section (1) shall be as prescribed, and until so prescribed, as determined by the Board. 59. Other Provisions Relating to Employees Added by the Act to Amend Some Nepal Acts Relating to Investment Facilitation, 2081.: (1) Other employees required by the Board, other than those mentioned in Section 58A., shall be provided by the Government of Nepal upon the request of the Board.

(2) Civil servants deployed on deputation pursuant to Sub-section (1) may be provided facilities by the Board similar to other employees of the Board.

(3) Notwithstanding anything contained elsewhere in this Section, the Board may appoint experts on contract for expert services as required. The remuneration and facilities of such experts shall be as mentioned in the contract. 60. Annual Report: (1) An annual report of the work and activities of the Board shall be prepared within six months from the date of expiry of each fiscal year and submitted by the Chief Executive Officer to the Board.

(2) The annual report pursuant to Sub-section (1) shall be made public.

(3) The report pursuant to Sub-section (1) shall include, among other things, the projects implemented by the Board in that fiscal year, expenses incurred and achievements thereof, the amount of investment approved and number of projects, and improvements to be made in the future. 61. Delegation of Powers: The Board may delegate some of the powers vested in it under this Act to subordinate officials or committees or any body or official of the Government of Nepal Added by the Act to Amend Some Nepal Acts Relating to Investment Facilitation, 2081.and the Chief Executive Officer may delegate some of the powers vested in him/her under this Act to employees subordinate to him/her. 62.
Public-Private Partnership and Investment Act, 2019

62. Compensation to be Paid: (1) If any party, in relation to the implementation of the project, causes loss or damage to another party by doing any act contrary to this Act or the rules or agreement made under this Act, the party causing the loss or damage shall pay a reasonable amount as compensation for such loss or damage to the party suffering the loss.

(2) For the purposes of Sub-section (1), the assessment of damages shall be made by an independent valuer.

(3) Other provisions relating to assessment of damages and compensation shall be as prescribed. 63. To Accept Grants and Loan Assistance: The Board may accept loan assistance as prescribed, with the consent and coordination of the Ministry of Finance, for the development and implementation of projects determined by the Board and projects of national priority. 64. May Take Action: If any investor fails to comply with the provisions of this Act, the concerned body may, after completing the prescribed procedure, take any or all of the following actions:

(a) Stop construction,
(b) Cancel the license or permit,
(c) Any other similar action. 65. Settlement of Legal Disputes: (1) If any dispute arises between domestic and foreign investors or between the Government of Nepal and a foreign investor regarding foreign investment, such investor shall settle such dispute through mutual discussion or negotiation.

(2) If such dispute cannot be settled within forty-five days of its arising pursuant to Sub-section (1), the concerned parties shall settle such dispute through mutual negotiation under the auspices of the Office.

(3) If the dispute cannot be settled through the process under Sub-section (1) or (2) within forty-five days of its arising, and if there is a joint venture or dispute settlement agreement between the parties to the dispute to settle such dispute, the dispute shall be settled in accordance with such agreement.

(4) The parties shall inform the Office of the settlement of the dispute pursuant to Sub-section (3) within fifteen days of such settlement. Provided that the parties shall not be obliged to inform the terms on which such agreement was reached.

(5) If there is no provision regarding dispute settlement in the agreement between the parties pursuant to Sub-section (3), such dispute shall be settled by arbitration in accordance with the law relating to arbitration of Nepal.

(6) Unless the parties to the dispute otherwise agree, any dispute arising in relation to foreign investment shall be settled by arbitration in compliance with the prevailing rules or procedures of the United Nations Commission on International Trade Law (UNCITRAL).

(7) Arbitration under this Section shall be held in Nepal, and the substantive law of Nepal relating to arbitration shall apply.
Public-Private Partnership and Investment Act, 2019

Provided that in the situation under Sub-section (3), it shall be according to the same Sub-section.

(8) If there is no agreement regarding dispute settlement between the parties before the dispute arises, or the existing agreement is felt to be inadequate, the concerned parties may also enter into an agreement for dispute settlement even after the dispute arises. The Office shall be informed of such agreement.

