High-Level Economic Reforms Commission advises to rescind various outdated acts

KATHMANDU: The High-Level Economic Reforms Recommendation Commission has submitted its report to the government, outlining strategic measures to foster an investment-friendly environment and reduce manufacturing costs in Nepal.

The Commission has emphasized the need for extensive legal reforms to achieve these goals.

The Commission has proposed to repeal various outdated acts.

They are Income Ticket Charge Act, 2019 BS (1962), Black-marketing and Some Other Social Offenses and Punishment Act, 2032 BS (1975), Private Forest Nationalisation Act, 2013 BS (1957) and the Administrative Procedures (Regulation) Act, 2013 BS (1956).

The Birta Abolition Act, 2016 BS (1959), Compensation Act, 2019 BS (1963), Revenue Leakage (Investigation and Control) Act, 2052 BS (1995), the Act Restricting Investment Abroad, 2021 BS (1964) and the Nepal Agency Act, 2014 BS have been advised to be repealed.

The remaining acts that the Commission has recommended to scrap are the Act to Implement Provincial Development Projects, 2013 BS, the Import and Export (Control) Act, 2013 BS (1957), Social Practices (Reform) Act, 2033 BS (1976), An Act to Provide for Enhancement of the Circulation of Nepalese Currency, 2014 BS (1957), Financial Intermediary Societies Act, 1999 AD and the ‘Birtawalale Birtama Rakam (Bhatti Charsa Aadi) Lagaiee Lina Khana Napaune Ain, 2015’ (an Act Prohibiting the Use of Birta Land for Profit by Establishing Kilns or Tannery) 2015 BS).

The report has proposed to amend the Drugs Act- 2035 BS (1978) to promulgate the “Drug and Health Materials (Regulation) Act to regulate the imports, marketing and supplies of drugs, drug supplements, medicinal supplements, cosmetics and human cell based devices for transplantations.

Similarly, the Committee has advised to merge Immovable Property Reacquisition Act-2013 BS (1956) and the Land Acquisition Act- 2034 BS (1977) for promulgating the ” Private Property Reacquisition Act”.

Likewise, the Patent, Design and Trademark Act, 2022 BS (1965) and the Copyright Act, 2059 BS (2002) have been proposed to be merged to enact the “Intellectual Property Right Conservation Act”.