Unless the subject or context requires otherwise, in this Act,-

(a) “industry” means the industry mentioned in section 3 of the Industrial Business Act, 2049.

p>(b) “Foreign investment” means the following investment made by a foreign investor in the industry:-

(1) Investment in shares,

(2) Received from investment as per sub-section (1). Reinvestment of income,

(3) Investments made in the form of loans or credit facilities.

(c) “Technology transfer” means the transfer of technology between industry and foreign investors by agreement regarding the following matters: It includes:-

(1) Using the right specification, formula, process, patent or technical know-how related to any technology of foreign origin.

(2) Using the trademark of foreign ownership.< /p>

(3) Providing foreign technical consultancy, management and market services.

(d) “Foreign investor” means any foreign person, firm, company or organization that transfers foreign investment or technology. means an organization and the term also refers to a foreign government or an international organization.

(e) “Board” means the Industrial Promotion Board constituted under Section 12 of the Industrial Business Act, 2049.

(f) "Department" means the Department of Industries of the Government of Nepal or the Department of Domestic and Small Industries or any other department, office or body designated by the Government of Nepal.

(g) "Prescribed" or "as prescribed" means It shall be understood as prescribed or prescribed in the rules made under this Act or in the order issued by the Government of Nepal by publishing a notice in the Nepal Gazette.