(9) Disputes may be settled under this Section also in respect of an agreement made pursuant to Sub-section (8). 66. Removal of Obstacles: If any obstacle arises in the implementation of this Act, the Government of Nepal may, by an order published in the Nepal Gazette, remove such obstacle. 67. To be According to this Act: Matters written in this Act shall be according to this Act and other matters shall be according to the prevailing law. 68. Contact with Government of Nepal: Amended by the Act to Amend Some Nepal Acts Relating to Investment Facilitation, 2081.(1) The Board shall make contact with the Government of Nepal through the Office of the Prime Minister and Council of Ministers.

(2) Notwithstanding anything contained in Sub-section (1), in the context of project implementation, the Board may directly contact the concerned ministry, body Amended by the Act to Amend Some Nepal Acts Relating to Improvement of Economic and Business Environment and Enhancement of Investment, 2081.or Provincial Government, Local Level or any other government or non-government institution of the Government of Nepal. 68A. Prior Consent to be Obtained: Added by the Act to Amend Some Nepal Acts Relating to Investment Facilitation, 2081.In the course of implementation of this Act, the Board shall obtain prior consent of the Government of Nepal, Ministry of Finance, on matters creating financial liability for the Government of Nepal. 69. Power to Make Rules: The Government of Nepal may make necessary rules to implement the objectives of this Act, and such rules shall come into effect upon publication in the Nepal Gazette. 70. May Make Procedures and Directives: The Board may, subject to this Act and the rules made under this Act, make necessary procedures and directives, and such procedures or directives shall be published in the Nepal Gazette. 71.
Public Enterprises (Government Investment) Management Act, 1993

Public Enterprises (Government Investment) Management Act, 2050 (1993)

Certification and Publication Date
2050.9.19

Amending Acts

1. Some Nepal Acts Amendment Act, 2055 (1998) 2055.10.7
2. Republic Strengthening and Some Nepal Laws Amendment Act, 2066 (2009) 2066.10.7
3. Some Nepal Laws Amendment and Repeal Act, 2072 (2015) 2072.6.14
4. Some Nepal Acts Amendment Act, 2072 (2015) 2072.11.13
5. Some Nepal Acts Amendment Act to Make Compatible with the Constitution of Nepal, 2075 (2018) 2075.11.19
6. Privatization (First Amendment) Act, 2081 (2024) 2081.12.18

Act No. 31 of the year 2050 (1993)



Amended by the First Amendment.An Act Made to Provide for Management Relating to Public Enterprises (Government Investment)

Preamble: Whereas, from the perspective of national interest, it is desirable to regulate the government investment in public enterprises Deleted by the Republic Strengthening and Some Nepal Laws Amendment Act, 2066 (2009). within Nepal, in order to increase the efficiency and productivity of industries and businesses operated with government investment, to reduce the financial and administrative burden on the Government of Nepal from enterprises, to broadly increase the participation of the private sector in the operation of enterprises, and thereby to achieve the economic development of the country as a whole,

Be it enacted by Parliament in the twenty-second year of the reign of His Majesty King Birendra Bir Bikram Shah Dev. 1. Short Title and Commencement: (1) This Act may be cited as the "Amended by the First Amendment.Public Enterprises (Government Investment) Management Act, 2050 (1993)."

(2) This Act shall come into force immediately. 2. Definitions: Unless the subject or context otherwise requires, in this Act,-

(a) "Enterprise" means a company, organized institution, industry or any other body in which the Government of Nepal has partial or full ownership, and this term shall also denote another company, organized institution, industry or any other body under the ownership or control of such company, organized institution or industry.

(b) "Government Investment Management" means the act of engaging or causing to engage the private sector in the management of an enterprise, selling, leasing, transferring government ownership to the general public, or engaging, through any other means, the partial or full participation of the private sector or the employees, workers or all willing groups of such enterprise.

(c) "Government Sector" means the sector in which the Government of Nepal has direct or indirect, full or partial ownership or participation in the management of any enterprise.

(d) "Private Sector" means the sector other than the Government Sector.

(e) "Committee" means the Government Investment Management Committee constituted pursuant to Amended by Some Nepal Acts Amendment Act, 2055 (1998). Section 3.

