Speaking at an interaction in Kathmandu on Friday, Rajesh Kaji Shrestha, president of Nepal Chamber of Commerce (NCC), said some provisions in the 40-year old law needs to be amended immediately as they have been hindering development of the private sector. "Some provisions in the law are against the spirit of open market. They need to be amended as we have already embraced the open market concept," he added.Referring to the state-owned Nepal Oil Corporation (NOC), which has been keeping huge profit margin, Shrestha said: "Government agencies are free to keep profit margin as per their wish. But privately owned businesses are brought to book even if they keep logical profit margin." He also said the provision of taking action against businesses keeping more than 20 percent profit margin needs to be amended.
Similarly, Kamlesh Agrawal, general secretary of NCC, said the 40-year old Black-marketing and Some Other Social Offenses and Punishment Act needs to be revised as per the changed context. "Our economy has grown by leaps and bounds in these four decades. The government should formulate business-friendly laws and policies and update them regularly as per the changed context," he added.
Speaking at the program, Pabitra Man Bajracharya, president of Nepal Retailers Association, said that government should not suppress small-time traders and retailers. "A retailer, who keeps Rs 2 margin while selling a kilogram of sugar, is kept behind the bars on the charge of black-marketing. This is not practical," Bajracharya added.
Rishi Ram Sharma, Chief District Officer of Lalitpur, said that ongoing market monitoring drive does not intend to intimidate traders and business people. "We only urge you to do business staying within the limitations set by the government," Sharma said, adding, "If there is problem with the limitation, we can sit together and make necessary amendments."
Similarly, Ram Krishna Subedi, Chief District Officer of Kathmandu, said that some traders were found overcharging customers, violated legal provisions.
Addressing the program, Narayan Gopal Malego, secretary at the Ministry of Home Affairs (MoHA) accepted that the act has failed to address problems and challenges in the market. "We can make necessary amendments to the act by holding discussions with concerned stakeholders," he added.
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