सिंहदरबार संवाददाता
Kathmandu. Deputy Prime Minister and Finance Minister Bishnu Prasad Poudel has said that the Secured Transactions Act has been amended to make transactions carried out by individuals and entities at the national and international levels safe and systematic. Minister Poudel said this while responding to questions and inquiries from lawmakers on the bill in the House of Representatives meeting on Monday.
He said that the Secured Transactions Act Amendment Bill had to be brought as globalization, economic liberalization and changes in information technology are also changing the nature, trend and method of economic activities.
He said that the Secured Transactions Act basically aims to make transactions carried out on the collateral of movable assets safe, systematic and effective and to ensure compliance with obligations on movable assets. He informed that the proposed amendment bill has been amended based on the global changes in the transactions involving collateral of movable assets and the analysis obtained from the implementation of the previous legal system.
Minister Poudel said that the terms of power of attorney, right of collateral regarding purchase price, movable property, non-compliance with obligations, person providing collateral, and collateralized assets have been further clarified in the bill.
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