24 Feb 2019, Kathmandu
The National Assembly, the Upper House in Federal Parliament, today unanimously passed the Province Public Service Commission (Bases and Criteria Determination) Bill, 2075 BS.
Minister for Law, Justice and Parliamentary Affairs, Bhanu Bhakta Dhakal, on behalf of the Prime Minister, presented the proposal along with the report of the Legislation Management Committee in the Upper House Session today, seeking the endorsement of the document.
Similarly, the session agreed to send the Bill to amend Some Nepal’s Acts to the Legislation Management Committee for clause-wise discussions, accepting the proposal tabled by Minister Dhakal towards that end. The NA shall meet again at 1:00 pm of February 26.
Similarly, during the meeting of the Legislation Management Committee today, experts concerned urged the Citizen Investment Trust (CIT) to increase investment in productive sector. They were summoned to the meeting to take feedback regarding the Bill to amend the CIT Act, 2047 BS presented in the NA. Economist Dr Govinda Bahadur Thapa was of the view that CIT should be taken as a competitive organisation to intervene in haphazard business of private banks.
Dr Bijay Poudel insisted that the CIT should be promoted as a more competitive body to control over the culture of charging high interest rates from customers by private financial institutions.
The number of CIT members has reached 631,919 and it has an authorized capital amounting Rs 1.5 billion; has Rs one billion of issued capital and Rs 1.12 billion of paid-up capital.
CIT director Raman Nepal said the organisaiton is more focused on the mobilisation of shattered capital; the retirement fund has been made more effective and insurance fund is operational.
To deliver expert services remains as one of the major duties of the Upper House. That’s why economists were invited to the today’s session, said committee President Parashuram Meghi Gurung.
Revenue Secretary (Ministry of Finance) Lal Shankar Ghimire said the CIT-related bill sought to make the role of Nepal Rastra Bank ( NRB) more effective, increasing reasonable promptness of the CIT Board of Directors.
Nepal Law Commission chair Madhav Poudel sought recognition of role of government employees contributing to the CIT.
Upper House members Thagendra Prakash Puri, Meena Budha and Radheshyam Adhikari who proposed amendment to the Bill put their views, defending the need of amendment.