Federation of Nepalese Chambers of Commerce and Industries (FNCCI) has urged Nepal Rastra Bank (NRB) to lay more emphasis on investment in real sectors in the up-coming Monetary Policy.

A delegation led by the FNCCI’s president Kush Kumar Joshi met NRB Governor Yubaraj Khatiwada on Friday and urged him to include low interest loans for industries, simplify the lending process and make lending in the productive sector mandatory. It also asked for a provision to pay in foreign exchange for imports from India in view of the shortage of Indian currency in addition to simplification and implementation of refinancing schemes to make them more industry-focused. Among the suggestions of the FNCCI are 180-day period for term loans, expanding single obligor limit of the banks and increasing the time frame of loan repayment for big long-term projects.

The FNCCI has also asked the NRB to revise the current provision of source disclosure while depositing money over Rs 1 million. The threshold of source disclosure on deposits should be expanded to Rs 5 million, according to the FNCCI.

source: The Kathmandu Post (2010)," FNCCI for stake in Real Estate" ,The Kathmandu Post, 17 July 2010