The Department of Land Management and Records has issued Directive 2082 (First Amendment) issued regarding prevention of financial investment in money laundering and terrorist activities. The department issued the first revised directive on Sunday and removed 5 provisions including mandatory submission of bank statements of buyers and sellers and filling of KYC in the purchase and sale of real estate.

After the concerns of the Prime Minister and Council of Ministers Office and the opposition of the businessmen, the department revised the directive.

Although the department has removed the provision of mandatory bank statement  properties above 50 lakh rupees  Businesses are trying to be tightened. "When buying and selling real estate, the transactions above 10 lakhs and up to 50 lakh rupees should be done through banking system or electronic payment system. But the transaction of more than 50 lakh rupees should be done directly through electronic payment system and through check through 'good for payment' check prepared in the name of the seller,' said the first directive. According to the

department, now when buying and selling real estate worth more than 10 lakhs and up to 50 lakhs rupees, any type of payment will have to be made through banking instruments and proof of that will have to be submitted.

'When buying real estate above 50 lakh rupees, the buyer should pay from the bank with a good for payment check or bank guarantee or payment  or Nepal Rastra Bank's  Proof of payment by other means of payment specified according to the guidelines or a photocopy of the bank voucher depositing the cash amount in the bank account in the name of the seller  Both the buyer and the seller have to verify and submit the photocopy of the bank voucher of the cash amount deposited in the bank account in the name of the buyer and the seller,' the revised directive states.