May 31: The Non-Resident Nepali Association (NRNA) has welcomed the budget announced by the government for the upcoming fiscal year. The association stated that many of the demands that they were raising for a long time targeting the NRNs have been addressed in the budget for the fiscal year 2022/823.

The association said that the decision to reduce the minimum threshold of foreign investment from Rs 50 million to Rs 20 million through the budget and the arrangements for the approval of foreign investment up to Rs 100 million through an automated system are positive steps. Also, the association stated that NRNs will benefit from the legal arrangements that allows them to invest in the secondary market of securities.

The association said that the laws and processes related to foreign investment should be improved in order to attract foreign investment in productive and export oriented industries and to attract investment from NRNs.

It also demanded that the land demarcation system required for establishment of industry should be reviewed and land lease should be given for 50 years. Similarly, the NRNA also welcomed the arrangement of issuing bonds targeting the Nepali citizens and NRNs who are out for foreign employment.

The association released a statement on Monday saying, “We also welcome the announcement of a 50 percent deduction on renewal fees of passports, consular services and renewal of work permits for Nepali nationals in foreign employment and remittances through formal channels.”