Kathmandu, May 9
To settle the outstanding Rs 11 billion in Corona Insurance claims, the Association of Nepal
Chartered Accountants has proposed that several insurance firms issue Corona Bonds.
The union has proposed issuing corona bonds worth Rs 100 crore in the fiscal year’s budget, allowing the government or insurance firms to settle the responsibility for corona insurance instantly.
The insurance responsibility of Rs 400 million would be covered, according to the union, if
commercial banks were to purchase the bonds and include the investment in the banks’ statutory liquidity ratio. The group has made recommendations to the Ministry of Finance, Industry, Commerce, and Supplies, as well as the Revenue Committee, including how to pay for Corona Insurance. The association’s president, Ananda Raj Sharma Wagle, led a delegation to the relevant authorities and presented its recommendations.
According to the organization, final policy ideas were created based on the opinion of several government authorities, associations, and chartered accountants in the auditing profession. He stated that ideas for raising revenue, revenue management policy reforms, corona insurance payment methods, and revenue legislation improvements had been proposed.
