FinMin insists on promoting legal routes for remittance inflow

KATHMANDU, JANUARY 22: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has said the government is ready for policy-level and legal reforms to further systematize the remittance inflow. In his virtual address to a program entitled ‘Remittance and Investment in Nepal’ organized by the Overseas Nepali Forum, the United States of America on Saturday night, the Minister said the government was ready to create an atmosphere conducive to promoting legal channels for remittance inflow and productive sectors.

The Minister said, “We have not been able to receive a large chunk of remittance through an official route and the government is ready to take measures to promote such a channel.” He presented an idea for utilizing remittance in productive sectors. Stating that the government’s attention had been drawn towards the concerns of citizenship by the non-resident Nepalis, he said, “The Constitutional provision about the citizenship to the non-resident Nepali with socio-economic rights will be implemented.” He expressed his hope that a fertile zone for investment would be ensured in Nepal.

Saying he is aware of the Act Related to Foreign Investment and Technology considering the non-resident Nepali as a foreign national, he pledged to address this issue. The Finance Minister said his attention has also been drawn to the topic of the NRN required to obtain a visa while coming to Nepal and hoped this issue would be sorted out with the resolution of the citizenship-related issue. "The NRNs overseas have made a big contribution to Nepal's economic development and this is going to be more effective in the coming days,"

Finance Minister Poudel said and expressed confidence that every NRN and Nepali living and working overseas would play a constructive role as Nepal's goodwill ambassador for promoting foreign investment besides sending remittance. Reiterating that Nepal is a safe destination for investment, he urged the NRNs to share this message among investors across the globe.

The program participants underscored that remittance has played a significant part in the national economy. They suggested emphasizing agriculture, tourism, energy, infrastructure, human resources, industrialization, service sector, and social security, among the sectors for boosting Nepal's economy.

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