KATHMANDU, Feb 28: Nepal Rastra Bank (NRB) has imposed restrictions on the transfer of funds from government offices using account (A/C) payee cheques.
Under the new rule, government offices are prohibited from depositing an account payee cheque into any bank account other than that of the intended recipient organisation. Previously, government offices had been transferring funds to third parties using account payee cheques.
Revised interest rate corridor system introduced
Through the second amendment of the Government Transactions Directive 2019, the central bank has explicitly prohibited third-party transfers of state funds via account payee cheques. According to NRB, the new rule aims to enhance transparency and reduce risks in the disbursement of state funds, as well as in the reimbursement of grants and deposits.