(f) "Prescribed" or "as prescribed" means prescribed or as prescribed by the rules made under this Act. 3.
Public Enterprises (Government Investment) Management Act, 1993

Section 3.

(f) "Prescribed" or "as prescribed" means prescribed or as prescribed by the rules made under this Act. 3. Constitution of Government Investment Management Committee: (1) A Government Investment Management Committee shall be constituted for the systematic operation of the work of managing government investment in enterprises.

(2) The Committee constituted pursuant to sub-section (1) shall consist of the following members:-

(a) Minister of Finance or Minister of State - Chairperson
(b) Chairperson, Amended by Some Nepal Acts Amendment Act to Make Compatible with the Constitution of Nepal, 2075 (2018). Finance Committee (House of Representatives) - Member
(c) Two members of the Federal Parliament nominated by the Government of Nepal - Member
(d) Member, National Planning Commission - Member
(e) Secretary, Ministry of Finance - Member
(f) Amended by Some Nepal Acts Amendment Act, 2072 (2015). Secretary, Ministry of Law, Justice and Parliamentary Affairs - Member
(g) Secretary, Amended by Some Nepal Acts Amendment Act to Make Compatible with the Constitution of Nepal, 2075 (2018). Ministry of Labour, Employment and Social Security - Member
(h) Secretary (of the Ministry concerned with the enterprise whose government investment is to be managed) - Member
(i) President, Federation of Nepalese Chambers of Commerce and Industry - Member
(j) Joint Secretary, Ministry of Finance (Corporation Coordination Division) - Member-Secretary

(3) The Committee may, as required, invite the chief of the concerned enterprise, worker representatives and renowned economists to its meeting. 4. Functions, Duties and Powers of the Committee: The functions, duties and powers of the Committee shall be as follows:-

Amended by the First Amendment.(a) To determine and classify programs and priorities related to government investment management.
(b) To conduct or cause to conduct studies and research for formulating programs relating to government investment management. Added by the First Amendment.(b1) To identify the enterprise whose government investment is to be managed.
(c) To cause the valuation of enterprises and submit recommendations on the process of government investment management to the Government of Nepal.
(d) To remove obstacles and difficulties encountered in relation to the work of government investment management and to maintain coordination.
(e) To monitor Added by the First Amendment. and evaluate or cause to evaluate decisions and agreements made in relation to government investment management.
(f) To constitute sub-committees as required in relation to government investment management. Added by the First Amendment.(f1) To recommend to the Ministry of Finance to formulate necessary standards, procedures or directives for government investment management.
(g) To perform or cause to perform other tasks as necessary in relation to government investment management. 5.
Public Enterprises (Government Investment) Management Act, 1993

Added by the First Amendment.(f1) To recommend to the Ministry of Finance to formulate necessary standards, procedures or directives for government investment management.
(g) To perform or cause to perform other tasks as necessary in relation to government investment management. 5. Meetings and Decisions of the Committee: (1) A meeting of the Committee shall be held on the date, time and place specified by the Chairperson of the Committee.

(2) The Chairperson of the Committee shall preside over the meeting, and in the absence of the Chairperson, a member chosen by the members from among themselves shall preside over the meeting.

(3) The decision of the majority at a meeting of the Committee shall be valid, and in case of a tie, the person presiding shall cast the deciding vote.

(4) A record of the members present, the subjects discussed and the decisions made at the meeting of the Committee shall be kept in a separate book.

(5) The decisions of the meeting of the Committee shall be certified by the Member-Secretary.

(6) The Committee may, as required, invite Deleted by the First Amendment. experts or advisors to attend its meeting as observers.

(7) Other procedures relating to the meeting of the Committee shall be as determined by the Committee itself. Added by the First Amendment.5a. Implementation Committee: (1) There shall be an Implementation Committee as follows for the systematic implementation, monitoring and evaluation of decisions relating to government investment management of an enterprise:-

(a) Secretary, Ministry of Finance - Coordinator
(b) Joint Secretary, Ministry of Law, Justice and Parliamentary Affairs - Member
(c) Joint Secretary, Ministry of Finance (Corporation Coordination Division) - Member
(d) Joint Secretary, Ministry concerned with the enterprise - Member
(e) Chief Executive Officer, concerned enterprise - Member

(2) The Secretariat of the Implementation Committee shall be located at the Ministry of Finance.

