Public Administration News
Share
 |
Nepal Gov't to Amend Economic Policies |
| Source: |
my.news.yahoo.com |
| Source Date: |
Saturday, February 25, 2012 |
| Focus: |
ICT for MDGs
|
| Country: |
Nepal |
| Created: |
Feb 27, 2012 |
|
The Ministry of Industry (MoI) is gearing up to table a number of acts and policies in the Cabinet within a month. MoI officials said the ministry is working in full speed to introduce updated policies and acts, including Intellectual Property Act (IPA), Company Act, Nepal Standards Act (NSA), Accreditation Board Act (AVA), Industrial Enterprises and Promotion Policy (IEPP), Industrial Enterprises Promotion Act (IEPA) and Foreign Investment and Technology Transfer Act (FITTA), among others.
The acts and policies have already been approved by the Ministry of Law and Parliamentary Affairs (MoLPA), according to MoI officials. The MoI had formed an executive committee to prepare drafts of these acts and policies. We are now preparing to table them in the Cabinet, said Yam Kumari Khatiwada, spokesperson for MoI. It is necessary to table them at the earliest as we have to prepare a legal ground to make the Investment Year a success.
The committee, with representations from DoI, Ministry of Culture (MoC), Ministry of Finance (MoF) and Labour Ministry, among others, had submitted the first draft a couple of months ago.
Chabindra Parajuli, under secretary at MoI, said the upcoming industrial enterprise policy and act cover issues such as establishment of Industrial Promotional Board, High Level Investment Board and a regional office of the Company Registrars Office and operation of activities under corporate social responsibility (CSR) by industries and businesses, among others.
The draft Intellectual Property Act envisions the establishment of a separate IP body in the country. The body will look after all IP related issues and help promote Nepali products in international arena.
According to MoI officials, the Company Act is being amended as the high penalty provision in the existing act has been creating difficulties for smaller enterprises. The upcoming act especially tries to lower financial penalty, said Parajuli.
Spokesperson Khatiwada said the ministry is holding final round of discussions on the draft acts and policies in coordination with the Industry Ministry. After the discussions are over, we will forward the drafts to the Cabinet.
According to MoI officials, the amended Foreign Investment and Technology Transfer Act may allow Nepali investors to invest abroad. The first draft of the act says any Nepali investor can expand business or open branches, outlets or contact offices abroad with the permission of the Nepal Rastra Bank (NRB). A working plan in this regard will be prepared later by NRB, says the draft policy.
Those who have already invested abroad will also be brought under the purview of the policy, MoI officials said. This is the first time that we are trying to open the way for Nepali investors to expand their business abroad, said an official.
|
|
|
|
|
|
 Tag This |
Nepal Gov't to Amend Economic Policies The Ministry of Industry MoI is gearing up to table a number of acts and policies in the Cabinet within a month MoI officials said the ministry is working in full speed to introduce updated policies and acts including Intellectual Property Act IPA Company Act Nepal Standards Act NSA Accreditation Board Act AVA Industrial Enterprises and Promotion Policy IEPP Industrial Enterprises Promotion Act IEPA and Foreign Investment and Technology Transfer Act FITTA among others
 Tell A Friend |
|
 del.icio.us digg this Slashdot |
| Rate: |
0 ratings
|
Views: |
179 |
| Comments: |
0 |
Favorited: |
0 |
Bookmarked: |
0 |
Tagged: |
0 |
|
|
|
|