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

1) Any citizen of Nepal residing in Nepal or any company, body corporate or firm registered in Nepal shall obtain the permission of the Bank to open an account with a bank in a foreign country.

2) In giving permission to open an account pursuant to sub-section (1), the Bank may demand required statements and also specify terms and conditions.

3) The operation and use of the account opened pursuant to sub-section (1) shall be as specified by the Bank by publishing and broadcasting a public notice.

4) The matters relating to the opening, operation and use by any citizen of Nepal residing in Nepal or any company, body corporate or firm registered in Nepal of an account in foreign currency within Nepal shall be as specified by the Bank by publishing and broadcasting a public notice.