Finance Committee deliberating on proposed amendments to Secured Transactions Bill

Kathmandu, December 17 — A meeting of the Finance Committee of the House of Representatives today began discussions on proposed amendments to the Secured Transactions Act (First Amendment) Bill, 2080 BS.

Six members of the House of Representatives have submitted amendment proposals to the Bill, which was previously endorsed by the National Assembly. The members who registered the proposals are Ranendra Barali, Nisha Danghi, Damodar Paudel Bairagi, Madhav Sapkota, Sobita Gautam, and Prem Suwal.

Today's meeting focused on the proposals put forward by Sapkota, Paudel and Gautam. Sapkota stressed the need for a revision to ensure that the term 'security' in its theoretical context encompasses all types of transactions, both at the individual and institutional levels, domestically and internationally.

He also suggested that the Act should recognize qualification certificates and certificates of skills attained from accredited educational institutions as collaterals. Gautam argued that the definition of collateral should include all movable, immovable, and intangible properties.

She proposed that the Act allow the intangible properties to be used as collateral.

The Bill was registered in the National Assembly by the Finance Ministry on February 16, 2024.