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Chapter-5 Provisions on License

Section 31: Prohibition on carrying on Financial Transactions by anyone other than Bank or Financial Institution

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1) No one, except the bank or financial institution having obtained a license pursuant to Section 34, shall carry on banking or financial transactions according to this Act.

2) The Rastra Bank shall formulate and execute a licensing policy concerning the bank or financial institution for the purpose of granting a license to the bank or financial institution.

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Section 31: Prohibition on carrying on Financial Transactions by anyone other than Bank or Financial Institution

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