KATHMANDU, Jan 26: Nepal Rastra Bank (NRB) has directed banks and financial institutions to make arrangements for political parties and candidates to open separate bank accounts for the upcoming House of Representatives (HoR) election scheduled for March 5.
Issuing a notice on Monday, the central bank’s Bank and Financial Institutions Regulation Department said the directive was issued at the request of the Election Commission (EC) of Nepal.
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According to the NRB, the dedicated accounts must remain operational until the EC decides to close them following the completion of the general election. Banks have been instructed to open these accounts based on recommendations from provincial and district election offices under the Election Commission, allowing transactions of income and expenditure in Nepali currency for election campaign groups or similar entities.
“Each political party and candidates representing those parties (including proportional representation candidates), as well as independent candidates, must open and operate a separate single bank account,” the NRB said in the notice.
The central bank has also provided an exemption from the provision under its Unified Directive, 2082, Clause 21(45), which restricts banks from opening more than one account of the same nature in Nepali currency in the name of a natural person.
“This exemption will remain in effect until the Election Commission directs the closure of the concerned bank accounts,” the NRB said.
