Umbrella Act review urged

Himalayan News Service

Kathmandu, January 4:

Federation of Nepalese Chambers of Commerce and Industry (FNCCI) has asked the government to review and simplify some complicated provisions of the Bank and Financial Institutions Ordinance-2004 (Umbrella Act). FNCCI today submitted a suggestion to Bharat Mohan Adhikari, deputy prime minister and finance, to review and amend the Umbrella Act. A delegation led by Binod Bahadur Shrestha, FNCCI president, handed the suggestions to Adhikari at the latter’s office office.

“The suggestions have been prepared after a long consultation and discussions with concerned stakeholders such as Nepal Bankers’ Association, Nepal Finance Company Association, Nepal Bar Association and Nepal Chartered Accountant Institute and representatives of business community,” FNCCI stated in a press release.

The suggestions give emphasis on removing practical hurdles observed while implementing the Act and some clause and provisions that do not match with current business environment, said Shrestha, adding that the government should take the issue seriously.

Responding the queries of the delegation, Adhikari said that he would relay it to the concerned authorities and call a meeting of ministry of finance and Nepal Rastra Bank on January third week.

Dr Govinda Bahadur Thapa, senior economic advisor at the ministry of finance, Chandi Raj Dhakal, first vice-president of FNCCI, Rohini Thapaliya, chairman of employers’ council, Laxmi Bahadur Shrestha, chairman of monetary and banking committee at FNCCI, Ramesh Shrestha, chairman of income tax and VAT committee and Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC) were also present on the occasion.