KATHMANDU: The National Assembly on Wednesday passed the Appropriation Bill by a majority vote, marking a crucial step in implementing the national budget for the upcoming fiscal year.
Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel tabled the bill, which had been sent from the House of Representatives with recommendations. The Assembly approved it through a majority vote.
In addition, the Assembly endorsed proposals to consider two other budget-related bills: the Finance Bill and the Loan and Guarantee Bill. Both are essential components of the broader budget framework.
A major highlight of the day was the unanimous approval of the Customs Bill, 2023, which was also presented by Finance Minister Paudel.
He expressed confidence that the new legislation would enhance customs efficiency, curb revenue leakage, and boost the use of technology in customs operations.
According to Minister Paudel, the bill aims to align Nepal’s customs regulations with international standards, particularly the Revised Kyoto Convention and the World Trade Organization’s Trade Facilitation Agreement, to which Nepal is a signatory.
The revised law introduces provisions to streamline customs procedures, enhance digital systems, and make inspection processes faster and more transparent. The Customs Bill will come into effect 91 days after its certification.
The next sitting of the National Assembly has been scheduled for Friday, July 4 at 1:15 PM.
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