Chamber urges Oli to spur investmentNepal Chamber of Commerce (NCC) has urged Prime Minister KP Sharma Oli to prepare an inventory of property lacking sources and to create an environment for investing them.
Nepal Chamber of Commerce (NCC) has urged Prime Minister KP Sharma Oli to prepare an inventory of property lacking sources and to create an environment for investing them.
“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 an environment for investment,” said their advice report submitted to the PM on Thursday. The report states that the problem will discourage investment and it would not be possible to achieve the targeted 7.2 percent growth.
“The environment for domestic investment will improve a lot, if the existing domestic sources are recorded,” the report said.
The Money Laundering Prevention Act makes it mandatory to disclose the source of income and government investment. Banks are required to report every transaction of over Rs 1 million to the Financial Intelligence Unit (FIU) of Nepal Rastra Bank. Hinting that the provision of the Act has been a factor deterring investment, the NCC prodded the government to list 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.