Preamble

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Act number 5 of the year 2019

An Act Made to Regulate Foreign Exchange Related Transactions

Preamble: Whereas, it is expedient to further regulate the foreign exchange-related transactions in order to maintain the economic interests of the general public,

Now, therefore, be it enacted by His Majesty King Mahendra Bir Bikram Shah Dev in accordance with Article 93 of the Constitution of Nepal.

Tagged:
Foreign Exchange (Regulation) Act 2019
nepal law

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Section 123: Special provisions relating to the submission of collective claims, demands
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Section 114: Remedial Actions may be taken
Section 62: Conduct to Bidder or Proponent
Section 113: Audit Report to be prepared
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Preamble
Section 7: Prohibition on discrimination in remuneration for equal work
Section 43: Restriction on Distribution of Dividend
Section 141: Provisions concerning tax
Section 99: Fine for Violation of the Bank’s Regulation
Section 61: Type of Insurance Business
Section 122: Insolvency of the Branch Office of Foreign Insurance Company Situated in Nepal
Section 79: Micro-Insurance Regulation Fees
Section 57: Soiled or Counterfeit Currency
Section 32: Restriction on membership
Section 29: Regulation may be framed
Section 3: Formation of Organisation
Section 68: Possession of Property Prohibited
Section 57: Prohibition of Purchase of Goods with Commercial Objectives
Section 88O: Application for Liquidation May be Made
Section 112: Repeal and Saving
Section 162: Right to make complaint
Section 7: Not to avail or provide loans in an unauthorised manner
Section 28: Meeting of the Board
Section 34: Opening of Financial Proposal
Section 101: Procedures for Pecuniary Penalty and Punishment
Section 61: Confidentiality to be maintained
Section 145: Departmental actions may be taken
Section 78: License to be Obtained from Bank
Section 86F: Power of the Bank for Corrective Action
Section 100: Annual Report to be submitted
Section 89: Fiscal Year
Section 171: Special provisions relating to managers and managerial level labours
Section 13: Provision relating to probation period
Section 62: Insurance Contract
Section 106A: Not to Work in Commercial Bank or Financial Institution
Section 5: Formation of District Cooperative Association
Chapter-2 Establishment of Authority and Its Functions, Duties and Power
Section 33: Arrangement for transportation to be made
Section 150: Insured Insurance Protections Fund
Section 28: To be governed as per the prevailing laws
Section 167: Pursuant to this Act
Section 73: Bank may ask for Particulars, Statistics and Documents
Section 161: Appeal to the Supreme Court
Section 21: Disqualification of the Directors
Section 102: Measures For the Reformation of Problematic Insurer
Section 4B: Payment for Sale of Goods or Provision of Services to a Foreigner
Section 37: Negotiations with the Proponent
Schedule
Section 20: Qualifications of the Directors
Section 150: To issue the certificate of experience
Section 11C: Power to Stop and Search Motor Vehicle
Section 172: Entitlement to remuneration and other benefits
Section 85: Audit Committee of Insurer
Section 86I: Right to Appeal Against the Order of the Bank
Section 27: Acceptance of Bid and Procurement Contract
Section 3: License to be Obtained to Carry on Foreign Exchange Transaction
Section 82: Provisions related to re-insurance contracts
Section 54: Functions of Cooperative Bank
Section 165: Appeal
Section 62: Liquid Assets to be maintained
Section 86: No hindrance to take actions
Section 64: Insurance Premium
Section 99: Power of the Office to give direction
Section 37: May order capital reduction
Section 51: Reference interest rate may be determined
Section 143: Settlement of Disputes
Section 106C: Government of Nepal May Give Directives
Section 179: This Act to prevail
Section 14: Not to Carry Out and Cause to Carry Out Irregular Economic and Financial Transactions
Section 32: Fixation of working hours
Section 51: Procurement Proceeding to be Withheld
Section 92: Qualifications of Insurance Mediators
Section 65: Group Insurance Fund
Section 80: Reinsurance Required
Section 109: This Act to be Applicable
Section 181: To frame and implement directives and procedures
Section 34: Cancellation of License
Section 108: Internal management may be made
Section 138: Punishment may be remitted
Section 24: Objective of Organisation or Association
Section 169: Procedure relating to service of notice
Section 41: Allocation of net profit
Section 88L: Other Provisions Relating to Resolution
Section 138: Cooperative Education
Section 137: Revocation (Cancellation) of License of the Insurer
Section 23: Foreign citizen to obtain work permit to work in Nepal
Section 88F: New Balance Sheet to be Prepared
Section 12: Vacancy in the office of Chairperson or Member
Section 76: Appointment of an Auditor
Section 91: To observe fair labour practice
Section 70: Legal Documents to be Kept on Website
Section 48: Term of Office of the Director
Section 92: Deemed to be unfair labour practice
Section 147: Authority to Hear Case and Execution of The Decision
Section 9A: To Receive Payment of Value of Exported Goods
Section 8: Not to misuse credit
Section 94: Report on Monetary Policy
Section 91: License to Insurance Mediators
Section 1: Short Title, Extension and Commencement
Section 20: Validity Period of Bid
Section 68: International Clearing and Payment Agreements
Section 98: Bank to Provide Information
Section 103: ………………….