(3) The Under Secretary of the branch of the Ministry of Finance dealing with government investment management matters shall act as the Secretary of the Implementation Committee.

(4) A meeting of the Implementation Committee shall be held at least once every two months on the date, time and place specified by the Coordinator.

(5) The Implementation Committee may, as required, invite experts in the relevant subject to its meeting. Added by the First Amendment.5b.
Public Enterprises (Government Investment) Management Act, 1993

Added by the First Amendment.5b. Functions, Duties and Powers of the Implementation Committee: The functions, duties and powers of the Implementation Committee shall be as follows:-

(a) To implement decisions made by the Committee and prepare annual action plans,
(b) To monitor or cause to monitor, at least once a year, the enterprise whose government investment has been managed by the Committee and receive reports,
(c) To facilitate the implementation of agreements made with the enterprise whose government investment has been managed by the Committee,
(d) To deposit or cause to deposit into the Consolidated Fund the revenue amounts payable to the Government of Nepal by the enterprise whose government investment has been managed by the Committee, in accordance with the agreement,
(e) To conduct or cause to conduct studies on government investment management and submit suggestions to the Committee,
(f) To formulate necessary standards, procedures or directives on matters relating to enterprise reform, share divestment, lease, rental, monetization of assets, merger or amalgamation and submit them to the Committee,
(g) To submit an annual report of its work to the Committee within three months of the end of the fiscal year,
(h) To perform other necessary functions as directed by the Committee relating to enterprise reform and government investment management. Added by the First Amendment.5c. Government Investment Management Unit: (1) There shall be a Government Investment Management Unit as determined by the Ministry of Finance, under the coordination of the Joint Secretary of the Corporation Coordination Division of the Ministry of Finance, to assist the Committee and the Implementation Committee in matters relating to government investment in enterprises.

(2) In the Government Investment Management Unit pursuant to sub-section (1), employees working in any body of the Government of Nepal, Nepal Rastra Bank or public enterprises may be brought on deputation, or experts or specialists may be employed on a contract basis, as required. Added by the First Amendment.5d.
Public Enterprises (Government Investment) Management Act, 1993

Added by the First Amendment.5d. Management Contract and Private Sector Participation in Lease: (1) When the ministry concerned with the enterprise manages government investment by leasing out some assets of the enterprise pursuant to clause (d) of Section 8 or by paying a management fee pursuant to clause (e) thereof, prior approval in principle from the Committee shall be obtained on the method of valuation and selection procedure, after conducting a detailed study thereof.

(2) If approval in principle is obtained from the Committee pursuant to sub-section (1), the matter shall be submitted to the Government of Nepal for approval.

(3) If approval is obtained from the Government of Nepal pursuant to sub-section (2), proposals shall be called for from the private sector by publishing a notice in a national level newspaper.

(4) The proposal pursuant to sub-section (3) shall be evaluated based on the valuation method and selection procedure pursuant to sub-section (1), and an agreement shall be made pursuant to Section 11. Amended by the First Amendment.6. Publication of Notice for Government Investment Management: (1) Except for the process pursuant to Section 5d of this Act, if the Committee deems it necessary to manage the government investment in any enterprise, it shall submit the matter to the Government of Nepal for approval through the Ministry of Finance.

(2) After approval is obtained pursuant to sub-section (1), the Ministry of Finance shall publish a notice thereof in the Nepal Gazette. 7. Valuation Process of Enterprise: (1) When managing government investment in any enterprise, the valuation work of that enterprise Amended by the First Amendment. may be carried out by a team of domestic experts, or if necessary, by a joint team of domestic and foreign experts, by the Committee.

