SC orders NRB to furnish written response

Khabarhub

September 23, 2020

2 MIN READ

SC orders NRB to furnish written response

Supreme Court. (File photo/Khabarhub)

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KATHMANDU: The Supreme Court (SC) has ordered the Nepal Rastra Bank to furnish a written response showing the reason why one percent of the gross profit of banks and industries is kept in the Coronavirus Prevention and Control Fund under the social corporate responsibility of banks and industries.

Issuing an order, a single bench of Justice Hari Prasad Phunyal sought such a written response from the NRB within 15 days.

Advocate Sashi Basnet had filed a writ petition making the NRB central office the defendant, arguing that it was against the law to collect last year’s amount of the banks and industries under their under the SCR. The decision must be scrapped, he demanded, suggesting the government to seek other measures of fundraising. Seeking amount of the past profit is against law, he stressed.

The NRB had issued a circulation to the banks and micro finances to submit their amount (profit) under their corporate social responsibility this July.

The SC has 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 social corporate responsibility of banks and financial institutions.

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