Section 74: Obtained Approval While Selling Assets
Section 86: …………………
Section 53: Amendment to Procurement Contract
Section 25: Adjudication proceedings and disposal of the case not be affected
Section 89: Appointment of a Liquidator
Section 86B: Commercial Bank and Financial Institution Deemed to be Problematic
Section 54: Measurement, Weights and Size of Coins
Section 42: Allocation of net loss
Section 107: No Responsibility for Acts Done in Good Faith
Section 35: Payment of remuneration
Section 30: Functions, Duties and Powers of the Governor
Section 88: Right to give order with respect to Audit of Insurer
Section 100: Punishment for Violation of the Bank’s Regulation
Section 140: Offence
Section 85: Exchange of Mutual Cooperation
Section 45: Directors may be removed from Office
Section 102: Mutual Security Services may be conducted
Section 106: Functions, duties and powers of Management Committee
Section 67: Procurement process under this Act not to be applied
Section 77: Contract to be made
Section 141: Punishment
Section 174: Delegation of authority
Section 29: Not to compel to work overtime
Section 111: Other Provisions Regarding Special Management of The Insurer
Section 72: Duties of manufacturers, importers and suppliers
Section 143: Employment may be terminated on the ground of health
Section 11: International Cooperation and Relationship
Section 164: The Government of Nepal may Issue Directives
Section 61: Reproduction and Counterfeiting of Currency
Section 74: Power to Make Rules
Section 18: Government to be the plaintiff
Section 24: Restriction on Insurance Business without license
Section 112: Notice to be given for submission of liabilities
Section 48: Formation of Accounts Supervision Committee
Section 157: Case may be compromised
Section 17: Punishment
Section 38: Functions, Duties and Powers of Annual General Meeting
Section 102: Filing Appeals
Section 84: Preparation of Financial Statements
Section 111: Guidelines to be Framed and Implemented
Section 88N: Exchange of Reciprocal Assistance
Section 137: Period for taking decision
Section 64: Public Procurement Monitoring Office
Section 95: Cancellation of License
Section 10C: Provisions Relating to Repatriation, Investment of, and Transfer of Right in Foreign Exchange
Preamble
Section 60: Submission of details by licensee
Section 2: Definition
Section 87: Special provisions relating to tourism labours
Section 16: Appointment of the Deputy Governor
Section 10: Formation of Federation of National Cooperatives
Section 33: Can open a liaison office
Section 52: Limit of Personal Saving
Section 73: Investment in Subsidiary Company
Section 128: Prohibition on filing of case against loss
Section 88: Dissolution and Revocation of Registration
Section 170: Fixation of basic remuneration
Section 62: Revocation, suspension of license or fine
Section 7: Functions not to be Carried out by the Bank
Section 30: Short List to be Prepared by Soliciting Expression of Interest Openly
Section 43: Functions, duties and powers of Board
Section 14: Inspection
Section 13: Operation of Accounts
Section 86C: Bank to Take Action Against Problematic Commercial Bank or Financial Institution
Section 57: Payment of Bill or Invoice
Section 15: International Level Bidding
Section 6: Prior Right of the Bank
Section 135: Authority May Give Direction to Withold Payment of Insurance or Revoke the Insurance Policy
Section 58: Labours may be employed through supplier
Section 74A: May Formulate Technical Guidance, Procedures and Directives
Section 23: Audit Committee
Section 130: Government of Nepal to be a plaintiff
Section 160: Procedures of the cases
Section 26: Remuneration may be repatriated in convertible foreign currency
Section 50: Transaction of Savings and Credits to be made concentrating on Member
Section 155: Insurance Information Centre
Section 58: Functions, Duties and Power of Chief Executive
Section 86: Appointment of Auditor of Insurer
Section 55: Prohibition on Disbursing Credit
Section 10: Qualification of Bidder or Proponent
Section 5: Restriction on Export and Import of Certain Currency and Bullion
Section 19: Remuneration and Other Benefits to the Directors
Section 123: Saving of actions taken in good faith
Section 95: Inspection and Checking of Accounts
Section 92: Auditing
Section 12A: Not to make any Fraudulent Activities to Bank and Financial Institutions and Cooperatives
Section 66: Foreign Exchange Reserve
Section 126: To freeze transactions, accounts and assets
Section 47: Application May be Filed Before the Chief of Public Entity
Section 39: Compulsory Reserve Fund
Section 8: Duty of Importers
Section 152: Complaint Hearing
Section 33: Evaluation of Technical Proposal
