NCC urges chief secretary to revise bill expanding CIAA jurisdiction to private sector
KATHMANDU: Nepal Chamber of Commerce (NCC) has called on Chief Secretary Eknarayan Aryal to amend the proposed bill that places the private sector under the jurisdiction of the Commission for the Investigation of Abuse of Authority (CIAA).
A delegation led by NCC President Kamlesh Kumar Agrawal raised this concern with the newly appointed Chief Secretary during a meeting to extend their congratulations and best wishes.
The NCC warned that the bill, currently under review by the State Affairs Committee of the Federal Parliament, could make the private sector more vulnerable and discourage investment if passed during the current economic downturn.
"The private sector is disheartened by the provision that subjects businesspersons and companies to CIAA jurisdiction, as outlined in the proposed CIAA Third Amendment Bill, 2076. This will also dampen private sector investment," the NCC stated in a press release.
The NCC stressed the importance of policy stability for economic prosperity, noting that an investment-friendly climate, increased production, and job creation can only be achieved with stable policies.
Additionally, the NCC highlighted the need to revise the provision that prohibits individuals with more than a 1% share from taking loans from any institution.
"The amendment to the Bank and Financial Institutions Act, which bars those with more than a 1% share from borrowing, will impact the private sector that has significantly promoted Nepal's banking sector. If this provision stands, it will directly affect investment and economic growth," the NCC stated in a memorandum to the Chief Secretary.
The NCC also called for the Department of Revenue Investigation and the Department of Money Laundering Investigation to be brought under the Ministry of Finance. Immediate past president Rajendra Malla criticised the provision preventing the sale of shares owned by the proprietor for one year as impractical and in need of correction.
Senior Vice-President Deepak Kumar Malhotra pointed out issues in the real estate sector due to the Nepal Rastra Bank's policy requiring proof of income twice the amount of the loan taken.
Vice-President Deepak Shrestha emphasised the need to consider the impact on Nepali industries when patent rights are issued to foreign companies.
Chief Secretary Aryal assured the NCC delegation of the government's commitment to collaborating with the private sector for economic prosperity. He also mentioned that the government works with private sector organisations like the NCC to monitor unusual price hikes and black marketing during the festival season.
