Government relief package implementation: MoF readies time-bound action plan
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KATHMANDU, SEP 16 -
The Ministry of Finance (MoF) has prepared a time-bound action plan for the implementation of the relief package that the government announced last week. The action plan has fixed the deadline, responsible agencies to monitor the implementation and indicators to determine whether the relief measures have been implemented.
As per the action plan, all agencies under the ministry will have to prepare their code of conduct within 15 days. They will have to form a quality circle within seven days to implement the action plan to control corruption.
With the relief package pledging to bring back government employees to the assigned remote areas, the action plan says such tasks should be completed within 15 days. There is a trend among government employees of remote areas to stay in district headquarters citing security reasons. The offices will formulate austerity directives within seven days, the action plan states.
Given the relief package putting in place a provision to increase the deposit insurance amount to Rs 500,000 from the current Rs 200,000, the action plan seeks to implement it within the next six months. According to the action plan, the government will have to add Rs 500 million within 15 days to increase the paid-up capital of Deposit and Credit Guarantee Corporation (DCGC) that insures deposits of BFIs.
At the discussion between the central bank and bankers on Thursday on the proposed action plan, bankers expressed concern over the premium being charged by DCGC and its financial capability. However, they were ready to implement the measure to provide relief to the people. “All are ready to provide relief to people as sought by the government,” said Bhaskarmani Gyawali, spokesperson for NRB.
As per the action plan, distribution of currency notes will have to be completed within 15 days and the central bank will have to ensure exchange facility for Dashain within seven days.
With relief package talking about maintaining low interest rate on microcredit that goes to underprivileged groups and backward areas, such a facility should be provided within one month. Regarding the formation of a separate micro-finance development fund as per the relief package, the government should complete the job within two months. The action plan also seeks to reduce interest rate on loans that went to disadvantaged groups by 1 percent within 15 days. The action plan has given 15-day time for returning back certain amount of deposits of common people from crisis-ridden FIs.
The government will also continuously observe the progress made in the job related to slashing livestock insurance premium by 50 percent for small farmers. As the relief programme talks about establishing 13 taxpayer service offices outside Kathmandu, the offices should be established within one month. The action plan seeks to expand the online registration system of permanent account numbers and tax details in all the Inland Revenue Offices within mid-November.
As far as the relief package’s provision that sales of liquor and tobacco items should be carried out from specified place and by specified age group of people is concerned, the Inland Revenue Department will monitor its implementation. The government agencies will also monitor progress made in the youth self-employment programme.
Posted on: 2011-09-16 09:07
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