Dubai Property Show organized by DAMAC, a real estate company based in Dubai, has been halted.
The show, which kicked off from Saturday at Soaltee Hotel in Kathmandu, with an objective of attracting investments in Dubai, has stopped after being intervened in by the police.
Nepal Rastra Bank, the national bank of Nepal, in a notice, had instructed not to organize this kind of fair that encourages Nepali people to invest abroad.
Security personnel interveined in the show in line with the notice issued by the NRB, authorities said.
What lies in NRB’s notice?
Foreign Exchange Regulations Act, 2019 prohibits any person residing in Nepal from investing abroad except as prescribed by this Act.
“A person residing in Nepal is prohibited from making investments abroad including in the real estate, procurement of shares, properties or depositing in the accounts of banks and financial institutes,” reads the notice.
If anyone found making investments abroad by breaching the regulations, will be penalized in line with the Section 12 of Foreign Exchange Regulations Act, 2019, according to the notice.
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