Finance ministry to set up panel
KATHMANDU:
The High Level Financial Sector Coordination Committee led by Finance Minister Barshaman Pun has decided to form a separate panel to investigate into misappropriation of India currency.
A meeting of HLFSCC today recommended the government to form a separate committee under the chairmanship of the deputy governor of Nepal Rastra Bank to study the cases of financial irregularities, including the misuse of Indian currency.
According to Joint Secretary at the Ministry of Finance Baikuntha Aryal, the proposed committee will formally come into place tomorrow. The proposed committee will study the misuse of Indian currency through LC, TT and draft.
The committee will also have director generals of the Department of Revenue Investigation, Inland Revenue Department, Customs Department and representatives from NRB and Bankers\\\\\\\' Association.
DRI through its investigations has drawn a primary conclusion that misuse of Indian currency has been possible only because businessmen, bank operators and their staff are working in collusion. DRI investigations show that Indian currency to the tune of Rs 81 crore has been misused by furnishing fake customs declaration forms.
\\\\\\\"This scam is deeply rooted,\\\\\\\" Director General of DRI Shanta Bahadur Shrestha told THT. \\\\\\\"It\\\\\\\'s hard to believe that (Indian) currency in such a huge amount can be misused without the involvement of bank officials and business tycoons.\\\\\\\" DRI believes that there has been direct involvement of some major commercial banks in the scam.
According to officials involved in the investigation, there might be three major reasons behind the misuse of foreign currency — to pay for the goods smuggled into the country, to pay for the goods brought with minimum valuation at the customs or to run a direct trade of Indian currency in the country.
Meanwhile, the central bank has also deployed a separate probe team to investigate into the misuse of Indian currency. A joint meeting of representatives of DRI and NRB today decided that the central bank will investigate the role of commercial banks and DRI will probe the misuse taking place through fake customs declarations.
According to NRB Deputy Governor Maha Prasad Adhikari, a team of the central bank will head to Birgunj on Wednesday to investigate the role of commercial banks into misuse of foreign currency.
Startling figures
Bank involved Amount misused >>(in Rs)
The High Level Financial Sector Coordination Committee led by Finance Minister Barshaman Pun has decided to form a separate panel to investigate into misappropriation of India currency.
A meeting of HLFSCC today recommended the government to form a separate committee under the chairmanship of the deputy governor of Nepal Rastra Bank to study the cases of financial irregularities, including the misuse of Indian currency.
According to Joint Secretary at the Ministry of Finance Baikuntha Aryal, the proposed committee will formally come into place tomorrow. The proposed committee will study the misuse of Indian currency through LC, TT and draft.
The committee will also have director generals of the Department of Revenue Investigation, Inland Revenue Department, Customs Department and representatives from NRB and Bankers\\\\\\\' Association.
DRI through its investigations has drawn a primary conclusion that misuse of Indian currency has been possible only because businessmen, bank operators and their staff are working in collusion. DRI investigations show that Indian currency to the tune of Rs 81 crore has been misused by furnishing fake customs declaration forms.
\\\\\\\"This scam is deeply rooted,\\\\\\\" Director General of DRI Shanta Bahadur Shrestha told THT. \\\\\\\"It\\\\\\\'s hard to believe that (Indian) currency in such a huge amount can be misused without the involvement of bank officials and business tycoons.\\\\\\\" DRI believes that there has been direct involvement of some major commercial banks in the scam.
According to officials involved in the investigation, there might be three major reasons behind the misuse of foreign currency — to pay for the goods smuggled into the country, to pay for the goods brought with minimum valuation at the customs or to run a direct trade of Indian currency in the country.
Meanwhile, the central bank has also deployed a separate probe team to investigate into the misuse of Indian currency. A joint meeting of representatives of DRI and NRB today decided that the central bank will investigate the role of commercial banks and DRI will probe the misuse taking place through fake customs declarations.
According to NRB Deputy Governor Maha Prasad Adhikari, a team of the central bank will head to Birgunj on Wednesday to investigate the role of commercial banks into misuse of foreign currency.
Startling figures
Bank involved Amount misused >>(in Rs)
-
Nepal Industrial and Commerce Bank>> 63.5 crore
-
Everest Bank>> 1.65 crore
-
Laxmi Bank>> 3.23 crore
-
Nepal Bangladesh Bank >>82.41 lakh
-
Siddhartha Bank >>6.15 crore
-
Bank of Kathmandu>> 6.45 crore
-
Nabil Bank >>4.41 lakh
-
Digital Worlds >>13.45 crore (from NIC),
67.96 lakh >>(from Laxmi Bank)
4.60 lakh >>(from NBB) -
Jaya Mata Di International>> 6.45 crore (from BoK)
-
Shyam Galla Bhandar >>26 crore (from NIC)
-
1 crore >>(from Everest Bank)
2.56 crore>> (from Laxmi Bank)
77.81 lakh >>(from NBB)
6.04 crore >>(from Siddhartha Bank) -
GS Traders >>16.33 crore (from NIC)
11 lakh >>(from Siddhartha Bank) -
Maxwell Suppliers >>7.77 crore (from NIC)
55.84 >>(from Everest Bank)
4.41 lakh >>(from Nabil Bank)