Section 108: Provisions After the Achievement of Improvement in Condition of the Insurer
Section 28: Internal Procedures may be framed
Section 15: To be Registered
Section 67: Prohibition on collecting fee from labour
Section 12: Formation of Cooperative Bank
Section 100: Labour audit to be made
Section 16: Permission of the Bank to be Obtained to Open an Account
Section 7: Formation of Provincial Cooperative Association
Section 105: Provisions relating to meetings of the Council
Section 132: Statutory Limitation to file a complaint
Section 12: Flow of Public Information
Section 19: Working Area of Association and Cooperative Bank
Section 56: No Distribution of Dividend
Section 149: Labours to get first priority
Section 6: Procurement Plan to be Prepared
Section 112: Performance evaluation of labours by enterprise
Section 89: Recommending Action
Section 28: Two-Stage Bidding
Section 55: Accidental insurance to be made
Section 19: Part-time employment
Section 21: Claim or Complaint Not to Lie
Section 5: Not to make unauthorised withdrawals or payments
Section 103: Functions, duties and powers of the Council
Section 94: Powers, functions and duties of the Office
Section 167: Power of the Office to have execution of decisions
Section 34: Termination of membership
Section 87: Audit of Insurer
Section 46: Restriction on sold, mortgaged, or transferred
Section 52: Procurement Contract and Terms and Conditions Thereof
Section 84: Provisions relating to tea-estate labours
Section 130: Insurance Mediation
Section 50: Disqualifications of Directors
Section 59: License to be obtained
Section 127: Remuneration for strike or lock-out period
Section 121: Provisions concerning Employees of Management Committee
Section 24: Resignation by Director
Section 41: Claim Payable Fund and Reserve Fund
Section 72: Records of Procurement Proceedings
Section 110: To be borne from Assets of Organisation or Association
Section 131: Authority to adjudicate a case
Section 130: Observance of discipline and duties
Section 24: Existing Licenses
Section 81: To engage in easier work
Section 42: Election of Board
Section 90: Work should not be done without a license
Section 39: Capital of the Bank
Section 59: Nepal Rastra Bank may take over Management
Section 14B: Not to carry out banking transactions in an illegal manner
Section 3: Procurement to be Made as Per This Act
Section 97: Prohibition to act
Section 67: Restrictions on undertaking business in partnership or acquire assets in ownership
Section 73: Duties of labour
Section 71: Deposit Collection
Section 77: Direction to stop the work
Section 6: Power of Government of Nepal to Obtain Foreign Exchange
Section 35: List to be Published
Section 88H: Bridge Institution or Unit May be Established
Section 134: Power of The Authority
Section 51: Leave not as a matter of right
Section 73: Delegation of Power
Section 6: Prohibition on discrimination
Section 93: Functions, duties and powers
Section 71: Provisions concerning Other Funds
Section 27: Acting Governor
Section 48: Discount Operation
Section 150: Special provisions relating to regulation, monitoring and supervision
Section 3A: Power of Bank to Take Action
Section 6: Formation of the Board
Section 124: Payment of Re-insurance Claim
Place and date of commencement of the remaining Sections of the Foreign Exchange (Regulation) Act, 2019
Section 1: Short title and commencement
Section 51: Monetary Unit
Section 38: Prohibition on deduction of remuneration
Nepal Rastra Bank Act, 2058
Section 106: Actions not to be Invalid
Section 7: Duty of Persons Who Have Source to Obtain Foreign Exchange
Section 37: Professional Code of Conduct and Official Responsibility
Section 88E: Notice and Registration of the Work Relating to Resolution
Section 34: Audit Committee
Section169: Enact and Enforce Regulations
Section 5A: Approval to be Made
Section 165: Provide Expert Services
Section 105A: State Government may constitute a State Labour Advisory Council
Section 95: Acts Deemed to be Offences Under this Act
Section 139: Security of employment
Section 116: Insurer Many Acquire Another Insurer
Section 9: Procurement to be Made by Inviting Open Bid
Section 20: Cooperation to be extended
Section 118: Settlement through mediation
Section 4: Prohibition on employing in forced labour
Preamble
Section 2: Definitions
Section 65: To make inspection, supervision and monitoring
Section 34: Entitlement of labours to remuneration
Section 26: Functions of National Cooperatives Federation
Section 65: Functions, Duties and Powers of Public Procurement Monitoring Office
Section 31: Delegation of powers
Section 175: Saving of acts done in good faith
Section 28: Working hours
