Election Candidates Open Bank Accounts Following Mandatory Spending Rules Set by Election Commission

Kathmandu. Following the Election Commission's mandatory arrangement requiring election expenditures to be made through bank and financial institution accounts, candidates have been rapidly opening accounts. The Commission has established a system for political parties and candidates to open separate bank accounts for election spending. In accordance with this arrangement, 671 candidates have opened electoral accounts with banks and financial institutions so far.

Narayana Prasad Bhattarai, Joint Secretary and Spokesperson for the Commission, informed that information received by the Commission's system indicates that 671 out of 3,406 direct candidates have opened bank accounts.

In previous elections, it was not mandatory for participating parties and candidates to conduct expenditures through bank accounts. However, starting this year, the Commission has implemented a system making it mandatory for parties and candidates to manage their election expenses through bank accounts. The Commission believes that election spending will become transparent through the banking system.

The Commission has set spending limits for candidates based on various geographical factors, ranging from NPR 2.5 million to NPR 3.3 million. The Commission clarified that this arrangement is intended to enforce financial discipline. According to Election Commission Secretary Krishna Bahadur Raut, while all candidates in remote districts like Kalikot have opened bank accounts, most candidates in accessible districts have yet to do so.

According to Nepal Rastra Bank, branches of banks and financial institutions have been opened in all 753 local levels. Political parties and candidates are required to receive and spend amounts exceeding NPR 25,000 through bank accounts. The Commission held a discussion on Monday, inviting Chief Executive Officers of banks and financial institutions. During this discussion, Acting Chief Election Commissioner Ramprasad Bhandari stated that election spending would become transparent through the banking system.

In the discussion with the banks, he mentioned that the arrangement prohibits spending election funds by handling cash directly and that the Commission has created a separate directive specifically for this purpose.