Kathmandu. Nepal Rastra Bank (NRB) has introduced a new system for payment of money through government cheques. The central bank has brought some additional provisions to implement the provision related to payment of money through cheques in Chapter 5 (5.16.1) of the Government Transaction Directive, 2076 (Second Amendment, 2081).

As per the new provision, payments from government accounts will now have to be made through financial payment system or account payee cheques. The central bank has directed the banks and financial institutions to implement this provision. Such provisions may be changed as per the directives to be issued by the Rastra Bank from time to time. The central bank or commercial banks will have to mandatorily install a cheque writer, cheque checker, cheque protector or ribbon writer in the blank space above the front of the cheque.

When sending the cheque drawn in the name of the office to be deposited in the account by the concerned office, the seal of the concerned office must be clearly seen on the back of the bank. However, it will not be mandatory for the concerned office to stamp such a cheque when depositing such cheque in the account of another person, firm, company or institution. The amount of the cheque received through clearing will have to be deposited in the account of the person in whose name the cheque was drawn.