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The Ministry of Finance (MoF) has drafted the Public Warehouse Act. The committee formed under the leadership of Rajiv Gautam, the Joint Secretary at the MoF’s legal department, has submitted the draft for deliberations. Â
The committee comprised officials from the MoF, Ministry of Commerce and Supplies, Ministry of Agriculture and Cooperatives and two commodity exchange companies. Gautam said that the draft was prepared considering international norms as well as the practices of the neighbouring countries. The draft has provisions that allow borrowing from banks against the certificates of goods stored in such warehouses. Â
Now the MoF is collecting feedback on the draft from the concerned agencies in the private and public sector. These feedback and suggestions will be incorporate dint he final draft, said Gautam. Â
Bijaya Satyal, the CEO of Commodities and Metal Exchange of Nepal (COMEN) and a member of the committee, said that he is trying to include a provision in the draft that requires all the goods being imported or exported to be stored compulsorily in a public warehouse. Â
The government had in the budget speech for the current fiscal year promised to introduce the Public Warehouse Act. Following this declaration, more than 50 warehouse companies got registered with the Company Registrar’s Office.
The Act will open doors for trading Nepali commodities in the country’s derivatives market. The commodities exchange companies have been demanding such an Act for a few years now.
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Bijaya Satyal, the CEO of Commodities and Metal Exchange of Nepal (COMEN) and a member of the committee, said that he is trying to include a provision in the draft that requires all the goods being imported or exported to be stored compulsorily in a public warehouse.<br />
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The government had in the budget speech for the current fiscal year promised to introduce the Public Warehouse Act. Following this declaration, more than 50 warehouse companies got registered with the Company Registrar’s Office.</div>
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The Act will open doors for trading Nepali commodities in the country’s derivatives market. The commodities exchange companies have been demanding such an Act for a few years now. </p>',
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The Ministry of Finance (MoF) has drafted the Public Warehouse Act. The committee formed under the leadership of Rajiv Gautam, the Joint Secretary at the MoF’s legal department, has submitted the draft for deliberations.<br />
 </div>
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The committee comprised officials from the MoF, Ministry of Commerce and Supplies, Ministry of Agriculture and Cooperatives and two commodity exchange companies. Gautam said that the draft was prepared considering international norms as well as the practices of the neighbouring countries. The draft has provisions that allow borrowing from banks against the certificates of goods stored in such warehouses.<br />
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Now the MoF is collecting feedback on the draft from the concerned agencies in the private and public sector. These feedback and suggestions will be incorporate dint he final draft, said Gautam.<br />
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Bijaya Satyal, the CEO of Commodities and Metal Exchange of Nepal (COMEN) and a member of the committee, said that he is trying to include a provision in the draft that requires all the goods being imported or exported to be stored compulsorily in a public warehouse.<br />
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The government had in the budget speech for the current fiscal year promised to introduce the Public Warehouse Act. Following this declaration, more than 50 warehouse companies got registered with the Company Registrar’s Office.</div>
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The Act will open doors for trading Nepali commodities in the country’s derivatives market. The commodities exchange companies have been demanding such an Act for a few years now. </p>',
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