Finance Minister sees need of bringing remittance into share market, urged BFI's to work together for finding out measures

Mon, Jun 10, 2019 7:23 AM on Corporate, Latest,

Finance Minister Dr Yubaraj Khatiwada has called on the Securities Board of Nepal (SEBON), banks and financial institutions to work for finding out measures to invest remittance in share market.

Stating that the remittance amount was being spent in purchasing land and housing and daily essentials, it would cause some improvement in the share market if such amount could be introduced in the related sector. In his address to a ceremony held marking the 27th year of SEBON, the government's securities and commodities exchange regulator, here Saturday, the Finance Minister said the nation's economy was gradually strengthening and its reflection was visible in the share market.

He was of the view of discouraging the culture of unnecessary intervention like a forced rise and fall in the stock market. The Minister claimed that confusions in the market had been cleared and a process of improvement was going on.

It had been proposed to reduce capital gains tax in share business from existing 7.5 percent to 5 percent which, as he said, would end with positive results.

He stressed the need of increasing women's participation in share market. "The decision to give a discount on tax in the registration of land and house in woman's name led to the rise of women ownership to such property by 28 percent. Even a small improvement makes a huge impact." The Finance Minister suggested the SEBON that it started seeking measures for increasing women's ownership in share market. SEBON chair Rewat Bahadur Karki briefed Minister Dr Khatiwada about the organisation activities.