Kathmandu: Deputy Prime Minister and Minister for Finance Bishnu Prasad Paudel has emphasized the urgent need for the passage of the Bill Related to Banks and Financial Institutions (First Amendment), 2080, and the Bill Related to Securities (First Amendment), 2081. He stressed their prompt implementation following approval from parliament.
According to National News Agency Nepal, during a meeting of the House of Representatives’ Finance Committee, Finance Minister Paudel urged the committee to expedite deliberations on these two bills and move them forward to the House of Representatives for parliamentary reading. He expressed his hope that discussions on these bills, along with the customs bill, would conclude soon and that the committee’s report would reach the House of Representatives by mid-April.
Finance Minister Paudel highlighted the criticism directed at the committee and the House for delays in the legislative process. He acknowledged that the government’s attention has been drawn to this issue and asserted that law-making, especially for priority legislation, should be accelerated to meet national needs.
The Finance Committee’s meeting today also addressed amendments to the ‘Bill to Amend and Integrate Customs Related Laws, 2080 BS.’ Lawmakers have proposed changes aimed at streamlining customs administration to facilitate trade, remove procedural obstacles during customs clearance, reduce the discretionary powers of customs employees, and enhance infrastructure for quarantine and quality testing of goods.
The government introduced this bill to amend the Customs Act to make the customs clearance process more technology-friendly and easier, aligning it with the Kyoto Convention, of which Nepal is a state party. Nepal is a signatory to the revised Kyoto Convention and the Trade Facilitation Agreement of the World Trade Organization. According to these agreements, the general provisions of the amended Kyoto Convention must be implemented within three years of membership, with transitional criteria addressed within five years.
Additionally, the government has introduced this bill to ensure that customs-related provisions are effectively addressed through the Customs Act and regulations to facilitate trade.