KATHMANDU, March 27: Newly appointed Finance Minister Dr Swarnim Wagle has announced the abolition of 15 laws considered obstacles to economic development, marking his first major decision in office.
After taking his oath at Sheetal Niwas on Friday, Wagle assumed charge at the Ministry of Finance and immediately initiated the move to repeal laws seen as outdated or restrictive to business and investment.
The repealed laws include the Income Ticket Duty Act, 2019; Black Market and Certain Social Offences and Punishment Act, 2032; Private Forest Nationalization Act, 2013; Administrative Procedures Act, 2013; Compensation Act, 2019; Birta Abolition Act, 2016; the Act prohibiting Birta holders from misappropriating funds, 2015; Revenue Leakage (Investigation and Control) Act, 2052; and the Act restricting foreign investment, 2021.
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Other repealed acts are the Nepal Agency Act, 2014; Provincial Development Plans Implementation Act, 2013; Export Smuggling Control Act, 2013; Social Behaviour Improvement Act, 2033; Nepalese Currency Circulation Act, 2014; and Financial Mediation Institutions Act, 2055. Wagle emphasized that these measures aim to create a private-sector–friendly environment and reduce bureaucratic hurdles.
The move aligns with the ruling Rastriya Swatantra Party’s election pledge to repeal outdated and irrelevant laws to reduce production costs, improve business processes, and attract domestic and foreign investment.
Minister Dr Wagle stated that his government will prioritize private sector protection, job creation, and increased domestic production while implementing recommendations from the Public Expenditure Review Commission and the High-Level Economic Reform Advisory Commission.
“We are a government with a historic mandate. We will move towards paperless and cashless systems. Protecting the private sector and boosting domestic production will be our top priorities,” Wagle said, adding that coordinated efforts across institutions will address economic challenges comprehensively rather than in fragments. He also announced plans to release a white paper outlining further economic reforms.
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