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Lawmakers stress on changing fiscal year

KATHMANDU: Most of the members of the Finance Committee under the Legislature-Parliament stressed on the need of changing the date of fiscal year and fixing the date for unveiling the annual budget estimates.
At a meeting of the Committee chaired by Committee Chair Prakash Jwala this morning, they laid emphasis on the change citing the trend of releasing the budget in the last of Asar month and implementing the fiscal year from Saun 1 in the Lunar calendar was impractical.
Stating that changing the date of the fiscal year was necessary to give a momentum to development works and to increase capital expenses, they suggested that it would be appropriate to initiate new fiscal year from the month of Baisakh.
The Committee members said a date should also be fixed to release the annual budget in Nepal as in India and Nepal should introduce its budget within a few days after the release of the budget in India.
They further said that it was necessary to increase effectiveness of foreign aid, to form a separate body to regulate cooperatives and to restructure the National Planning Commission.
Some of the members said that the banking system of providing five per cent interest in deposit but charging interest in double digit in loan should be reviewed.
They also pointed out the need of increasing flow of the capital in rural areas to increase financial activities.

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