An Interaction Programme on Banking and Remittance Services, Export-Trade and Investment Opportunity in Nepal

Kathmandu: The Embassy of Nepal in New Delhi organized an interaction program on Banking
and Remittance Services, Export-Trade and Investment Opportunity in Nepal in
collaboration with the Everest Chamber of Commerce and Industries today.
Speakrng as the Chief Guest, on the occasion, H.E. Dr. Shankar Prasad Sharma,
Ambassador-designate of Nepal to India, highlighted the robust economic ties
between Nepal and India. Encouraging the Indian investors to make investments in
Nepal, the Ambassador stated ‘that, in addition to others, ‘moderate climate,
geographical proximity and availability of the means of ar and land transport,
language and cultural similarity, and close working relations between Nepali and
Indian nationals and duty free and quota free provisions for export in most products
are favourable factors gt.irg advantages for Indian investors to invest in Nepal. He
also emphasized for the enhanced political linkages as it is important for any investor
and businessperson.
Regarding remittance, Ambassador Dr. Sharma encouraged everyone to use a banking
channel to remit their earnings as it is safe, secure, simple and transpareflt. Hc
mentioned that by sending money to familie$, we will be supporting our government
as well, as the foreign currency we remit to our family helps to import capital goods
for development. He also advised transferring their earnings to their ou/n or their
families’ account in Nepal because, at preseflt, banks in Nepal have been grving high
interest rate. Ambassador Dr. Sharma requested the bank officials to facilitate Process
for opening bank accounts to everyone by creating awareness campaign and putting
information in websites as far as ptacticable. He assured the participants of every
possible support from the Embassy in this endeavor.
In his welcome address, Deputy Chief of Mission Mr. Ram Prasad Subedi highlighted
on the objectives of the program. He called for the Nepali national working in India
to remit their earnings through banking channel as it can help to sustain Nepali
economy affected by the Covid-19 pandemic. He also highlighted the export trade
and investment opportunity in Nepal.

Mr. Yubr a1 Bad, President of the Everest Chamber of commerce and Industrics,
New Delhi, and the Chairperson of the program called for every member of the
Nepali community to encourage Indian investors and businessperson to invest in
Nepal as they have established good relations with them. He also requested the
Embassy for coordination and facilitation wherever it is needed’
Mr. Basu Dev Bha ttarai, Director, Foreign Exchange Departrnent, Nepal Rashtra
Bank spoke on the existing policies and practices for remittance, foreign investment
and the limitation to cafry cash amount by travelers from and oto Nepal’ He also
briefed on how foreign cufrency is spent and gave an account of its cufrent situation
and reserve in NePal.
Mohan I(arki, General Secretar|, Everest Chamber of Commerce and Industries
made a presentation, highlighUng on the obiectives, pfo€fams and activities of the
associari.n and shared that the people of Nepali origin in India have emotional
attachment to Nepal and Nepali people and always wish for their progless and
prospenty.
Speaking on the occasion, the representative of Global IME Bank, I{athmandu N{s’
Swechchha Rana requested Nepali nationals. to use banking channels for remitting
their earnings. She informed the audience about the provisions ar,.d artansements
made by the Bank in several countries to open up bank account for Nepali citizens
while staying abroad. She also elaborated ofl the various facitities and incentives made
by the Bank, including high interest rate.
Representative of Everest Bank Limited Kathamdu, Nikhil Shrestha thanked H.E’ thc
Ambassador and the Embassy of Nepal for hosting the event. He stated that the
dissemination of information by the participants to others itself can serve as a wide
fange of marketing. He highlighted the provisions, afrangements and facilities
provided by the Everest Bank to remit money from India to Nepal and vice-versa’
He also emphasized easing Indo-Nepal remittance guidelines to facilitate remittance
service.
Executive Chief of IME Bank Mr. I{hilendra Paudel, giving an account of the IN{II
I Bank to facilitate remittance, undedined the difficulties faced by common Nepalis at

border points. He mentioned that in absence of clear guidelines and regulations, at
preseflt, it is very difficult for an ordinary pefson to appfoach and get services from
banks by himself/herself to remit money to Nepal. He requested facilitation on
behalf of the government.
On the second half of the program, there was an interactiofl and question answer
session. while thanking the participants, Mrs. Nita ‘Pokhrel Aryal Minister
(E,conomic), Embassy of Nepal, callecl for the Nepalis working in India to take their
knowledge and skills to Nepal. She also highlighted on trade, investment and tourism
policies of the Government of Nepal and addressed the queries raised during the
interaction. The bank representatives answered the various questions raised by the
participants regarding policies on banking and remittance.
The progam was moderated by Mr. Baclri Tiwari, Counsellor of the Embassy of
Nepal. Nepal Embassy officials, investors and businesspersons of Nepali origin in
India, employees of various formal and informal entities, university students, and
media persons were among the participants’