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No Cash Transactions Only Through Account Payee Checks
No Cash Transactions Only Through Account Payee Checks
KTM Metro Reporter
July 19, 2017
Kathmandu: Nepal Rastra Bank: Central Bank of Nepal issued a notice in Nepali posted on its website nrb.org.np stating individuals, firms, companies or institutions doing businesses for NPR one million or more have to do so through financial institutions or banking system only except for the following:
(A) For fixed deposit, savings deposit or exchange;
(B) For paying of the interest and principals for the loans taken from the financial institutions;
(C) For cash dealings among the financial institutions;
(D) For paying in cash to any depositors fixed or savings from her/his account if requested in writing based on the justification stated in his/her application.
This notice has followed the government’s decision on allowing any business transactions for one million or more rupees only through account-payee checks in order to mitigate the money laundering.
Even highly reputed many Indian companies have been active in Nepal for money laundering in cooperation with the political parties, business people, and money launderers and even with the media people. Everybody gets the appropriate share in the black money while laundering it.
