In preparation for the upcoming House of Representatives elections scheduled for March 5, Nepal Rastra Bank (NRB) has paved the way for political parties and candidates to maintain dedicated bank accounts for election-related transactions.
The central bank issued a formal circular on Monday following a request from the Election Commission last Friday. This directive mandates all banks and financial institutions (BFIs) to facilitate the opening of separate accounts to ensure transparent tracking of election income and expenditures.
According to the directive, all political parties, party-affiliated candidates, and independent candidates are required to open a separate account specifically for "General Election Campaign" activities. Accounts must be opened based on the formal recommendation of the respective Provincial Election Office or District Election Office.
Similarly, candidates are permitted to open this new, dedicated account even at a bank where they already maintain a personal or business account. The accounts are designated for transactions conducted in Nepali Rupees (NPR). These accounts will remain operational until the Election Commission issues a formal decision to close them following the conclusion of the electoral process.
The initiative aims to streamline the monitoring of campaign financing. By isolating election-related funds from personal finances, the Commission intends to enforce spending limits more effectively and ensure financial accountability in the lead up to the House of Representatives elections.
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