Finance Minister insists on systematising financial system

Kathmandu, Dec 21 : Finance Minister Dr Yuba Raj Khatiwada has said a legal provision related to payment and clearance is in the offing for the stability in the country’s financial system and systematizing transactions of unusual and unnatural nature.

Taking part in clause-wise deliberations over a bill drafted to systematise the payment and clearance system in a today’s meeting of the Finance Committee, the House of Representatives, the Finance Minister underlined the need of preventing fraud and mala fide intention in the payment system.

The issue of taking the payment system through an e-system had been under discussions since the past 8-10 years, he said, adding that various service providing sectors including banking, telecommunication companies and others had already started e-services for payment, but well management was required for the credibility and sustainability of such facility.

“The risk of cheating and deceit is equally high if the clearance system failed to function systematically,” he said.

It is mandatory to bring the issue of electrical payment and clearance under the coordination of the central meeting, he said. Formation of a seven-member national payment board has been proposed in the bill.

Governor of Nepal Rastra Bank is chairperson of the proposed board. Likewise, other members are finance secretary, an expert recommended by the government, a representative of the Office of Auditor General, NRB’s deputy governor, Chairperson of Nepal Telecommunication Authority and director of the Payment Systems Department of the NRB. RSS