KATHMANDU, Feb 3: Nepal Rastra Bank (NRB) has stepped up measures to keep vigil on all transactions over Rs 700,000.
Issuing a circular, NRB has asked all the 27 commercial banks to provide the details of the transactions of over Rs 700,000 carried out during mid-July and mid-January this year. Stating that the measure was adopted as a part of its onsite and off-site supervisions against the money laundering and financing for terrorism, the central bank has sought to track the suspicious transactions.
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As a regulatory framework, the banks and financial institutions need to send the details of all the suspicious transactions to the Financial Information Unit of NRB. However, the central bank seems to maintain strict vigilance of big transactions at a time when digital platforms are being used to carry out illegal transactions.
In the past few days, police have arrested a number of individuals who were found involved in trading cryptocurrency. Finance Minister Janardan Sharma has said the government will form a special task force to track revenue leakage being done by using digital means.
