(1) A person holding a public office shall, within sixty days from the date of commencement of this Act and thereafter within sixty days from the date of the end of each financial year, the source of the property in the name of himself or his family or The government of Nepal should publish the updated information in the Nepal Gazette and submit it to the designated agency or authority.
(2) If a person holding a public office who is unable to submit a statement of assets within the period specified in sub-section (1) requests an extension of the deadline stating the reason for not being able to submit such statement, the relevant agency or officer may grant an extension of up to thirty days.
(3) A person holding a public position who does not submit the details of assets even within the period added as per sub-section (2) may be fined five thousand rupees and the relevant agency or officer may investigate the presence of illegal assets in the name of him and his family.
(4) The details of assets submitted in accordance with this section shall be kept confidential. However, in the course of investigation and investigation under this Act, if property details are requested, such details can be provided to the concerned authorities.