(2) When the team of experts pursuant to sub-section (1) carries out the valuation work of the enterprise, it shall be based on the assets of the enterprise, the market value of shares, the profits and losses incurred by the enterprise, and the production, sales, profits and losses the enterprise may make in the future. 8.
Public Enterprises (Government Investment) Management Act, 1993

8. Determining the Process of Government Investment Management: The Government of Nepal may manage government investment in any enterprise classified for government investment management by adopting any or all of the following processes:-

Amended by the First Amendment.(a) By divesting the shares of the enterprise:
Provided that while divesting shares in such manner, priority shall be given, as far as possible, to the participation of the general public, workers and employees, considering the nature and financial condition of the enterprise.
(b) By cooperatization,
(c) By selling the assets of the enterprise,
(d) By leasing the assets of the enterprise,
(e) By involving the private sector in the management of the enterprise,
Added by the First Amendment.(e1) By monetizing the assets of the enterprise,
(f) By adopting any other means deemed appropriate by the Government of Nepal upon the recommendation of the Committee. 9. Proposal Relating to Government Investment Management: When the Government of Nepal manages government investment in any enterprise, it shall, specifying necessary details relating to that enterprise, publish a notice in a national level newspaper Deleted by the First Amendment. and call for proposals relating to government investment management. 10. Evaluation of Proposals: (1) The Committee shall evaluate the proposals received from the private sector pursuant to the notice published under Section 9 on the following basis:-

(a) Providing an attractive and higher price,
(b) Operating the enterprise in a manner that yields Amended by the First Amendment. high returns,
(c) Deleted by the First Amendment.
(d) Increasing employment opportunities,
(e) Having managerial experience,
(f) Deleted by the First Amendment. Having a business plan and further investment to expand the industry and business. Added by the First Amendment.(1a) The Committee may assign weightage considering the basis of evaluation of proposals received pursuant to sub-section (1) as one hundred full marks.

(2) When evaluating pursuant to sub-section (1), if the proposals of two or more investors appear similar, priority shall be given to a Nepali investor or a group of Nepali investors. 11.
Public Enterprises (Government Investment) Management Act, 1993

11. Agreement Required for Government Investment Management: (1) Before transferring an enterprise, whose government investment is to be managed under this Act, to the private sector, an agreement shall be made clearly specifying the conditions to be complied with by both the giving and receiving parties:
Provided that no agreement need be made when shares are openly sold and distributed to the general public, employees and workers of the enterprise whose government investment is being managed, and to the private sector, through the capital market or any other means.

(2) The terms of payment to be received by the Government of Nepal after government investment management shall be clearly specified in the agreement made pursuant to sub-section (1).

(3) The time period for the transfer of the enterprise to the private sector by the Government of Nepal and other conditions to be imposed by the Government of Nepal shall also be clearly specified in the agreement made pursuant to sub-section (1).

(4) Within one month of the date of making an agreement relating to government investment management pursuant to sub-section (1), the conditions and brief details mentioned in such agreement shall be published for the information of the general public. 12. May Constitute Sub-Committees: (1) The Committee may, as required, constitute a sub-committee of experts in relation to government investment management.

(2) The functions and duties of the sub-committees constituted pursuant to sub-section (1) shall be as determined by the Committee. 13. Settlement of Disputes: (1) If any dispute arises regarding any matter mentioned in the agreement made between the Government of Nepal or the party participating in government investment management relating to government investment management, such dispute shall be settled by the concerned parties through mutual discussion.

(2) If the dispute cannot be settled pursuant to sub-section (1), such dispute may be settled by mediation by agreement of both parties. When settling a dispute by mediation in this manner, it shall be done in accordance with the prevailing law on mediation or the prevailing mediation rules of the United Nations Commission on International Trade Law (UNCITRAL).

(3) The place of mediation shall be Kathmandu, and the prevailing law of Nepal shall apply to the mediation. 14.
Public Enterprises (Government Investment) Management Act, 1993

14. Provisions Relating to Employees: (1) The Government of Nepal may transfer the services and benefits such as gratuity earned by workers employed in the enterprise whose government investment is being managed to the new investor's enterprise, maintaining the continuity of their service.

(2) If it is not possible to maintain the continuity of service pursuant to sub-section (1) and if employees, workers etc. employed in such enterprise need to be retired, the Government of Nepal may, upon the recommendation of the Committee, retire the employees and workers, subject to sub-section (3).

