Government Plans Legal Amendments to Utilize Over NPR 1.5 Billion in Dormant Bank Accounts
The Nepalese government has identified more than 1.5 billion NPR in dormant bank accounts inactive for over ten years. To claim unclaimed funds after due processes, legal amendments to the existing banking laws will be required. Section 112 of the Bank and Financial Institutions Act currently restricts the state's ability to appropriate these funds. By revising the law, the government aims to transfer unclaimed balances to the state treasury within 90 days of processing. This move could improve public finance but raises questions about safeguarding account holders' rights and process transparency.
- Over NPR 1.5 billion lies dormant in inactive bank accounts; government eyes legal reforms for state utilization within 90 days.
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The Nepalese government has identified more than 1.5 billion NPR in dormant bank accounts inactive for over ten years. To claim unclaimed funds after due processes, legal amendments to the existing banking laws will be required. Section 112 of the Bank and Financial Institutions Act currently restricts the state's ability to appropriate these funds. By revising the law, the government aims to transfer unclaimed balances to the state treasury within 90 days of processing. This move could improve public finance but raises questions about safeguarding account holders' rights and process transparency.
Source:bizmandu.com
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