Thursday, January 3, 2013

Central bank bans 15 branches of nine banks over IC misappropriation case

The central bank has banned some 15 branches of nine commercial banks from Indian currency (IC) transaction punishing them for being involved in large scale IC misappropriation.
Nepal Rastra Bank (NRB) has barred 13 branches of Nepal Investment Bank, Nepal Bank, Citizens Bank International, Laxmi Bank, Siddhartha Bank, Everest Bank, Nepal SBI Bank, NIC Bank and Nepal Bangladesh Bank in Birgunj from doing any IC transaction, a high official of the central bank said, adding that they were found to be involved in IC misappropriation amounting to Rs 1.24 billion IC (Rs 1.98 billion). "The 15 branches will not be allowed to do any IC transaction for the timebeing," he added.
Earlier, the central bank had investigated the IC misapproation scam. According to the central bank, traders had withdrawan the IC from these branches with
the help of fake customs declaration forms.
The bank branches had failed to verify the authenticity of the fake documents. The banks will take action against their staff, according to the central bank.
Department of Revenue Investigation had revealed Maha Laxmi Enterprises, Shyam Galla Store, Laxmi Traders, Rehan Traders, GS Traders, Maxwell Computers, Digital World and Jay Mata Di International to have used 2,341 fake customs declaration forms to get IC from these banks’ branches.

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