Nepal Eyes Dormant Bank Accounts Containing Nearly 18 Billion Rupees for State Treasury
Summary
Nearly 18 billion rupees held in dormant bank accounts for over 10 years in Nepal are proposed to be transferred to the state treasury through legal reform, with safeguards suggested for rightful owners to claim their funds.
Key Points
- Nearly 18 billion rupees are in dormant bank accounts inactive for over 10 years in Nepal.
- The government plans to bring these dormant funds into the state treasury after legal amendments.
- Current law mandates unclaimed dormant accounts after 20 years go to the Banking Development Fund but lacks provisions for claims thereafter.
- Legal experts suggest funds should be utilized by the state with the provision to return them if rightful owners claim later.
