Section 10C: Provisions Relating to Repatriation, Investment of, and Transfer of Right in Foreign Exchange

1) A foreign investor who has permission to make an investment in securities in accordance with the prevailing law shall be entitled to repatriate or send the following amount in a foreign currency outside Nepal, in accordance with the procedures specified by the Bank by publishing and broadcasting a public notice:

(a) Investment made in the securities and profit, or dividend earned from the investment,

(b) Investment made in the form of a loan or loan facility and interest thereon.

2) If a citizen of Nepal residing outside Nepal obtains permission to make an investment in Nepal in foreign exchange, he or she shall be entitled to the facility as referred to in sub-section (1).

3) Such repatriation in the foreign exchange may be made or sent on the basis of the amount to be set by the price or value of the securities at the stock exchange, in the case of the enlisted securities, out of the securities as referred to in Clause (a) of sub-section (1), and on the basis of the property of the concerned body as determined in accordance with the procedures specified by the Bank by publishing and broadcasting a public notice, in the case of the securities not enlisted.

4) If payment of such tax or fee as required to be paid pursuant to the prevailing law is made in a foreign currency, any foreign person, firm, company or body may transfer the securities acquired by such a person, firm, company or body to any other foreign person, firm, company or body in accordance with the procedures set forth in the prevailing law.

5) Any foreign investor may repatriate or send abroad the amount of technological fees, royalties, etc., as mentioned in the agreement for the transfer of technology made by that investor pursuant to the prevailing law.

6) The procedures for repatriating or sending the amount in lieu of the sale of air ticket and cargo made by any licensed foreign airlines or their agents operating in Nepal or any Nepalese person, firm, company or body authorised to do that act within Nepal shall be as specified by the Bank by publishing and broadcasting a public notice.

7) Notwithstanding anything contained elsewhere in this Section, a person, firm, company or body that makes an investment in the Nepalese currency but does not earn foreign currency shall be entitled to receive or give payment in a foreign currency in accordance with this Section.