Ministry also wants to set up a Petroleum Board. The Ministry of Commerce and Supplies (MoCS) is gearing up to introduce a new set of laws to regulate the petroleum business in the country. The new laws will aim at ending the monopoly of Nepal Oil Corporation (NOC), ministry sources, said. T h e ministry h a s formed a committee to prepare the draft of the prop o s e d regulation. The committee is headed by Ganesh Kumar Dhakal, joint secretary at the ministry and Raju Man Singh Malla, Sushil Bhattarai and Matrika Prasad Marasini are the members.
The draft of proposed law will try to ensure competition in the petroleum business, according to Matrika Prasad Marasini, under secretary at the ministry.
The committee is mulling to propose setting up of a Petroleum Board to monitor the price, quality, supplies and market as a whole, he said.
Another key part in the new regulation will be the clause of liabilities, he said, adding that the new law will endorse the system of compensation if any loss or harm is caused by accident due to petroleum products. “Since petroleum products are highly inflammable and risky, this clause will be crucial from the consumers point of view,” he said.
Similarly, the new law will mention the investment and infrastructure requirements to
operate the petroleum business, he said, adding that security measures will be mentioned in the law.
The draft will be forwarded to the Ministry of Law for recommendation and further action, Marasini said, adding that the draft will be finished within two weeks by the committee.
The ministry had forwarded the Petroleum Act to Parliament in 2007.
However, the house was dissolved before a decision was taken on the matter.
Sunday, March 27, 2011
Deposit and Credit Guarantee Corporation (DCGC) cover for United Finance
United Finance Ltd has insured individual deposits up to Rs 200,000 with Deposit and Credit Guarantee Corporation (DCGC) on Sunday. The finance company has also introduced a new fixed deposit plan of six-month duration. The fixed deposit will yield 14 per cent interest and can be opened with a minimum deposit of Rs 20,000. The interest will be provided on quarterly basis,
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