FinMin extends term of IC misuse probe panel

KATHMANDU, NOV 8: 

The government has extended a month time period of high level committee for the investigation of Indian Currency (IC) misappropriation.

The Finance Ministry had formed a committee led by director general at the Department of Revenue Investigation in September.

“The term was extended since the committee could not complete its investigation,” director general at the department Shanta Bahadur Shrestha said, adding that it is optimist to complete investigation in the extended timeframe. 

The ministry had also formed a committee led by deputy governor Maha Prasad Adhikari at the central bank to investigate the involvement of banks in the multi-million IC misuse scam. The committee is also preparing its report. 

Meanwhile, the Department of Revenue Investigation is interrogating with different banks that were involved in the scam. “The department will not spare banks since their direct link has been established,” said a source at the department that has found release of IC without filling foreign currency exchange form by the banks.

“The banks have breached existing regulation and they have to be punished and the department is committed to take action against banks,” the source added.

There has been gross misappropriation of Indian Currency in the bordering districts by the traders using the banking channel, though banks have claimed they have no role in the case as they are playing according to central bank’s rule.

Source: THT