Banks involved in Indian currency misuse: NRB
KATHMANDU:
Committee formed by Nepal Rastra Bank to investigate into the fake customs declaration scam found massive negligences from banks in releasing Indian currency (IC) to importers.
Negligences from banks have been found in investigation, a source at Finance Ministry said. According to the source, the committee has recommended the government to tighten the foreign currency exchange policy.
“It is necessary to direct the banks not to release money without filling foreign currency exchange form,” the source said. The problem has emerged after banks started to release fund without filling foreign currency exchange form violating existing foreign exchange law.
A three-member team led by Nepal Rastra Bank’s deputy director Chet Prasad Upreti has been preparing report after carrying out field level inspection. The central bank had formed the team to dig out facts of the scam and involvement of banks staffs and customs officials in the financial crime.
The High-Level Financial Sector Coordination Committee had decided to form a high-level panel to look into the reported IC misappropriation in the name of imports.
The Department of Revenue Investigation has found involvement of eight banks in the scam so far. Nepal Industrial and Commerce Bank, Everest Bank, Laxmi Bank, Nepal Bangladesh Bank, Siddhartha Bank, Bank of Kathmandu, Nabil Bank and Nepal Bank have found involved in the scam through issuing Indian currency without filling foreign currency exchange form that needs to be filled up at the time.
Govt to set up excise department
Ministry of Finance has formed a committee to carry out study to set up separate Excise Department. According to the ministry, joint secretary of the ministry Bishnu Lamsal to led the committee that inclues representatives from Inland Revenue Department and Ministry of General Administration. The government had planned to expand coverage of excise duty by setting up separate excise department. Then Finance Minister Bharat Mohan Adhikari had promised to set up a separate Excise Department in budget 2011-12 to increase revenue collection from excise duty.
Source: THT
Committee formed by Nepal Rastra Bank to investigate into the fake customs declaration scam found massive negligences from banks in releasing Indian currency (IC) to importers.
Negligences from banks have been found in investigation, a source at Finance Ministry said. According to the source, the committee has recommended the government to tighten the foreign currency exchange policy.
“It is necessary to direct the banks not to release money without filling foreign currency exchange form,” the source said. The problem has emerged after banks started to release fund without filling foreign currency exchange form violating existing foreign exchange law.
A three-member team led by Nepal Rastra Bank’s deputy director Chet Prasad Upreti has been preparing report after carrying out field level inspection. The central bank had formed the team to dig out facts of the scam and involvement of banks staffs and customs officials in the financial crime.
The High-Level Financial Sector Coordination Committee had decided to form a high-level panel to look into the reported IC misappropriation in the name of imports.
The Department of Revenue Investigation has found involvement of eight banks in the scam so far. Nepal Industrial and Commerce Bank, Everest Bank, Laxmi Bank, Nepal Bangladesh Bank, Siddhartha Bank, Bank of Kathmandu, Nabil Bank and Nepal Bank have found involved in the scam through issuing Indian currency without filling foreign currency exchange form that needs to be filled up at the time.
Govt to set up excise department
Ministry of Finance has formed a committee to carry out study to set up separate Excise Department. According to the ministry, joint secretary of the ministry Bishnu Lamsal to led the committee that inclues representatives from Inland Revenue Department and Ministry of General Administration. The government had planned to expand coverage of excise duty by setting up separate excise department. Then Finance Minister Bharat Mohan Adhikari had promised to set up a separate Excise Department in budget 2011-12 to increase revenue collection from excise duty.
Source: THT
