May 1, The Financial Information Unit, Nepal Rastra Bank (NRB), has said it received 1,556 suspicious financial
transactions reports till mid-March of the current fiscal year commenced in mid-July.
During the period, 465 reports were reviewed, 265 were documented while 119 have been sent to the law
implementing bodies for investigation.
Meanwhile, the central bank said that to the date, the total internal borrowing liability was 60.57 billion
and internal debt worth Rs 29.24 was cleared.
Similarly, the guidelines aims to increase supervisory effectiveness in prevention
of money laundering and financial investment in terrorist activities, 15 commercial
banks were supervised by the central bank during the period.
Circulation of Currency act
Act to Provide for Enhancement of the Circulation of Nepalese Currency,
An Act Made for the Enhancement of Circulation of the Nepalese Currency
Whereas, it is expedient to enhance the circulation of the Nepalese currency
throughout Nepal for the purpose of consolidating and balancing the economy of
the country on the basis of the same currency;
Now, therefore, His Majesty the King has, on the advice of the Council of
Ministers, made and issued this Act.
- Short title, extension and commencement: (1) This Act may be called as
the Act Enhancing the Circulation of the Nepalese Currency, 2014.
(2) This Act shall commence in such area and on such date as
may be specified by the Government of Nepal by a notification in the Nepal
- Definitions: Unless the subject or the context otherwise requires, in this Act:(a) “Nepalese currency” means currency notes issued by the Government of Nepal or the Nepal Rastra Bank and Mohars, Rupees, Rechaki or Paisas issued by the Government of Nepal.(b) “Foreign currency” means any currency other than the Nepalese currency
- Value or fee wage etc. amount may be paid in the Nepalese currency:
If a person, while paying any amount in consideration for the value of purchase or sale of any goods to another person or fee wage, remuneration, fare or similar other amounts to another person in a place where this Act has come into force, tenders such payment in the Nepalese currency or if such person tenders the Nepalese currency at the exchange rate specified by the Nepal Rastra Bank on the day of making such payment despite that such payment has been specified as to be payable in a foreign currency, such payment has to be received.
Provided that this section shall not apply to any transaction and dealing with the government of Nepal.
- Payment of amount of transaction made in foreign currency in Nepalese currency: If a person who has to make payment in relation to any transaction made in a foreign currency immediately in any place where this Act has come into force tenders such payment in the Nepalese currency at the rate prevailing in the Nepal Rastra Bank on the day of tendering of such payment, such payment has to be received.
- Saving : The foregoing Sections 3 and 4 shall not apply to the Government of Nepal and those persons or organizations and dealings authorized by the Government of Nepal.
- Punishment: If any person does not receive the Nepalese currency
tendered for payment by a person pursuant to Section 3 or 4, that person
shall be liable to punishment of fine of Rs. 100 (one hundred rupees) to Rs.
1,000.00 (one thousand rupees).
- Power to frame rules: The Government of Nepal may frame rules to
implement the objectives of this Act.