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Section 31
Claim payment process
: (1) If a written notification is received from Nepal Rastra Bank that the process for financial liquidation, liquidation or cancellation of a secured member institution has been initiated in accordance with the prevailing law, within seven days thereof, the fund shall provide the details of depositors' deposits in the secured member institution in the prescribed format. It should be sent in writing to the concerned liquidator.
(2) If received in writing in accordance with sub-section (1), the relevant liquidator shall within ten days make available to the fund the details of the depositors and the depositors in the secured member institution which is in the process of financial liquidation, liquidation or liquidation.
(3) After receiving the details as per sub-section (2), the fund shall conduct necessary investigation of the said details and select an agent from among the designated secured member organizations to pay the claim to the respective depositors of the amount secured in the fund.
(4) After the agent is selected according to sub-section (3), a notice shall be published in the national level daily newspaper to collect the claim payment to the related depositor through such institution.
(5) The secured member organization chosen as an agent according to sub-section (4) shall pay the claim on the basis of evidence to the respective depositor or the right holder according to the prevailing law based on the details mentioned in sub-section (2).
(6) When paying the claim according to sub-section (5), the protected member organization shall complete the research admission process within three months from the date of commencement of work. But in exceptional cases, the fund can extend the research period up to two times, each time not exceeding three months. Explanation: For the purpose of this section, "extraordinary circumstances" means situations beyond the control of the concerned protected member institution where the admission process has been interrupted.
(7) The procedure for evaluating the depositor's secured amount shall be as follows:-
(a) Valuation in determining safe deposit of a safe depositor with a safe member institutionIt will be done in an aggregate form on the date. Explanation: For the purpose of this section, "aggregate" means the aggregate account of all the secured funds in the secured member institution.
(b) The share of each of the depositors in the deposit amount of the joint account in the secured member institution shall be calculated on the basis of the amount available at the time of opening the account of the depositor. When calculating in this way, unless otherwise stated in the terms and conditions or in the agreement to give or take, each depositor is considered to have an equal share in the joint account.
(c) In the event that the secured deposit amount of the secured depositor in the secured member institution is desired to be a third party beneficiary, such secured deposit amount shall be paid to the third party in accordance with the prevailing law.
(d) In case two or more beneficiaries are mentioned, the beneficiary will be determined as prescribed.
(8) The counting of days for the purpose of paying the claim will start from the date the fund receives the notice from the Nepal Rastra Bank as per sub-section (1).
(9) The fund shall pay the deposit protection claim amount through the agent selected as per sub-section (3) as follows:-
(a) Transferring an amount equal to that amount to another secured member institution so that the right of the secured depositor to the secured deposit amount remains intact,
(b) to be paid directly to the depositor through the financial liquidator in Nepalese currency,
(c) To issue and pay a cheque,
(d) To be paid through the designated agent bank,
(e) Payment shall be made by such other procedure as may be determined by the Committee.
(10) If it is proven that false or fraudulent information has been submitted while requesting payment, the fund may reject the application process or refund the amount already paid.
(11) Other arrangements related to claim payment shall be as prescribed.
(2) If received in writing in accordance with sub-section (1), the relevant liquidator shall within ten days make available to the fund the details of the depositors and the depositors in the secured member institution which is in the process of financial liquidation, liquidation or liquidation.
(3) After receiving the details as per sub-section (2), the fund shall conduct necessary investigation of the said details and select an agent from among the designated secured member organizations to pay the claim to the respective depositors of the amount secured in the fund.
(4) After the agent is selected according to sub-section (3), a notice shall be published in the national level daily newspaper to collect the claim payment to the related depositor through such institution.
(5) The secured member organization chosen as an agent according to sub-section (4) shall pay the claim on the basis of evidence to the respective depositor or the right holder according to the prevailing law based on the details mentioned in sub-section (2).
(6) When paying the claim according to sub-section (5), the protected member organization shall complete the research admission process within three months from the date of commencement of work. But in exceptional cases, the fund can extend the research period up to two times, each time not exceeding three months. Explanation: For the purpose of this section, "extraordinary circumstances" means situations beyond the control of the concerned protected member institution where the admission process has been interrupted.
(7) The procedure for evaluating the depositor's secured amount shall be as follows:-
(a) Valuation in determining safe deposit of a safe depositor with a safe member institutionIt will be done in an aggregate form on the date. Explanation: For the purpose of this section, "aggregate" means the aggregate account of all the secured funds in the secured member institution.
(b) The share of each of the depositors in the deposit amount of the joint account in the secured member institution shall be calculated on the basis of the amount available at the time of opening the account of the depositor. When calculating in this way, unless otherwise stated in the terms and conditions or in the agreement to give or take, each depositor is considered to have an equal share in the joint account.
(c) In the event that the secured deposit amount of the secured depositor in the secured member institution is desired to be a third party beneficiary, such secured deposit amount shall be paid to the third party in accordance with the prevailing law.
(d) In case two or more beneficiaries are mentioned, the beneficiary will be determined as prescribed.
(8) The counting of days for the purpose of paying the claim will start from the date the fund receives the notice from the Nepal Rastra Bank as per sub-section (1).
(9) The fund shall pay the deposit protection claim amount through the agent selected as per sub-section (3) as follows:-
(a) Transferring an amount equal to that amount to another secured member institution so that the right of the secured depositor to the secured deposit amount remains intact,
(b) to be paid directly to the depositor through the financial liquidator in Nepalese currency,
(c) To issue and pay a cheque,
(d) To be paid through the designated agent bank,
(e) Payment shall be made by such other procedure as may be determined by the Committee.
(10) If it is proven that false or fraudulent information has been submitted while requesting payment, the fund may reject the application process or refund the amount already paid.
(11) Other arrangements related to claim payment shall be as prescribed.