However, there is a legal problem to implement the government's decision.
According to clause 112 of the Bank and Financial Institutions Act (BAFIA) 2073, BFIs are required to issue notice to claim money in dormant account of more than 10 years and above in a national daily newspaper once every five years and posted on its website.
However, the Act mentions that the amount can be used in the treasury only if the amount is not claimed for 20 years.
"The government took the decision without studying the Act. The decision cannot be implemented without amending the Act. If it is forced, it is certain that the court will stop it," said an executive director of Nepal Rastra Bank.
According to him, it is necessary to amend the BAFIA Act and inform the public about it massively before implementing the government's decision.
According to NRB officials, there are more than 60 million bank accounts in Nepal, which is double the population in which nearly Rs 167 billion amount is deposited in 10 million inactive accounts.
