The High-Level Economic Reforms Recommendation Commission has submitted its final report to the government, presenting a sweeping set of legal and structural reforms aimed at fostering an investment-friendly climate and reducing the cost of doing business in Nepal.
At the heart of its recommendations is an urgent call for the repeal and replacement of a number of ‘outdated’ laws that the commission says are hindering economic modernization and deterring investment. The report argues that removing such legislation is essential to create a regulatory environment that encourages innovation, streamlines processes, and enhances competitiveness in both domestic and international markets.
Read: High-Level Commission Calls for Structural Overhaul to Revitalize Economy
Among the key laws proposed for repeal are the Income Ticket Charge Act, 1962, the Black-marketing and Some Other Social Offenses and Punishment Act, 1975, the Private Forest Nationalisation Act, 1957, and the Administrative Procedures (Regulation) Act, 1956.
Other laws recommended for scrapping include the Birta Abolition Act, 1959, Compensation Act, 1963, Revenue Leakage (Investigation and Control) Act, 1995, Act Restricting Investment Abroad, 1964, and the Nepal Agency Act, 2014 BS.
Read: Advancing Next Gen Reforms
The commission has also proposed repealing the Act to Implement Provincial Development Projects, 2013 BS, the Import and Export (Control) Act, 1957, the Social Practices (Reform) Act, 1976, the Act to Provide for Enhancement of the Circulation of Nepalese Currency, 1957, the Financial Intermediary Societies Act, 1999, and the Act Prohibiting the Use of Birta Land for Profit by Establishing Kilns or Tannery, 2015 BS.
Read: 'The Context for Reforms Today is Markedly Different from the 1990s'
Beyond repeals, the commission has also recommended legal consolidation and modernization of critical statutes. It has proposed amending the Drugs Act, 1978 to enact a new “Drug and Health Materials (Regulation) Act”, which would regulate the import, marketing, and supply of pharmaceuticals, drug supplements, cosmetics, and human cell-based devices for transplantation.
To streamline property acquisition processes, the commission advised merging the Immovable Property Reacquisition Act, 1956 with the Land Acquisition Act, 1977, and replacing them with a unified Private Property Reacquisition Act.
In the realm of intellectual property, the commission has recommended consolidating the Patent, Design and Trademark Act, 1965 and the Copyright Act, 2002 into a comprehensive Intellectual Property Right Conservation Act.
RSS
