Government to Integrate Non-Resident Nepali Capital and Knowledge for National Development

Kathmandu. The government has put forward important programs to connect the capital and knowledge of non-resident Nepalis (NRNs) scattered around the world to the country's development. 

Finance Minister Swarnim Wagle, in the annual budget for the fiscal year 2083/084 presented in the Federal Parliament on Friday, announced that legal and policy arrangements will be amended to allow non-resident Nepalis to participate in the secondary market of Nepal's securities. 

For this, arrangements related to foreign investment approval, accounting, profit repatriation, and capital gains tax will be simplified. During the budget speech, Finance Minister Wagle informed that to ensure the investment security of non-resident Nepalis, the Civil Code will be amended to allow them to lease apartments or buildings in residential areas or government-designated locations for the long term.

The government aims to implement the sentiment of 'Once a Nepali, Always a Nepali' by making contemporary amendments to the provisions related to non-resident Nepali citizenship, thereby guaranteeing them economic, social, and cultural rights.

Similarly, the budget also proposes plans to issue 'Diaspora Bonds' to collect capital from Nepalis living abroad and 'Offshore Bonds' in foreign currency. The budget has also brought special concessions and security programs for workers employed in foreign employment. 

A lottery program will be conducted based on remittance receipts to encourage those sending remittances through formal channels. 

Likewise, a 'Rutni Migrant' program will be implemented to utilize the skills and expertise of Nepalis returning from foreign employment, and a 'Remittance Investment Matching Fund' will be established to invest remittances in productive sectors. 

 Necessary budget has been allocated for the rescue of Nepalis stranded abroad and for the smooth repatriation of bodies of workers who lose their lives at the workplace.
The Finance Minister also announced that preparations for legal and technical infrastructure will be initiated to ensure the voting rights of Nepalis residing abroad, enabling their participation in the democratic process.