Industry dept urges firms importing foreign services to submit agreement reached with foreign parties

KATHMANDU: The Department of Industry has urged the industries that have been importing services from foreign parties and seeking to transact in foreign currency to submit the agreement reached with the parties. The notice issued by the Foreign Investment and Technology Transfer Section under the department on January 6 urged the industries to submit such agreements or provide information within 15 days.  It has been made mandatory for all industries, firms, and companies carrying out importing services to get the agreement approved by the department. From now on, the agreement will have to be approved by the department before carrying out the transaction pursuant to Foreign Investment and Technology Transfer Act, 2075. Without prior approval of the agreement for foreign services worth more than the limit of INRs 100,000 for India and $5,000 for any other countries prescribed by Nepal Rastra Bank, the Department of Industry may not grant approval for foreign currency, the notice read. READ ALSO:

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