Foreign exchange facility through commercial banks

KATHMANDU:Commercial banks will be able to provide foreign exchange services to information technology enterprises.

According to the foreign exchange facility contract, Nepal Rastra Bank will make a fixed percentage of foreign exchange earnings available through commercial banks.

"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 their foreign exchange earnings to establish contact offices in third countries, pay foreign bodies/transfer funds to their own bank accounts located abroad, and purchase software or programs and install equipment, based on specified documents, foreign exchange earnings."

Similarly, it has been stated that the method of importing foreign money through electronic means will be made more effective in the case of exporting services, including information technology.