KATHMANDU: The National Assembly on Wednesday passed the Appropriation Bill by a majority vote, marking a crucial step in implementing the national budget for the upcoming fiscal year.

The bill had arrived from the House of Representatives with recommendations and was tabled by Deputy Prime Minister and Finance Minister Bishnu Prasad Paudel.

Alongside the Appropriation Bill, the Assembly also endorsed proposals to consider two other key budget-related bills: the Finance Bill and the Loan and Guarantee Bill.

A major legislative highlight was the unanimous passage of the Customs Bill, 2023.

Finance Minister Paudel, who presented the bill, said it is designed to modernize and streamline customs operations, reduce revenue leakage, and promote digital integration in customs processes.

Minister Paudel stated that the new legislation aligns Nepal’s customs regulations with international commitments such as the Revised Kyoto Convention and the WTO’s Trade Facilitation Agreement.

Key provisions include faster inspections, improved transparency, and expanded digital systems.

The newly endorsed Customs Bill will come into force 91 days after it is officially certified.

The next meeting of the National Assembly has been scheduled for Friday, July 4, at 1:15 PM.