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Now, the provision that bank statements of buyers and sellers must be submitted in the purchase and sale of real estate is going to be amended. On Tuesday, the Department of Land Management and Records issued the directive 2082 regarding the prevention of financial investment in money laundering and terrorist activities.
Kedarnath Sharma, secretary of the Ministry of Land Management, Poverty Alleviation and Cooperatives, said that discussions are underway on which points of the directive should be amended.
According to sources in the ministry, the Prime Minister's Office gave instructions to remove the mandatory bank statement provision on Wednesday. Accordingly, the source says that there is a discussion to amend the directive.
Nepal is currently on the gray list of the Financial Action Task Force (FATF). Nepal has two years to remove the country from the list. An action plan has also been made for this. According to the same action plan, the department has issued an asset clearance directive regarding real estate transactions.
"In the transaction of real estate purchase and sale, the indexing organization must attach a written proof that the amount equal to the transaction has been deposited from the buyer's bank account to the seller's bank account," the directive says.
When dealing with the purchase and sale of real estate, transactions above 10 lakh rupees and up to 50 lakh rupees should be done through the banking system or electronic payment system . But the transaction of more than 50 lakh rupees should be done through electronic payment system directly and through check through good for payment check prepared in the name of the seller .
In the same way, in the case of real estate transactions, if the document of the transaction certified by the local level is submitted, if there is a transaction of more than 10 lakh rupees, the department has asked that the details of the transaction from the buyer's bank account to the seller's bank account through electronic system should be submitted along with the transaction document.
