KATHMANDU: The High-Level Economic Reform Commission has recommended the repeal of 15 existing laws that it deems restrictive, outdated, or misused, as part of legal reforms aimed at creating an investment-friendly environment and lowering production costs.
In its report submitted to the government today, the commission stated that these laws restrain economic freedom, increase business costs, and are no longer relevant in the current context.
The laws proposed for repeal include:
• Income Duty Act,1963
• Black Market and Certain Other Social Offences and Punishment Act, 1975
• Private Forest Nationalization Act, 1957
• Administrative Procedure (Regulation) Act, 1956
• Compensation Act, 1963
• Birta Abolition Act, 1959
• Birtawala Restrictions Act, 1959
• Revenue Leakage (Investigation and Control) Act, 1996
• Foreign Investment Prohibition Act, 1964
• Nepal Agency Act, 1958
• Provincial Development Plans Implementation Act, 1957
• Import and Export (Control) Act, 1957
• Social Behavior Reform Act, 1976
• Nepalese Currency Circulation Act, 1957
• Financial Intermediary Societies Act, 1999
New legislation proposed
The commission has also called for the enactment of three new laws:
A ‘Drugs and Health Products Regulation Act’, by amending the existing Drug Act, 1978, to comprehensively regulate pharmaceuticals, medical devices, cosmetics, and transplant-related materials.
A ‘Private Property Acquisition Act’, by merging the Immovable Property Acquisition Act, 1977, and Land Acquisition Act, 1977, to expand acquisition rights to include intangible assets and shares.
A ‘Unified Intellectual Property Rights Protection Act’, merging the Patent, Design and Trademark Act, 1965, and the Copyright Act, 2002, to streamline and modernize IP protection and foster innovation.
The commission, chaired by former Finance Secretary Rameshwor Prasad Khanal, emphasized the urgency of legal reforms to revitalize economic activity and enhance Nepal’s competitiveness.
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