FinMin calls for swift passage of BAFIA and securities bills

KATHMANDU, MARCH 5: Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel has emphasized the need to swiftly pass and implement the Banking and Financial Institutions (First Amendment) Bill, 2080 B.S (BAFIA), and the Securities (First Amendment) Bill, 2081 B.S, through Parliament.

Speaking at today's meeting of the Finance Committee under the House of Representatives, Finance Minister Paudel stated that discussions on these bills should be concluded quickly within the committee and forwarded to the House for further deliberation. "Along with the Customs Bill, I expect that discussions on the BAFIA and Securities Bills will be completed soon and submitted to the House of Representatives with the committee's report by the end of Chaitra," he said.

He acknowledged that delays in lawmaking have led to public criticism regarding the effectiveness of both the committee and the parliament. "There have been concerns that the legislative process is slow. The government has taken note of this. Given national priorities, essential laws must be enacted swiftly," he added.

In today’s Finance Committee meeting, discussions were held on the proposed amendments to the Bill to Amend and Integrate Customs-Related Laws, 2080. Lawmakers proposed various changes, including improving customs administration for trade facilitation, eliminating procedural hurdles in customs clearance, reducing discretionary powers of officials, and ensuring adequate infrastructure for quarantine and quality testing of goods.

The government introduced this bill to make the customs clearance process more technology-friendly and efficient while aligning the Customs Act with the Kyoto Convention, to which Nepal is a signatory. Nepal is also a party to the Revised Kyoto Convention and the World Trade Organization's Trade Facilitation Agreement.

According to these agreements, the provisions of the Revised Kyoto Convention must be implemented within three years for general provisions and within five years for transitional standards. Additionally, the government has introduced this bill to ensure that customs-related provisions for trade facilitation are addressed through the Customs Act and its regulations.