Kathmandu. The government has stepped up surveillance on suspicious transactions in the purchase and sale of real estate. With the country on the grey list, the government is moving ahead with the intention of curbing illegal transactions. The government will closely monitor such transactions.
According to the surveillance, now the relatives of high-ranking people will have to be disclosed while dealing in real estate. In order to prevent illegal transactions in real estate, the government has made rules to disclose the relatives of high-ranking people.
According to the Directive 2082 BS issued regarding the prevention of financial investment in money laundering and terrorist activities, the KYC form has to be filled while buying and selling real estate. In which there is a provision to open the KYC during the purchase and sale even if there is a high-ranking person or relative.
The schedule prepared for KYC also defines a high-ranking person. The president, vice president, prime minister, chief justice, speaker of the House of Representatives, chairman of the National Assembly, province chiefs, ministers of the government of Nepal, chief ministers of the state governments, members of the federal parliament, office-bearers of constitutional bodies, speaker of the provincial assembly, ministers of the state government, special category or equivalent or above of the government of Nepal, judges of the High Court or above. ।
Deputy Speaker of the Provincial Assembly, members of the Provincial Assembly, central office-bearers of national-level political parties, chiefs and deputy mayors of district coordination committees, mayors and deputy mayors of municipalities, chairpersons and vice-chairpersons of rural municipalities, high officials of institutions wholly or partially owned by the Government of Nepal, or persons with or have such responsibilities.
Similarly, the definition of a foreign high-ranking person has also been included in the schedule. Foreign heads of state, heads of government, high politicians, central officials of national-level political parties, high administrators, high judicial officers, high security officials and high officials of state-controlled institutions or persons with or having such responsibilities will have to be disclosed during the purchase and sale.
If the transaction of purchase or sale of real estate is found suspicious, the office and the index institution should send the information to the Nepal Rastra Bank Financial Information Unit.
According to the directive issued on prevention of financial investment in asset purification and terrorist activities, from now on, it has been made mandatory to submit the bank statement along with the bank statement instrument deposited in the bank account of the seller from the buyer’s bank account.
If a person makes a transaction of more than Rs 30 million in a day, it has been made mandatory to inform the Rastra Bank.
According to this provision, from now on, if the local level has certified the documents of the purchase and sale of real estate, then if there is a banatta of more than Rs 1 million, then such amount will have to be submitted from the buyer’s bank account to the seller’s bank account with the details of the transaction through banking or electronic transaction system.
While dealing in the purchase and sale of real estate, transactions ranging from Rs 1 million to Rs 5 million have to be done through banking system or electronic payment system. However, transactions of more than Rs 5 million should be done directly through electronic payment system and through a good for payment cheque prepared in the name of the seller through cheque.
In the case of offices that have the provision to deposit revenue through banks, the fees and fees for registration for the transaction of purchase and sale of property worth more than Rs 1 million 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.
The government hopes that this arrangement will discourage property purification, bring accurate details of transactions to the government system, stop government revenue leakage and end corruption in land revenue, as well as financial sector and transparent transactions.
In Nepal, real estate transactions are rampant informally. The Asia-Pacific Group (APG) of the Financial Action Task Force (FATF) has placed Nepal on the grey list for the second time for two years for non-compliance with asset purification rules.
If the conditions are not met in 20 months, then it will be blacklisted. However, the government has adopted this policy of removing it from the grey list.
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