(3) When retiring pursuant to sub-section (2), the Government of Nepal shall, upon the recommendation of the Committee, make appropriate arrangements for compensation or benefits for the employees or workers to be retired from the enterprise whose government investment is to be managed.

(4) The Government of Nepal shall make available some shares of the enterprise whose government investment is being managed to the employees and workers employed therein at a Deleted by Some Nepal Laws Amendment and Repeal Act, 2072 (2015). reduced price. 15. Facilities and Fees: (1) The enterprise whose government investment has been managed shall receive facilities similar to those received by old industries and businesses.

(2) When transferring all movable and immovable assets including land of the enterprise whose government investment is being managed, the fees leviable under the prevailing law shall be borne by both parties. 16. May Dissolve Enterprise: (1) When taking action relating to managing government investment in any enterprise fully owned by the Government of Nepal, if it is deemed appropriate to dissolve such enterprise for reasonable cause, the Government of Nepal may, notwithstanding anything contained in the prevailing law, publish a notice in the Nepal Gazette and dissolve such enterprise and make separate provisions relating to the dissolution process.

(2) Amounts remaining to be collected from the enterprise dissolved pursuant to sub-section (1) may be recovered as government dues.

(3) The Government of Nepal may transfer the assets or liabilities of an enterprise dissolved pursuant to sub-section (1) to another body, or may, upon the recommendation of the Committee, write off useless assets and irrecoverable liabilities.

(4) If all liabilities of the enterprise cannot be paid from the assets of the enterprise, the remaining liabilities shall be settled in accordance with the prevailing law. 17. Government of Nepal May Give Orders or Directions: The Government of Nepal may give necessary orders or directions to the concerned Amended by the First Amendment. ministry or enterprise or person in relation to government investment management, and it shall be the duty of the concerned Amended by the First Amendment. ministry or enterprise or person to comply with such order or direction. 18.
Public Enterprises (Government Investment) Management Act, 1993

18. Penalty: If any person causes any kind of hindrance or obstruction in the compliance or enforcement of this Act or an agreement made under this Act, or in the work of government investment management, the Government of Nepal may sentence such person to imprisonment for up to two months or a fine of up to Amended by the First Amendment. one hundred thousand rupees or both. Added by the First Amendment.Provided that before imposing such penalty, a reasonable opportunity to present a defense shall be given. 19. Delegation of Powers: The Committee may, as required, delegate some of the powers vested in it under this Act to its Chairperson, member or Member-Secretary, Added by the First Amendment. the Implementation Committee, the Government Investment Management Unit, a sub-committee or any member of a sub-committee. 20. Power to Make Rules: The Government of Nepal may make necessary rules for the implementation of the objectives of this Act. 20a. May Make Procedures, Directives or Standards: Added by the First Amendment.Subject to this Act and the rules made under it, the Ministry of Finance may, upon the recommendation of the Committee, formulate and implement necessary procedures, directives or standards. 21. Power to Remove Difficulties: If any difficulty arises in implementing this Act, the Government of Nepal may, by publishing a notice in the Nepal Gazette, issue an order to remove such difficulty. 22. To Be According to This Act: Notwithstanding anything contained in the prevailing law, the matters stated in this Act shall be according to this Act, and other matters shall be according to the prevailing law.
Non-Resident Nepali Act, 2008

Inserted by the Act to Amend Some Nepal Acts Relating to Good Governance Promotion and Public Service Delivery, 2081.(a1) "Person who has obtained Non-Resident Nepali citizenship" means a person who has obtained a certificate of Non-Resident Nepali citizenship pursuant to law.

(b) "Foreign citizen of Nepali origin" means a person who, originally, such person himself/herself or his/her father, mother, grandfather or grandmother was a citizen of Nepal and later has taken the citizenship of a country other than a member country of the South Asian Association for Regional Cooperation (SAARC).

(c) "Nepali citizen residing abroad" means a Nepali citizen who has resided in a foreign country for at least two years by engaging in any profession, occupation or employment, excluding a Nepali citizen residing in a SAARC member country, a Nepali citizen deputed by the Government of Nepal and posted in a diplomatic mission or consulate general abroad, and a Nepali citizen studying in an educational institution abroad.

