Financial Procedures Ordinance approved in Nepal

The meeting of the House of Representatives of Nepal that was held on Sunday, passed the Financial Procedures and Financial Liability (First Amendment) Ordinance, 2080 by a majority.

Finance Minister Dr Prakash Sharan Mahat tabled the Ordinance. It may be noted that on the recommendation of the government, President Ramchandra Paudel promulgated the Financial Procedures and Financial Liability (First Amendment) Ordinance, 2080 on January 18.

The Ordinance opened the door for the government to submit the principles and priorities of the budget before the parliament within the last week of February. The previous deadline for setting the budget ceiling was also amended through the ordinance. The approval of the Ordinance also allows the government to present the principles and priorities of the government’s budget three months before submission of the Appropriation Bill. Earlier, the time was at least 15 days before the submission of the Bill.

There is a legal provision that the federal government should table the appropriation bill before the parliament on Jestha 15 in the Lunar Calendar. Likewise, the MPs will now have thirty days to give their comments and feedback on the principles and priorities of the government’s budget and programs. Previously, the parliamentarians were required to do so within seven days after its submission to the parliament.

The meeting of the House of Representatives has approved the proposal seeking consideration on the ‘Banking Offenses and Punishment (Second Amendment) Bill, 2080 by a majority. Finance Minister Dr Prakash Sharan Mahat tabled the proposal.

MPs who wish to propose amendments to the bill have been asked to submit their amendment proposals to the House of Representatives Bill Unit within 72 hours. The Bill is intended to make the investigation, prosecution, and action of criminal offenses in the banking and financial sector systematic and effective. The House of Representatives will meet at 11 am on February 22 to discuss the bill.

In the meeting of the National Assembly of Nepal, the Bill designed to amend some Acts related to the prevention of money laundering and promotion of the business environment, 2079 BS was sent to the relevant committee for clause-wise discussion.’Monitoring and Evaluation Bill that originated in the National Assembly was submitted to the House of Representatives.