Children To Deposit Money In Parents' Bank Account: Nepal's New Law

The Nepal government is set to introduce a law which makes it mandatory for the children to deposit 5 to 10 per of their income into the bank accounts of parents to ensure their wellbeing, a spokesperson said Friday.

According to Prime Minister's press advisor Kundan Aryal, a Cabinet meeting has decided to present a bill on amendment to the Senior Citizen Act-2006 with such a provision at the Parliament.
"The main objective of the proposed bill is to ensure the security of senior citizens," Mr Aryal told PTI.

As per the new regulation, children are required to deposit 5 to 10 per cent of their income into the bank accounts of their elderly parents.

"There have been reports that people who are rich have been neglecting their parents. We are introducing the law to discourage the practice and ensure security for elderly people," Aryan said.

According to the current Senior Citizen Act-2006, people aged above 60 years have been defined as senior citizens.

It talks about the responsibility of the children to take care of their elderly parents. But the law is being formulated to make it mandatory for the children to make a financial contribution to the care of their parents.

Once Parliament endorses the bill, it will come into force, he said.

Those failing to adhere to these provisions will face a penalty. "The penalty amount will be deposited in the accounts of the parents concerned," he said.