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Foreign Exchange (Regulation) Act 2019

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Date of Royal Seal and Publication: 2019.3.15

Amending Acts:

1. Some Nepal Acts Amendment, Repeal and Continuance Through Rearrangements Act, 2019 2019.12.30
2. Judicial Administration Reform (Fourth Amendment) Act, 2043 2043.7.24
3. Foreign Exchange (Regulation) (First Amendment) Act, 2044 2044.7.1
4. Finance Related Some Nepal Acts Amendment Act, 2047 2047.8.27
5. Some Nepal Acts Amendment Act, 2048 2049.1.8
6. Foreign Exchange (Regulation) (Second Amendment) Act, 2058 2059.4.22
7. Republic Strengthening and Some Nepal Laws Amendment Act, 2066 2066.10.7
8. An Act to Amend Certain Nepal Acts, 2072 2072.11.13
9. An Act to Amend, Consolidate, Adjust and Repeal Certain Nepal Acts, 2074 2074.06.30
10. An Act to Amend Certain Nepal Acts, 2075 2075.11.19
11. An Act to Amend Certain Nepal Acts Relating to Economic and Business Environment Improvement and Investment Promotion, 2081 2081.12.18

Preamble
Preamble

Section 1: Short Title, Extension and Commencement
Section 1: Short Title, Extension and Commencement

Section 2: Definitions
Section 2: Definitions

Section 3: License to be Obtained to Carry on Foreign Exchange Transaction
Section 3: License to be Obtained to Carry on Foreign Exchange Transaction

Section 3A: Power of Bank to Take Action
Section 3A: Power of Bank to Take Action

Section 3B: Other Provisions Relating to Foreign Exchange Transactions
Section 3B: Other Provisions Relating to Foreign Exchange Transactions

Section 4: Procedure for Carrying on Foreign Exchange Transactions
Section 4: Procedure for Carrying on Foreign Exchange Transactions

Section 4A: Provisions Relating to Foreign Exchange Obtained by Citizens of Nepal
Section 4A: Provisions Relating to Foreign Exchange Obtained by Citizens of Nepal

Section 4B: Payment for Sale of Goods or Provision of Services to a Foreigner
Section 4B: Payment for Sale of Goods or Provision of Services to a Foreigner

Section 5: Restriction on Export and Import of Certain Currency and Bullion
Section 5: Restriction on Export and Import of Certain Currency and Bullion

Section 6: Power of Government of Nepal to Obtain Foreign Exchange
Section 6: Power of Government of Nepal to Obtain Foreign Exchange

Section 7: Duty of Persons Who Have Source to Obtain Foreign Exchange
Section 7: Duty of Persons Who Have Source to Obtain Foreign Exchange

Section 8: Duty of Importers
Section 8: Duty of Importers

Section 9: Payment of Price of the Exported Goods
Section 9: Payment of Price of the Exported Goods

Section 9A: To Receive Payment of Value of Exported Goods
Section 9A: To Receive Payment of Value of Exported Goods

Section 9B: Acts Not to be Done by the Exporter
Section 9B: Acts Not to be Done by the Exporter

Section 9C: Restriction on Making or Receiving Payment
Section 9C: Restriction on Making or Receiving Payment

Section 10: Restriction on Export and Transmission of Securities
Section 10: Restriction on Export and Transmission of Securities

Section 10A: Regulation of Investment Abroad
Section 10A: Regulation of Investment Abroad

Section 10B: Provisions Relating to Lending and Borrowing of Loans in Foreign Exchange
Section 10B: Provisions Relating to Lending and Borrowing of Loans in Foreign Exchange

Section 10C: Provisions Relating to Repatriation, Investment of, and Transfer of Right in Foreign Exchange
Section 10C: Provisions Relating to Repatriation, Investment of, and Transfer of Right in Foreign Exchange

Section 11: Power to Demand Statements
Section 11: Power to Demand Statements

Section 11A: Designation of Investigating Officer
Section 11A: Designation of Investigating Officer

Section 11B: To Search for Suspicious Person
Section 11B: To Search for Suspicious Person

Section 11C: Power to Stop and Search Motor Vehicle
Section 11C: Power to Stop and Search Motor Vehicle

Section 11D: Power to Search Building or Place of Transaction
Section 11D: Power to Search Building or Place of Transaction

Section 11E: Power to Arrest
Section 11E: Power to Arrest

Section 11F: Power to Hold in Detention
Section 11F: Power to Hold in Detention

Section 11G: Prohibition on Divulgence of Secrecy
Section 11G: Prohibition on Divulgence of Secrecy

Section 11H: To Safely Foreign Exchange and Document Taken into Custody
Section 11H: To Safely Foreign Exchange and Document Taken into Custody

Section 11I: To Give Receipt
Section 11I: To Give Receipt

Section 11J: To Submit Report
Section 11J: To Submit Report

Section 12: Power of Bank to Give Direction, Frame By-Law or Issue Order or Notice
Section 12: Power of Bank to Give Direction, Frame By-Law or Issue Order or Notice

Section 13: Prohibition on Entering into Contract in Contravention of the Objective of This Act
Section 13: Prohibition on Entering into Contract in Contravention of the Objective of This Act

Section 14: Inspection
Section 14: Inspection

Section 15: Power of the Government of Nepal to Give Directives
Section 15: Power of the Government of Nepal to Give Directives

Section 16: Permission of the Bank to be Obtained to Open an Account
Section 16: Permission of the Bank to be Obtained to Open an Account

Section 17: Punishment
Section 17: Punishment

Section 18: Inquiry and Institution of Case
Section 18: Inquiry and Institution of Case

Section 18A: Filing of Case
Section 18A: Filing of Case

Section 18B: Certification of Copy of Document Related to Foreign Exchange
Section 18B: Certification of Copy of Document Related to Foreign Exchange

Section 19: Document to be Void
Section 19: Document to be Void

Section 20: Reward to be Provision of Information
Section 20: Reward to be Provision of Information

Section 21: Claim or Complaint Not to Lie
Section 21: Claim or Complaint Not to Lie

Section 22: Power to Frame Rules
Section 22: Power to Frame Rules

Section 23: Repeal
Section 23: Repeal

Section 24: Existing Licenses
Section 24: Existing Licenses

Section 25: …………………………...
Section 25: …………………………...

Place and date of commencement of the remaining Sections of the Foreign Exchange (Regulation) Act, 2019
Place and date of commencement of the remaining Sections of the Foreign Exchange (Regulation) Act, 2019

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