Kathmandu, Feb 5: The Election Commission has introduced the ‘Election Campaign Bank Account Operation and Management Procedures, 2082’ to bring transparency in the expenses made by political parties and candidates contesting the elections. Accordingly, the campaign expenses of political parties and candidates during the general election have to be linked to the banking system.
The procedure has been enforced in accordance with Sections 24 and 50 of the Election Commission Act, 2073, Section 16 of the Election Code of Conduct, 2082, and the directive issued by Nepal Rastra Bank, the central bank regulator.
According to the Commission, all political parties registered with the Commission and standing for the proportional representation (PR) and first past the post (FPTP) electoral system, candidates representing those parties and independent candidates will have to make all financial support and donations received and spent for campaigning through this special bank account. The arrangement has been made to discourage cash-based transactions and keep clear records of all income and expenses.
According to the procedure, political parties are required to obtain a recommendation from the Election Commission Secretariat to open a bank account for election campaigning, while in the case of candidates, a recommendation is required from the election office of the concerned district. Accounts can be opened in designated banks and financial institutions only on the basis of the recommendation. Provisions related to account operation, transaction limits, process for submitting details and monitoring have also been included in the procedure.
The Commission believes that transactions through the banking system will facilitate identification of sources, tracking of expenses and subsequent audits.
