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Transactions: A tougher new guideline may hinder businesses

Published Date : September 11, 2019

Kathmandu, Sept 11: The government have been preparing to introduce a provision to fill up three generational details for higher transactions. According to new provision, this will be applicable to all individuals and institutions.

A “Guideline for Companies on Money Laundering 2076 BS” have defined as big transactors who carry out transactions of Rs 1 crore in one single year and Rs 25 lakhs at one time. According to Office of Company Registrar, this provision will help identify individual or institutions whether they are really wealthy.

It will be collected name, address, date of birth, including their three generational details while transactions. Similarly, there must be submitted the professional details, and whether there is the senior ranking officials in the families.

The guideline also maintains to collect temporary address, income source details etc. The new guideline will be operational from September 18, 2019.

If such details ignored by individual or institution, the relevant companies will be punished. The concerned authority may charge upto Rs. 1 crore as fine for violating the provision.

For example, if anybody buys gold of amounting more than of Rs 25 lakhs, the shopkeeper must fill up the customer’s three generational details, take customer’s finger prints and authorised signature.

Similarly, if any individual or company buy shares amounting Rs. 10 lakhs or more, they must produce the source of income. The company responsible to transaction must inform secretly to the Department of Money Laundering Investigation about the details of suspicious person or institution.

If any company violates the regulation, they may face heavy fine.

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