(d) "Identity Card" means the identity card of a Non-Resident Nepali issued pursuant to Section 4.

(e) "Investment" means an investment made in any industry or business in Nepal with the objective of earning profit, and the term also includes the act of transferring rights relating to technology of any foreign origin, know-how, formula, process, patent, trademark or technical skill or knowledge, or providing technical consultant or management services, by agreement between the industry or business and the Non-Resident Nepali.

(f) "Family" means husband, wife, father, mother, sons and daughters, grandfather, grandmother, and mother-in-law or father-in-law.

(g) "Near relative" means the relative referred to in clause (b) of Section 2 of the Income Tax Act, 2058.

(h) "Convertible foreign currency" means convertible foreign currency as per clause (ṭha) of Section 2 of the Nepal Rastra Bank Act, 2058.

(i) "Prescribed" or "as prescribed" means prescribed or as prescribed in the Rules made under this Act. 3. Maintenance of Record of Non-Resident Nepali: (1) If any Non-Resident Nepali or his/her family wishes to register his/her name in the capacity of a Non-Resident Nepali, an application along with the prescribed fee shall be submitted to the prescribed authority.

(2) Upon receipt of an application pursuant to Sub-section (1), the prescribed authority shall make necessary inquiry and maintain the record of the Non-Resident Nepali as prescribed. 4.
Non-Resident Nepali Act, 2008

4. Issuance of Identity Card: (1) If a Non-Resident Nepali whose name has been included in the record pursuant to Section 3 wishes to obtain an identity card, an application shall be submitted to the prescribed authority.

(2) Upon receipt of an application pursuant to Sub-section (1), the prescribed authority may, after making necessary inquiry and collecting the prescribed fee, issue an identity card of Non-Resident Nepali to the applicant.

(3) The validity of the identity card issued pursuant to Sub-section (2) shall, subject to the visa obtained by a foreign citizen of Nepali origin, remain valid for a maximum of ten years, and in the case of a Nepali citizen residing abroad, for up to two years. Provided that, a Nepali citizen residing abroad who has obtained a permit to reside abroad for more than two years may be issued an identity card for that entire period.

(4) A Non-Resident Nepali wishing to renew the identity card shall submit an application to the prescribed authority before the expiry of the validity of the identity card.

(5) Upon receipt of an application for renewal of the identity card pursuant to Sub-section (4), the prescribed authority shall, subject to Sub-section (3), renew the identity card upon collecting the prescribed fee. 5. Status of Non-Resident Nepali to Remain: Notwithstanding anything contained elsewhere in this Act, if a Nepali citizen residing abroad who has made an investment pursuant to this Act resides in Nepal in the capacity of an operator or senior managerial officer of such industry or business in the course of operating any industry or business, his/her status of Non-Resident Nepali shall remain. 6. Right to Open Account in Convertible Foreign Currency: A Non-Resident Nepali who has obtained an identity card may open and operate an account in convertible foreign currency in any commercial bank or financial institution licensed by the Nepal Rastra Bank to conduct financial transactions, of the amount earned in convertible foreign currency. 7.
Non-Resident Nepali Act, 2008

7. Right to Invest in Convertible Foreign Currency: (1) A Non-Resident Nepali or any foreign company in which more than fifty percent of the shares are invested by a Non-Resident Nepali may invest, in convertible foreign currency in Nepal, the amount earned in foreign currency abroad, in any industry or business opened for foreign investment pursuant to the prevailing law, or in any other industry or business opened by the Government of Nepal for investment by Non-Resident Nepalis by publishing a notice in the Nepal Gazette.

(2) The amount to be invested in Nepal by the Non-Resident Nepali or company pursuant to Sub-section (1) shall be received through any commercial bank or financial institution licensed by the Nepal Rastra Bank to conduct financial transactions pursuant to the prevailing law.

