Section 59: Balance-sheet, Profit and Loss Accounts to be prepared

1) The bank or financial institution shall have to prepare and maintain its balance sheet, profit and loss account cash flow statement and other statements in the formats as prescribed
by the Rastra Bank.

2) The bank or financial institution shall have to submit a balance, profit and loss account to the Rastra Bank within three months of the completion of every fiscal year, and details of such balance sheet and profit and loss account shall have to be published for the information of general public as prescribed by the Rastra Bank. A bank or financial institution shall have to publish the audited balance sheet of every Fiscal Year and the profit and loss account of the transactions within and outside Nepal as in the prescribed formats within nine months of the next fiscal year.

3) If a bank or financial institution has its subsidiary company, the balance-sheet profit and loss accounts and status of transaction of business of the subsidiary company and parent company must be separately stated and stated in an integrated manner as well.

4) The format, contents, methods of certification and details of the matters to be made public in the balance sheet and profit and loss accounts to be prepared by banks or financial institutions under this Chapter shall be as prescribed or directed by the Rastra Bank.

5) In case the Rastra Bank has suspicion that any details publicized by a bank or financial institution pursuant to sub-section (2) are erroneous, incomplete, misleading or false, the Rastra Bank may require notification in writing to the concerned bank or financial institution to do as follows:-

(a) To publicize the matters escaped or not stated, or

(b) To re-publicize the details which are erroneous, incomplete, misleading or false, or

(c) To publish by making corrections of the matters required by directives of the Rastra Bank.