1. Self-governing; independent : a sovereign state.

2. Having supreme rank or power: a sovereign prince.

3. A nation that governs territory outside its borders.
4. A gold coin formerly used in Great Britain

 

4. is not relevant for Nepal

3. is not relevant for Nepal

2. is not relevant for Nepal

1. Nepal is SINO

 

As Babal Khate said, if the acronym RINO stood for Republican in Name Only, Nepal is SINO - Sovereign In Name Only.