Kathmandu. The government has decided to make the private sector’s share and real estate transactions transparent. For this, the government is preparing to amend the existing rules and regulations.
The Office of the Prime Minister and Council of Ministers has released the ‘Second National Strategic Plan Against Corruption’ (FY 2082). 83–87. The draft of Article 88 has proposed to make the private sector share and real estate transactions transparent. The government has urged the stakeholders to submit their suggestions on the draft within 15 days.
In order to make the purchase and sale of shares by the private sector regular, transparent and systematic, the draft has proposed to amend the Company Directive-2÷072 BS to keep the share record by submitting the actual bank statement of the buyer and an AC payee cheque in the voucher while verifying the record of the cost of purchase and sale of institutional or individual shares of more than Rs 10 lakh. The Ministry of Industry, Commerce and Supplies and the Ministry of Finance have been assigned the responsible bodies and the Office of the Company Registrar, the Securities Board of Nepal and the Nepal Rastra Bank as the subsidiary bodies to carry out the amendment within 6 months.
Similarly, in order to make the purchase and sale of shares by the private sector regular, transparent and systematic, the draft has proposed to take departmental action as per the Employees Civil Service Act and to make such share cost invalid. The Office of the Company Registrar, the Securities Board of Nepal and the Nepal Rastra Bank have been assigned as the responsible bodies and the Ministry of Finance to carry out the amendment work within 3 months.
The draft has proposed to investigate and take action against the shareholders and employees who have verified the share record records of the private sector without submitting official proof of transactions in the purchase and sale of shares of the private sector as per the provisions of the Companies Act. A period of 2 years has been fixed for this. The Office of the Company Registrar, the Securities Board of Nepal and the Nepal Rastra Bank have been designated as the responsible bodies, while the Ministry of Industry, Commerce and Supplies and Finance have been designated as the responsible bodies.
The draft has also proposed to amend the Civil Procedure Code, 2074 BS to prohibit the actual bank statement of which the buyer has deposited the amount in the bank account of the seller while buying and selling institutional or individual real estate from the private sector, without submitting the actual bank statement and the A÷C payee cheque in the voucher. The Ministry of Land Management and Cooperatives is the Ministry of Land Management and Cooperatives and the Ministry of Finance, Ministry of Law, Justice and Parliamentary Affairs, Commission for the Investigation of Abuse of Authority and Department of Money Laundering Investigation are the supporting bodies to carry out this amendment within 2 years.
