(1) A person holding a public post from the date of holding of such post, and a person who is in the public post from the date of commencement of this Section shall submit an updated statement of their property which is in their own or in their relatives name with source of it and proof there of within sixty days and each year within sixty days of the expiry of every fiscal year before the body or authority prescribed by the Government of Nepal by a notification in the Nepal Gazattee.
(2) In case a person holding a public fails to submit a statement of his/her property within the stipulated sixty days pursuant to Sub-Section (1), the Commission shall impose a fine of five thousand Rupees and ask to submit the statement of the property within the next 30 days. If again the person holding the public post does not submit the statement of property within the extended timeframe, the body or authority under Sub-Section (1) may initiate an investigation against him/her by assuming that the property in his/her own name or his/her family member’s name is illegal.
(3) The property statement so submitted under this Section shall be kept confidential. Provided that, the statement may be given to the concerned authority on
demand in course of initiating investigation and inquiry under this Act.