Section 79
Secrecy To Be Maintained
(1) Notwithstanding anything contained in the laws in force, the relationship between a licensed institution and its customers and information pertaining to its accounts, records, books, ledgers and statements shall not be disclosed to any person other than the concerned person.
(2) Notwithstanding anything contained in Sub-section (1), if such information is provided in any of the following circumstances, the secrecy shall not be deemed to have been violated:
(a) If it is provided to the Rastra Bank pursuant to the Nepal Rastra Bank Act, 2058 (2002) or this Act or the Rules or Bye-laws framed thereunder or the orders or directives issued thereunder;
(b) If it is provided to a court in connection with any lawsuit or any other legal action;
(c) If it is provided to the legally authorized official making inquiries and investigations or prosecution, in connection with such inquiries and investigations or prosecution;
(d) If it is provided to the auditor in connection with audit;
(e) If it is mentioned in the audit report by the auditor;
(f) If it is provided to the enquiry committee or the investigation officer authorized by the laws in force, in the course of enquiries;
(g) If banking information is exchanged between two or more countries on the basis of a bilateral or multilateral treaty;
(h) If it is provided in the course of exchanging credit between the licensed institutions;
(i) If, in the course of investigation of any case of specific nature, the Government of Nepal, Ministry of Finance, has made a request, accompanied by the reason therefor, for providing the details of the account of the licensed institution or any details of the account of any person, firm, company or institution maintained with the licensed institution, and if the Rastra Bank has given direction for the same.
(3) The Government of Nepal, court, Rastra Bank, enquiry committee, investigating or prosecuting official, auditor or inspector or any other person appointed under this Act shall not divulge the secrecy of any information or particulars received under Sub-section (2).
(4) The directors, chief executive, employees, auditor and advisors of a licensed institution shall not divulge the secrecy of the accounts, records, books, ledgers and any other information of the licensed institution the secrecy of which is required to be maintained in such a manner as to undermine the relationship between the licensed institution and its customers.
(2) Notwithstanding anything contained in Sub-section (1), if such information is provided in any of the following circumstances, the secrecy shall not be deemed to have been violated:
(a) If it is provided to the Rastra Bank pursuant to the Nepal Rastra Bank Act, 2058 (2002) or this Act or the Rules or Bye-laws framed thereunder or the orders or directives issued thereunder;
(b) If it is provided to a court in connection with any lawsuit or any other legal action;
(c) If it is provided to the legally authorized official making inquiries and investigations or prosecution, in connection with such inquiries and investigations or prosecution;
(d) If it is provided to the auditor in connection with audit;
(e) If it is mentioned in the audit report by the auditor;
(f) If it is provided to the enquiry committee or the investigation officer authorized by the laws in force, in the course of enquiries;
(g) If banking information is exchanged between two or more countries on the basis of a bilateral or multilateral treaty;
(h) If it is provided in the course of exchanging credit between the licensed institutions;
(i) If, in the course of investigation of any case of specific nature, the Government of Nepal, Ministry of Finance, has made a request, accompanied by the reason therefor, for providing the details of the account of the licensed institution or any details of the account of any person, firm, company or institution maintained with the licensed institution, and if the Rastra Bank has given direction for the same.
(3) The Government of Nepal, court, Rastra Bank, enquiry committee, investigating or prosecuting official, auditor or inspector or any other person appointed under this Act shall not divulge the secrecy of any information or particulars received under Sub-section (2).
(4) The directors, chief executive, employees, auditor and advisors of a licensed institution shall not divulge the secrecy of the accounts, records, books, ledgers and any other information of the licensed institution the secrecy of which is required to be maintained in such a manner as to undermine the relationship between the licensed institution and its customers.