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The Finance Committee under the Federal Parliament has given permission to withdraw the "Economic Procedures and Financial Responsibility Bill, 2081" from the Parliament.
In today's meeting of the committee, Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel asked for permission of the committee to withdraw the said bill from the Parliament, and it was approved by the majority.
This bill was registered in the parliament and was being discussed in the committee, but the government sent a letter to the federal parliament secretariat to withdraw it from the parliament after amending the 'Economic Procedures and Financial Responsibility Act, 2076' through an ordinance. The opposition parties had also expressed their opposition to the bill, which was being discussed in the committee, saying that the government had introduced it through an ordinance.
Finance Minister Paudel said that this ordinance was brought within the constitutional and legal system and said that the bill should be returned as the ordinance will be discussed in the House. The government did not bring the ordinance to circumvent the parliament. In the event that the Parliament is not functioning, there is a provision that laws can be brought through ordinances to do some important work,' he said, 'There will be enough discussion in the Parliament about the issues in the ordinances as well. In addition, the issue of whether to pass it or not will be decided by going through the process.'
The government has amended the Financial Procedures and Financial Responsibility Act through an ordinance, mainly amending the 'Budget Calendar'. According to the provisions of the Ordinance, based on the information received from the National Planning Commission, guidelines regarding the budget limits and budget formulation should be prepared and sent by February 15th. While formulating the budget, a system has been introduced to finalize the budget by adding, reducing or modifying the proposed budget amount, programs or activities based on the availability of resources, the need for expenditure and the ability to spend.
It is also mentioned in the ordinance that if the proposed budget and programs are substantially increased or modified, the information should be given to the relevant accounting officer. Similarly, a system has been introduced to amend an approved program, if the allocated amount within the approved program has to be spent on another program, it can be amended on the recommendation of the relevant ministry.
In the middle of the financial year, if foreign grants and loans are agreed upon and additional funds are included in the project that is currently in operation, It is mentioned in the ordinance that funds can be transferred or sources can be transferred without increasing the total amount of foreign aid included in the Appropriation Act.
Likewise, according to the new arrangement, if the financial transfer amount received at the state or local level for conditional, supplementary or special grants is not spent within the financial year, it must be deposited in the federal reserve fund within the same financial year.
