Kathmandu. The government has added a new system for the sale and purchase of real estate.
According to the ‘Directive on Prevention of Money Laundering and Terrorist Financing, 2082’ issued by the Department of Land Management and Records, now both buyers and sellers of real estate have to fill the KYC form.
According to the Department, the form should be filled and uploaded on the system along with the instrument. According to the new provision, such forms should be uploaded on the system along with the registration card by the service desk of the office in the offices where the land service center is located and in the offices where the land service center is not applicable.
Surya Prasad Koirala, information officer at the Department of Land Management and Records, said that this arrangement has been issued to check whether the money coming in the land transaction is white money (white money) or black money (black money).
He said that this directive issued with the objective of preventing and managing the black mone in real estate business would also contribute significantly in removing Nepal from the grey list.
New real estate laws:
KYC form to be filled: Indicator organizations should fill out the forms of both keta and seller while dealing in the purchase and sale of real estate and upload it on the system with the instrument. Such forms will have to be uploaded on the system along with the registration card by the service desk of the office in the offices where the land service center is located and the service desk of the office where the land service center is not applicable.
The land service center has to submit the KYC form: The number or number of people who want to register a new service center and the land service center who wants to renew the old bhunewa center will have to fill the KYC form according to Schedule (3) of such land service center and the permission of its operator-2 bojim.
To be transacted through banking system: While dealing in real estate purchase and sale, transactions ranging from Rs 1 million to Rs 5 million should be done through banking system or electronic payment system. However, the transaction of more than Rs 5 00,000 will have to be done directly through the electronic payment system and through cheques and through good for payment prepared in the name of the seller.
Bank details to be attached: While dealing in the sale and purchase of real estate, the index entity must enclose the buyer’s bank account with the proof of the deposit of the seller’s bank account.
To be deposited in revenue account: In the case of offices with provision to pay revenue through banks, the registration fee and fees for the transaction of purchase and sale of more than one million property of more than one million rupees should be deposited from the buyer’s account and the revenue for profit tax from the seller’s account to the revenue account designated by the concerned office.
To be disclosed in the banabatta paper: If there is a transaction of more than one million rupees in the transaction of purchase and sale of real estate, then such amount should be submitted from the buyer’s bank account to the seller’s bank account with the detailed chainabout papers transacted through banking or electronic transaction system.
Details of transactions should be sent to the Financial Information Unit: The buyer and seller of the real estate will have to send the details of the property to the Financial Information Unit of the Nepal Rastra Bank if the buyer or seller sells or sells real estate worth Rs 30 million or more once in a day or repeatedly.
Suspicious transaction details to be sent: If the transaction of buying or selling real estate is found suspicious, the office and the index institution will have to send the information to the Nepal Rastra Bank Financial Information Unit.
refers to natural persons and legal persons: The term “person dealing in a real estate purchase wiki” mentioned in this directive refers to both a natural person and a legal person.
Liability to comply with the directive: The responsibility to comply with this directive shall be that of the real estate buyer and seller, indicator organization and office. According to the Department of Land Management and Records, the Department of Land Management and Records will monitor the compliance of this directive and proceed with the process of action as per the Act and Rules if it is found to be against the directive.
प्रतिक्रिया दिनुहोस्