A recent revelation made by The International Consortium of Investigative Journalists (ICIJ) had shown that Nepali nationals too had covertly deposited cash in the Geneva branch of HSBC Bank.

At the meeting of the Parliamentary Finance Committee on Sunday, the Department of Money Laundering Investigation shared that process has been initiated by the Finance Ministry, Nepal Rastra Bank and Ministry of Foreign Affairs to collect details of the Nepali account holders of the Bank.

Though Nepalis are allowed to operate three kinds of bank accounts—personal, savings and investment—legally, a diplomatic initiative is being taken to stop any Nepali from doing so illegally, said Director General of the Department Kewal Prasad Bhandari. He also pointed out the need for enacting legislation to bring back deposits made illegally by Nepali nationals abroad.

On the occasion, Nepal Rastra Bank Governor Yubaraj Khatiwada said that the HSBC account holders named in the ICIJ report had not taken approval from the NRB to open any account there.

Governor Khatiwada said that the NRB had directed the concerned banks and person to provide details about the Rs 3.50 billion that came to two commercial banks in Nepal from British Virgin Island in the name of businessman Ajayraj Sumargee.

Referring to the money that came in the name of Sumargee as a loan, he said, "Some people and companies have shifted money in the name of foreign investment without completing necessary process". The NRB Governor said such money would not be released easily without documents of Industrial Development Board, Investment Board and Department of Industry Department.

He also said that the foreign investment brought in the name of industries without registering them at the concerned government bodies would be brought within the ambit of law.

The existing law of the country has a provision that the government could investigate into the suspicious money through Financial Information Unit and Department of Money Laundering Investigation. However, one can take loan from foreign countries at maximum six per cent interest rate on the basis of recommendation of the bodies concerned.

Mainly, investment has come to Nepal from countries with a small economy including more than Rs 15 billion from British Virgin Island alone through Department of Industry.

Talking briefly to RSS, Secretary at the Finance Ministry, Suman Prasad Sharma, stressed on the inevitability of the foreign investment to push the country's economy towards the path of prosperity.

He also clarified that the government was active to create environment conducive for the investment.

Sharma expressed his determination that the government would leave no stone unturned to bring back the black money deposited in foreign countries, if any, as per the International treaty and agreement.