Mar 1, 2018-Nepal Chamber of Commerce (NCC) has urged Prime Minister KP Sharma Oli to archive the domestic property lacking source and to create an environment to invest them. The NCC made such request for overall development of the country while submitting an advice report to the Prime Minister.
“The provision requiring a Nepali citizen to disclose their source of income has been a hindrance for enough investment. The provision is the key reason for the failure to create a conducive environment for investment,” the advice report states. The report further states that the problem will discourage investment and it wouldn’t be possible to increase 7.2 percent economic growth.
“It requires a huge investment in order to achieve 7.2 percent growth. The provision of legal source has deterred domestic investment,” reads the report submitted to PM Oli. “The environment for domestic investment will improve a lot, if the existing domestic sources could be recorded. That’s why if the government archived the Nepali capital for once, it will promote investment.”
The Money Laundering Prevention Act 2064 has made it mandatory to disclose the source of income and government investment. Banks are required to report every transaction of over Rs 1 million to Financial Intelligence Unit (FIU) of Nepal Rastra Bank. Hinting that the provision of the Act has been a deterrent factor for investment, NCC prodded the government to archive the property lacking sources.
Prior to his appointment as the Prime Minister, CPN-UML Chairman Oli, in his meeting with NCC delegation, had publicly made a controversial statement on money laundering. He had said that the money lacking known sources should be allowed to legalise once.
Published: 01-03-2018 20:53
source:www.kathmandupost.ekantipur.com
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