Nepal Rastra Bank Amendment Bill Tabled in House of Representatives

The Nepal Rastra Bank (Third Amendment) Bill, 2083 has been tabled in the House of Representatives (HoR), paving the way for reforms aimed at strengthening the country's financial sector and enhancing economic stability.

Presenting the bill during Wednesday's meeting of the lower house, Finance Minister Swarnim Wagle said the proposed legislation seeks to introduce legal reforms necessary to maintain price stability, ensure balance of payments (BoP) stability, and strengthen the overall financial system to support Nepal’s sustainable economic development.

Before the bill was introduced, Speaker Dol Prasad Aryal informed the House that no notice of opposition had been registered against the proposal seeking permission to table the bill. The proposal was subsequently endorsed unanimously by the House.

While presenting the bill, Minister Wagle highlighted the need to update the existing legal framework to align with evolving national and international financial conditions. He noted that the rapid expansion of the financial sector, increasing use of digital technologies, and the evolving role of the central bank have made it necessary to clarify and revise several provisions of the current law.

“The changing domestic and global financial environment, growth of the financial system, wider adoption of digital platforms, and the evolving responsibilities of the central bank require certain provisions of the existing Act to be updated and clarified,” he told lawmakers.

Meanwhile, the House of Representatives has forwarded the Film Bill, 2082, which originated in the National Assembly, to the concerned committee for clause-by-clause discussion.

The proposal, presented by Minister for Communications and Information Technology Bikram Timilsina, was unanimously approved by the House, allowing the bill to proceed to the next stage of legislative scrutiny.

The next meeting of the House of Representatives has been scheduled for 11:00 am on June 11.