KATHMANDU: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has called for the need for the swift passage of the Banking and Financial Institutions (First Amendment) Bill, 2023 (Bafia) and the Securities (First Amendment) Bill, 2024 (Bafia) by Parliament.
Speaking at the Finance Committee meeting under the House of Representatives, Paudel urged the committee to expedite discussions and present the bills to the House for further deliberation.
He expressed hopes that discussions on these bills, along with the Finance Bill, would be completed soon, allowing the committee report to reach the House of Representatives by March.
Acknowledging public criticism over the slow pace of law-making, Paudel stressed the urgency of prioritizing high-impact legislation to address national needs.
The Finance Committee also discussed amendments to the ‘Bill to Amend and Unify Customs Laws, 2023’.
Lawmakers have proposed changes aimed at streamlining customs administration, reducing procedural hurdles in customs clearance, limiting the discretionary power of officials, and improving infrastructure for quarantine and quality testing of goods.
The government has introduced the bill to modernize the customs clearance process, making it more technology-driven and aligned with the Revised Kyoto Convention and the WTO Trade Facilitation Agreement. These international agreements require Nepal to implement the general provisions within three years of membership and transitional provisions within five years.
The proposed amendments seek to make the Customs Act more trade-friendly and ensure Nepal’s compliance with global trade standards.
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