Kathmandu: CNN, the American news network, alleges that approximately 15,000 Nepalese citizens have been recruited into the Russian military, a figure significantly higher than the government’s estimated count of 200. This number reportedly surged after Russia announced an attractive recruitment package for foreign nationals willing to join its army last year.
As per sources, the package includes a monthly salary of at least $2,000, higher than the Nepali government’s estimate, and a rigorous process, involving a minimum $2,000 deposit in a Russian bank account and obtaining a Russian passport.
It also specifies a timeframe for introducing foreign recruits, and if not adhered to, the recruitment body must seek an extension. The amount is to be deposited by banks and financial institutions into the concerned company or industry’s account in Nepal if the investment is not initiated within the specified period.
The exemption of the requirement for Nepal Rastra Bank’s approval extends not only to investments in listed companies but also to foreign investments in ailing industries as per the Industrial Enterprises Act 2020. The amendment aims to make Nepal more attractive to foreign investors, particularly in its burgeoning stock market and industries.
Additionally, the regulatory change enables industries with foreign investments and borrowers of foreign loans to submit detailed information to the NRB. The move simplifies the documentation process for reinvesting profits earned from foreign investments, eliminating the need for a certified copy of documents revealing the identity of the real owner in certain cases.
Experts believe this amendment is part of Nepal’s strategy to allure foreign investors and streamline the process of foreign investment in its growing stock market and industries. The regulatory change is expected to boost Nepal’s economic prospects by fostering foreign participation in various sectors.