The National Bank issued a circular on Monday at the request of the Election Commission and gave such instructions.
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Political parties and candidates in the upcoming elections will have to open separate accounts in banks and financial institutions for election expenses. The Rastra Bank issued a circular on Monday at the request of the Election Commission and gave this directive.
The directive has also directed political parties, candidates of the three parties (including proportional) and independent candidates to open separate bank accounts for the election period and to use the same account for election expenses.
As per the request of the Election Commission Nepal, the account should be opened in a manner that will operate until the general election is concluded and the Election Commission decides to close the bank account. ‘On the recommendation of the Provincial Election Offices and District Election Offices under the Election Commission, this notice has been issued to make arrangements to open and operate one (only) separate bank account for each political party and the candidates (including proportional) and independent candidates represented by those parties so that they can transact the income and expenditure of the general election campaign group (or any other similar currency) in Nepali currency (rupee money),’ the directive states.
The directive states that political parties and candidates should open accounts in financial institutions of categories A, B and C. However, currently, no person or organization is allowed to open more than one account of the same nature in a bank. However, in a directive issued by the National Bank today, the directive will not apply to such accounts opened for election purposes. ‘In the case of bank accounts opened for election campaigns, a bank or financial institution listed in Point No. 45 of Directive No. 21 of 2082, issued by this bank to ‘A’, ‘B’ and ‘C’ category banks and financial institutions, shall not be allowed to open more than one account of the same nature in the name of a natural person in domestic currency,’ the directive states. ‘However, in the case of such accounts opened for election purposes, it is requested that the Election Commission provide exemption until the bank account is closed.’