(3) In a situation where the source of the amount received pursuant to Sub-section (2) is required to be disclosed pursuant to law, the source thereof shall be disclosed. 8. Duty to Furnish Information: If any Non-Resident Nepali makes an investment in Nepal, information thereof shall be given to the prescribed authority stating the prescribed particulars. 9. Right to Repatriate Amount: Notwithstanding anything contained in the prevailing law, a Non-Resident Nepali may repatriate, in convertible foreign currency as prescribed, the amount equivalent to the investment made pursuant to Section 7 and the profit derived therefrom. 10. Facilities and Concessions to Foreign Citizen of Nepali Origin: (1) Notwithstanding anything contained in the prevailing law, a foreign citizen of Nepali origin may, subject to the prescribed conditions, purchase land of a prescribed area or other property for himself/herself or for his/her family for residing within Nepal.

(2) The property purchased by a foreign citizen of Nepali origin pursuant to Sub-section (1) may be sold subject to the prevailing law.

(3) If a foreign citizen of Nepali origin dies without leaving any issue and has property in Nepal, such property shall devolve to his/her successor, if the successor is a foreign citizen of Nepali origin who has obtained an identity card, and if there is no such successor, then according to the prevailing law. 11. Facilities Relating to Visa: Amended by the Act to Amend Some Nepal Acts Relating to Good Governance Promotion and Public Service Delivery, 2081.(1) Notwithstanding anything contained in the prevailing law, a Non-Resident Nepali visa for up to ten years shall be provided free of charge to a person who has obtained Non-Resident Nepali citizenship residing in Nepal, or a foreign citizen of Nepali origin who has obtained an identity card, or his/her family.
Non-Resident Nepali Act, 2008

Inserted by the Act to Amend Some Nepal Acts Relating to Good Governance Promotion and Public Service Delivery, 2081.(1A) Notwithstanding anything contained in the prevailing law, a residential visa with multiple entry facility for a period of two years at a time shall be provided free of charge to a person who has obtained Non-Resident Nepali citizenship.

(2) The period of visa granted pursuant to Sub-section (1) may be extended as required. 12. Tax Exemption: Notwithstanding anything contained in the prevailing law, the following matters shall be as follows:-

(a) No tax shall be levied on the capital amount at the time of investment by a Non-Resident Nepali,

(b) No tax shall be levied at the time of receipt of the amount sent by a Non-Resident Nepali to his/her near relative who is a Nepali citizen through any commercial bank or financial institution licensed by the Nepal Rastra Bank to conduct financial transactions, for personal use, not exceeding fifteen lakh rupees in a fiscal year,

(c) No tax shall be levied at the time of receipt of the amount sent by a Non-Resident Nepali through any commercial bank or financial institution licensed by the Nepal Rastra Bank to any social, religious, educational, cultural, charitable, sports or institution related to relief work for natural disaster established on a non-profit basis. 13. Right to Operate Industry or Business: A foreign citizen of Nepali origin who makes an investment pursuant to this Act may operate an industry or business in Nepal like a Nepali citizen. 14. Entitlement to Facilities Under Prevailing Law: A foreign citizen of Nepali origin who makes an investment pursuant to this Act shall also be entitled to the facilities that any foreign citizen is entitled to receive for making an investment in convertible foreign currency in Nepal pursuant to the prevailing law. 15. Power to Constitute Advisory Board: (1) The Government of Nepal may, by publishing a notice in the Nepal Gazette, constitute an Advisory Board consisting of a maximum of seven members, including representation from Non-Resident Nepali organizations, to make the policy or law relating to foreign investment timely, to advise the Government of Nepal on matters relating to motivating Non-Resident Nepalis to invest in Nepal, and to maintain harmonious relations among Non-Resident Nepalis.

(2) Other functions, duties and powers of the Advisory Board constituted pursuant to Sub-section (1), and its working procedures shall be as prescribed. 16. Provisions Relating to Non-Resident Nepali Association: (1) Notwithstanding anything contained in the prevailing law, Non-Resident Nepalis may establish a Non-Resident Nepali Association within Nepal with the objective of enhancing mutual cooperation and goodwill among Non-Resident Nepalis.

(2) Registration and other provisions of the Non-Resident Nepali Association shall be as prescribed.