Kathmandu: The Election Commission has introduced new procedures to mandate that all election campaign expenses be managed through bank accounts, aiming to ensure transparency in financial dealings for the upcoming House of Representatives elections.
According to National News Agency Nepal, the ‘Election Campaign Bank Account Operation and Management Procedures, 2082’ has been set up to integrate campaign expenses with the banking system. This initiative is in alignment with Sections 24 and 50 of the Election Commission Act, 2073, Section 16 of the Election Code of Conduct, 2082, and directives from Nepal Rastra Bank. The new regulation requires all political parties registered for the proportional representation and first past the post systems, as well as independent candidates, to conduct all financial transactions, including donations, through specific bank accounts.
The procedure aims to discourage cash transactions and maintain clear records of income and expenditures. To open a bank account for election purposes, political parties must obtain a recommendation from the Election Commission Secretariat, while individual candidates need a recommendation from their respective district election office. These accounts can only be set up in designated banks and financial institutions, based on the recommendations. The procedure also includes guidelines for account operation, transaction limits, and submission and monitoring processes, which are expected to aid in identifying funding sources, tracking expenses, and conducting audits.