Morang businessmen urge political parties to pass ordinances

Kathmandu, Feb. 27

The Chamber of Industries Morang (CIM) has expressed concerns over the delay in parliamentary ratification of the legal amendments announced through an ordinance earlier in January this year.

President of the CIM, Rakesh Surana, expressed concerns that these progressive economic reforms, introduced after 35 years, might become entangled in partisan politics.

Through a statement on Thursday, Surana urged all political parties to reach a national consensus on economic and industrial development to overcome the prevailing uncertainty and pessimism.

"We have long advocated for legal reforms, including eliminating provisions that discourage entrepreneurship, removing duplications, distinguishing between criminal and business offences and promoting business-friendly policies. In this context, the sweeping reforms across more than two dozen laws have greatly encouraged the private sector," he said.

The CIM has urged for the timely passage of the bill that incorporated legal reforms introduced through an ordinance to enhance the industrial environment and boost investment.

The government has amended more than two dozen laws to improve the economic and business climate and attract investment. "These amendments address long-standing concerns raised by the private sector regarding the business environment. Given the significance of these reforms for economic and business interests, the CIM calls on all political parties to prioritise and advance this matter," read the statement.

According to the ordinances, public officials must decide on matters within seven days of receiving information, evidence, or documents. Likewise, provisions for linking services with the Citizen App to ensure direct and prompt service delivery, as well as allowing ministries to implement internal guidelines, are expected to enhance service efficiency.

Similarly, amendments made to the Revenue Tribunal Act, 1974 through the ordinance allow bank guarantees instead of mandatory cash deposits for appeal cases. The removal of imprisonment and fines for profits exceeding 20 per cent under the Black Market and Certain Other Social Offences and Punishment Act, 1975 is expected to alleviate fear and uncertainty among businesses, read the statement.

Revisions to the Companies Act, 2006 now eliminate the need for re-approval when converting a private company into a public company. Companies submitting outstanding reports and notifications by the end of mid-July 2025 will receive a 90 per cent waiver on penalties. 

"Simplifications in company closure procedures and amendments to the Foreign Investment and Technology Transfer Act, 2019 have sent a positive message to the business community," maintained the CIM.

Likewise, amendments to the Industrial Enterprises Act, 2019 require decisions on industrial registration applications within 15 days. Large industries can lease government-owned land, and unregistered industries operating without registration will be allowed to register after paying a fine instead of being shut down. 

Published in The Rising Nepal daily on 28 February 2025.