Banking News – The Government of Nepal has announced that all Education and Health Equity Fees collected so far must be refunded to the respective payers within 15 days, according to a notice published in the Nepal Gazette on Thursday.

The decision has been made by exercising the authority granted under Section 18(1) of the Financial Act for the current fiscal year, which provides for a full exemption from the Education and Health Equity Fee.

Prime Minister Balendra Shah had announced the abolition of the fee on Shrawan 5, and the Council of Ministers formally approved the decision at its meeting held on Shrawan 6.

According to the notice issued by Finance Secretary Dr. Ghanshyam Upadhyay, any individual or institution that has collected the Education and Health Equity Fee must return the amount to the concerned payer within the stipulated 15-day period.

The notice further states that if the collected amount cannot be refunded within the specified timeframe, it must be deposited into the Federal Consolidated Fund in accordance with the government’s directive.