Bank account freeze and release regulations issued for the first time

As it is desirable to make the arrangements related to keeping bank accounts with hold and releasing bank accounts with hold more clear, transparent and orderly, the National Bank has issued regulations in accordance with the provisions of Section 110 of the Act on Banks and Financial Institutions, 2073. "If an authorized officer, subject to the prevailing law, requests the following in writing to the National Bank to freeze the account in a licensed institution, clearly stating the provisions of that law, the National Bank will immediately instruct the licensed institution to freeze the account," the regulation states. In the case of an individual, a clear reason for suspending the account, the account holder's citizenship, passport, national identity card, or other similar official statement issued by the government of Nepal showing his clear identity and his three generations' details are required. For clear reasons, if the account of a firm, company or organization is to be frozen, the official name, address, registration number and permanent account number of the account holder, if only a specific account is to be frozen, the account number of the account to be frozen and the details of the bank where the account is held, and if a partial account is to be frozen, the account of the account to be frozen The number, the amount to be withheld (in letters and numbers) and the details of the bank where the account is held are necessary.' It is mentioned in the regulations.