KATHMANDU: With the Election Commission (EC) making it mandatory to conduct election-related transactions through banks and financial institutions, candidates have begun opening bank accounts in increasing numbers.
The Commission has required political parties and candidates to open separate bank accounts exclusively for election expenses. So far, 671 candidates have opened dedicated election accounts in banks and financial institutions, according to the Commission’s records.
Narayan Prasad Bhattarai, Co-Secretary and Spokesperson of the Commission, said that out of 3,406 direct candidates, 671 have registered their bank accounts in the Commission’s system.
In previous elections, it was not compulsory for parties and candidates to spend campaign funds through bank accounts. However, from this election onward, maintaining and operating a separate bank account for election expenses has been made mandatory. The Commission believes that routing transactions through the banking system will ensure greater transparency in campaign spending.
The Commission has also set spending limits for candidates, ranging from Rs 250,000 and above depending on the constituency category, to maintain financial discipline.
According to Commission Secretary Krishna Bahadur Raut, candidates from remote districts such as Kalikot have already opened bank accounts, while many candidates from more accessible districts have yet to comply.
Nepal Rastra Bank has stated that banks and financial institutions now have branches in all 753 local levels across the country. The Commission has directed that any transaction exceeding Rs 25,000 must be conducted through the designated bank account.
On Monday, the Commission held discussions with Chief Executive Officers of banks and financial institutions to facilitate implementation. Acting Chief Election Commissioner Ram Prasad Bhandari emphasized during the meeting that election spending must not be conducted in cash and that clear guidelines have been issued to enforce this rule.
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