Kathmandu, September 23: The Supreme Court (SC) has ordered the Nepal Rastra Bank to furnish a written response explaining why one percent of the gross profits of the bank and financial institutions (BFIs) should be deposited in the Coronavirus Prevention and Control Fund.
A single bench of Justice Hari Prasad Phunyal yesterday instructed it to do so within 15 days. Last July, the central bank had instructed the BFIs to deposit the said portion of their gross profits of last year in the fund under the corporate social responsibility (CSR). So, Advocate Sashi Basnet filed a writ petition sometime back at the apex court arguing that it was unlawful on the part of the NRB to issue such an instruction.
The SC also asked the NRB to submit a detailed study report within three months on whether an integrated law was needed to regulate the expense of money under the CSR of the BFIs.
