Nepal Certifying Company (NCC), which is promoted by Bankers Association Nepal, Nepal Rastra Bank (NRB), Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Computer Association Nepal and ICT Association of Nepal, has applied for the license.[break]
Once NCC gets approval from OCC, interested Nepali nationals and firms can get their digital signature from Nepal itself. So far, companies based in India and US have been issuing digital signatures to local firms, which is against the Electronic Transaction Act 2008.
OCC had introduced digital signature in February, 2012. However, it couldn´t be implemented in the absence of certifying authority.
Digital signature is an electronic signature produced by Public Key Infrastructure (PKI). It consists of private keys and public keys. Private Key is known to the users only and it helps encrypt the message for maintaining privacy and security of messages or transactions. Similarly, public key, which is known to other party, particularly the receiver, is used to decrypt the message.
“We have received an application for certifying authority. Once gets approval, interested firms can obtain digital certification for the implementation of digital signature,” Rajan Raj Pant, controller at OCC.
Once the certifying authority is appointed, individuals or firms can register themselves with it by paying registration fee of Rs 25,000. The cost of digital signature will vary on the basis of requirement of services and can be obtained in the form of USB token, smart card or PIN protected soft token.
The certifying agency needs to pay service charges to the OCC. The amount depends on the number of digital signature issued by it.
“Illegal use of digital signature raises serious questions over security of financial transactions,” Pant said.
Digital Signature is a must to minimize security risks in online activities, particularly e-Banking, e-Shopping and e-Procurement, among others.
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