Board mulls reimbursement facility for export industries

Export industries can soon claim reimbursement of the amount paid as excise duty on packaging and raw materials. Industrial Promotion Board’s meeting, held today, has decided to recommend in writing the refund of the duty paid by export industries for raw materials to the Finance Ministry for its implementation. The meeting, headed by finance and industry minister Shankar Koirala, has also decided to give a green signal to foreign direct investment for two hydropower projects. The meeting has permitted the 44 MW Super Madi Hydropower project located at Kaski to utilise foreign investment. It requires a capital of Rs 6.95 billion. The meeting also endorsed Bottlers Nepal’s decision to upgrade the capacity of its Chitwan plant. Bottlers Nepal, which is the bottler of Coca-Cola and other aerated drinks, has increased its capital to Rs 3.12 billion from the existing Rs 121 million. Likewise, the board’s meeting has decided to add two members to the taskforce assigned to prepare a standard for alcoholbased industries. The meeting was also attended by director general of department of industries Dhurba Rajbanshi, and secretaries of finance, commerce and supplies and labour ministries, and governor of Nepal Rastra Bank.