Kathmandu. Nepal Rastra Bank (NRB) has issued a new directive on the payment system.

The directive has been issued in exercise of the powers given by Section 45 of the Payment and Settlement Act, 2075.

The Rastra Bank shall submit details of the ownership, control or participation in the operation, management or activities of the institution directly or indirectly, or the financial illegal earnings of its real owner or beneficiaries, or directly or indirectly criminal involvement.

When investing or buying 5% of the paid-up capital or more than Rs. 5 million, nominate an appointment to a board of directors or higher managerial post or level of the organization and if there is a real owner or beneficiary in the shares or capital of more than 5% or more than Rs. 25 lakhs, the company has to submit it.

In the details required for this, a self-declaration of compliance with the standards as per the prevailing laws related to the concerned business should be made.

The name, surname, address, family details, details of the actual investigation and beneficiary of the concerned person, declaration of whether or not they have been involved in any crime in Nepal or abroad and, if any, details of the same, the present status, any type of case, investigation, process of resolution of alternative dispute or in the process of judicial or administrative proceedings.

Details of the revenue to be paid and to be paid pursuant to the judgment or order of the court or competent authority, and whether or not there are any government dues.

The concerned person should declare whether or not he has been blacklisted for loans in Nepal or abroad, whether or not there exists a possibility of conflict of interest in Nepal and abroad, whether the concerned person is a Nepali citizen, whether he has any property outside Nepal or whether he is the real owner or beneficiary of any property.

Likewise, the details of the work experience and financial soundness of the concerned area, including the work of the organization, the responsibility received, the reward, the status of punishment, the example of the success of the work, and the details of the financial soundness of the concerned area, and in the case of the person who was in existence at the time of the commencement of this standard, the details referred to in point (b) should be obtained and submitted to this department.