Bringing the private sector under the purview of the authority discourages investment: Chamber

When the economy is slack, the Chamber has mentioned that the bill pending in the State Affairs Committee will destroy the private sector and discourage investment.

The statement issued by the Chamber of Commerce said, 'The provisions of the proposed draft in relation to the private sector in the Commission for Investigation of Abuse of Authority Bill 2076, which is under consideration by the State Administration Committee, have added a point to include private sector individuals and companies within the scope of the commission, and the private sector has been discouraged. It has private sector Investment will also be discouraged.'

Chamber has emphasized on policy stability for the economic prosperity of the country. The chamber mentioned that only if there is political stability, the country can create an investment environment, increase production and create jobs. The Chamber has also brought to the attention of Chief Secretary Aryal to review the arrangement that those who have more than one percent of shares cannot take loans from any organization.

In the attention letter submitted to the Chief Secretary Aryal, it is mentioned, 'The private sector, which has played an important role in the development of the banking sector of Nepal, is not allowed to take loans from any institution because of the amendment proposal of the Bank and Financial Institutions Act. If this happens, it will definitely have a direct impact on investment and economic growth itself.'

Similarly, the Chamber has requested to bring the Revenue Investigation Department and the Asset Laundering Department under the Ministry of Finance.While giving suggestions to the newly appointed chief secretary Aryal, the current president Rajendra Malla asked him to correct the provision of not being able to sell the shares owned by the directors for one year as unreasonable.

Senior Vice President Deepak Malhotra said that there is a problem in this sector due to the policy of the National Bank to show twice the source of income in real estate loans. Vice President Deepak Shrestha stressed on the need to take into account the impact on Nepali industry when granting patent rights to foreign companies.

During the meeting with the chamber officials, Chief Secretary Aryal said that the government is committed to cooperate with the private sector for the economic prosperity of the country. Aryal said that he will cooperate with the Chamber to control the abnormal price increase in the market during the festive season and prevent the black market.