Bill on Secured Transaction as per spirit of constitution: Minister Pun

Kathmandu- Minister for Finance Barshaman Pun has assured that the Secured Transaction Act-2063 BS would be amended to secure national and international transactions made by any agency operating in the country.

Minister Pun responded so while attending to the queries raised by the parliamentarians in the discussion on the Bill designed to amend the Act in today’s meeting of the Legislation Management Committee under the National Assembly.

Stating that changes in globalization, economic liberalization and information technology had driven changes in the nature, trend and methods of conducting economic transactions, the Minister claimed that the proposed Bill seeking an amendment to the Act was aligned with the spirit of the constitution. “The proposed Bill does not contradict with the constitution.

It is in accordance with the spirit of the constitution. As much as consistency has been maintained in the wordings used in the Act with original Nepali languages,” he explained. Similarly, Committee’s chair Jayanti Rai expected everyone’s cooperation to standardize the Act so as to secure and streamline national and international monetary transactions.

She also spoke of the need to give legitimacy to the latest technologies being used in the economic sector. An eight group of parliamentarians have sought amendment in 28 issues in the Act that was enacted in 2006. The Committee had sought suggestions and consultations from those seeking an amendment on the Act through the Bill.