Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Financial Comptroller General Office has implemented a freeze on government accounts across the country. As of 12 o’clock last night, the accounts of federal, provincial, and local governments have been suspended.
According to Gayatri Raman Khanal, the information officer of the Financial Comptroller General Office, the notification issued on June 25 states that transactions for this fiscal year by provincial and local governments are now closed as of 12:00 AM last night.
From last night onwards, no payments can be made, and no new amounts will be disbursed from the provincial and local level systems for a week.
Cheques that were issued, showing expenditure in the system until midnight, can still be processed today. However, the issuance of new cheques is prohibited as per the law starting from Monday.
Rule 30 of the Fiscal Procedures and Financial Accountability Act 2077 mandates the cessation of payment withdrawals one week before the end of the fiscal year.
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