Ministry of Finance "Transfers" Remaining Payment to NAST for BIRDS-3 Satellite Project

Previous Process to Pay 76.7% 

Madeinepal.space can confirm that the remaining 23.3% payment [HERE] along with 13% VAT and 10% Tax that has to be paid back to the government has been reassigned under the BIRDS-3 Satellite Project in what was a rearrangement of Nepal Academy of Science and Technology (NAST)'s budget. The project is currently building Nepal's first satellite NepaliSat-1 [HERE]As the fiscal year ends mid July, NAST along with the Ministry of Education, Science & Technology and Ministry of Finance (MoF) have decided that a portion of the remaining unused budget be transferred under the project's name.

The ministerial process is now complete.

To be clear again, the MoF didn't actually transfer any funds but just gave NAST the permission to go ahead and use the funds that MoF had allocated last year to NAST's budget.  It's the amount NAST could not spend this fiscal year. The process is called the "title changing" process and is now under the BIRDS-3 Satellite Project heading.

The next step for NAST would be to pay the VAT and tax, submit the voucher and receive a letter from the local tax office that the payment has been done and get permission from the Nepal Rastriya Bank before finally transferring the remaining amount to Kyutech. While the tax payment can be expedited, the bank will certainly take longer than usual. 

To understand just how complicated the bureaucratic process in Nepal can be, a flow chart has been documented (see top) to illustrate the previous process of transferring the fund to Kyutech. 




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