Nepal Rastra Bank (NRB) has instructed banks and financial institutions to facilitate the opening of separate bank accounts for political parties and election candidates in preparation for the upcoming House of Representatives (HoR) election scheduled for March 5.
In a notice issued on Monday, the central bank’s Bank and Financial Institutions Regulation Department stated that the directive was released at the request of Nepal’s Election Commission (EC).
According to NRB, these designated accounts must remain operational until the Election Commission orders their closure after the completion of the general election. Banks are required to open such accounts based on recommendations from provincial and district election offices under the EC. The accounts will be used to manage income and expenditure related to election campaigns, with transactions conducted solely in Nepali currency by political parties, candidates, or affiliated election campaign groups.
The notice further clarified that each political party and its candidates—including those under proportional representation—as well as independent candidates, must open and operate a single, separate bank account for election-related financial activities.
To support this arrangement, NRB has granted a temporary exemption from Clause 21(45) of its Unified Directive 2082, which normally prohibits banks from opening more than one account of the same nature in Nepali currency in the name of an individual.
NRB noted that this exemption will remain valid until the Election Commission formally instructs banks to close the concerned accounts.
