KATHMANDU, Feb. 11 -- The government is set to streamline all financial transactions, including those made by individuals, to ensure that they fall under a safety framework. This new law will come into effect once the Secured Transactions (First Amendment) Bill, 2023 approved by the House of Representatives (HoR) on Monday, gets authenticated by the president.

The 'Secured Transactions Bill, 2023' also has provisions to facilitate Banks and Financial Institutions (BFIs) to issue loans by considering moveable assets as collateral. The amendment bill aims to expand the scope to include liabilities associated with both the movable and immovable as well as tangible and intangible assets.

Speaking at a meeting of the HoR on Monday, Finance M...