Businesses exporting information technology services now have foreign exchange facility from commercial banks
Nepal Rastra Bank is going to provide foreign exchange facilities from commercial banks to businesses that export IT services.
In the monetary policy of the current fiscal year, which was announced on Sunday, provision has been made to provide foreign exchange facility up to a certain percentage of the foreign currency earned by exporting information technology and other services.
The foreign currency equivalent facility obtained in this way can be used to establish a contact office in a third country, pay to a foreign agency/transfer money to one’s own foreign bank account, and purchase software or programs and connect equipment.
“Industries/businesses operating for the purpose of exporting services including information technology will be provided with foreign exchange facilities up to a certain percentage of the foreign exchange earnings made by the industry/business to establish contact offices in third countries, to pay foreign entities/to transfer funds to their own bank accounts located abroad, and to purchase software or programs and install equipment, based on the specified documents, it will be made available through commercial banks,” said the monetary policy.
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