Section 127: Person Entitled to Get Payment
Section 107: Inventory to be prepared
Section 22: Opening of Bids
Section 11: Process and Stage of Bidding
Section 164: Decision may be made by the Labour Court
Section 31: Application to be submitted to acquire membership
Section 101: Making application in convenient Office
Section 62: Foreign Exchange Policy
Section 33: May become members
Section 103: Stabilisation Fund
Section 6: Formation of Provincial Sectoral Cooperative Association
Section 105: Official to be Suspended
Section 83: Accounts to be maintained accurately
Section 36: Employees of the Bank
Section 87: Provisions concerning Amalgamation and Division
Section 123: Settlement of Insurance Claim
Section 18A: Filing of Case
Section 98: To Regulate, Inspect and Monitor
Section 131: Misconduct and punishment
Section 15: Punishment
Section 82: Information to be Furnished to Bank
Preamble
Section 110: Power to Frame Rules and Bylaws
Section 59: Account of Issued Currency
Section 17: Cooperative Organisation to be a Corporate Entity
Section 114: Insurer May Merge or be Amalgamated
Section 88M: Final Description of the Work Relating to Resolution to be Submitted
Section 76: Bank’s Approval Required for Accepting Deposits or Giving Credits
Section 44: Allotment of Shares
Section 163: Power of the Department or Office to decide
Section 72: Records to be maintained
Section 88B: Provision Relating to the Formation of the Special Administration
Section 3: To remain as minimum standards
Section 111: Formation of labour relation committee
Section 168: Power to Frame Rules
Section 45: Prospectus and Issue of Shares
Section 8: Formation of Central Sectoral Cooperative Association
Section 4: Description of Goods, Construction Works and Services to be Prepared
Section 83: Dues to recover
Section 115: Management Committee may write to take action
Section 23: Repeal
Section 76: Incorporation of Insurance Company for Micro Business Only
Section 127: Double Fine to be imposed
Section 115: The Authority may give directions to merge or to be amalgamated
Section 10: Not to acquire assets or open account by borrower who has over dues
Section 19B: Power to request details
Section 49: Qualifications of Directors
Section 10B: Provisions Relating to Lending and Borrowing of Loans in Foreign Exchange
Section 83: Direction may be issued
Section 137: Social Audits may cause to be conducted
Section 9: Tenure of Chairperson and Members
Section 1: Short Title and Commencement
Section 85: Special provisions relating to construction labours
Section 49: Accumulation of leave
Section 10: Restriction on Export and Transmission of Securities
Section 77: Ineligibility for Appointing Auditor
Section 50: Computation of year
Section 44: Construction Works May be Caused to be Carried Out by the Users Committee or Beneficiary Community
Section 85: Preference to be accorded
Section 148: No Hindrance to take actions according to prevailing laws
Section 49: Functions, duties and powers of Accounts Supervision Committee
Section 44: Directors not to continue to hold the office
Section 136: Suspension of License or Ban of Insurance Business
Section 64: Provisions Concerning Withdrawal of Amount and Operation of Accounts
Section 61: Obligations of labour supplier
Section 21: Bid Security
Section 86G: Can be Subject of Resolution
Section 159: To forward the matter to the body having jurisdiction
Section 10: Types of employment
Section 23: Notice to be published
Section 51: Discontinue to hold the office of Director
Section 18: Tenure of Office of the Director
Section 134: Power to suspend
Section 88I: Sequence of Priority of Payment
Section 172: Repeal and Saving
Section 9: Payment of Price of the Exported Goods
Section 10A: Regulation of Investment Abroad
Section 134: Due Amount to be recovered
Section 128: Complaint Relating to Payment of Claim
Section 73: Details to be made available
Section 15: Power of the Government of Nepal to Give Directives
Section 75: Micro Insurance is Required
Section 22: Grounds for Removal of the Directors from Office
Section 9: Relation between the Government of Nepal and the Bank
Section 6: Not to obtain or make payment by way of abuse or unauthorised use of electronic means
Section 2: Definitions
Section 106: Notice of the Work
Section 129: Collective bargaining or agreement to be made in good faith
Section 60: Able to create a whistleblowing policy
Section 26: Rejection of Bids or Cancellation of Procurement Proceedings
Section 152: Repeal and Saving
Section 70: The Insurance Appraisal
Section 2: Definitions
Section 5: Functions, Duties and Power of the Authority
Section 92: Registrar
Section 143: Special Provision Related with The Insured
Section 18: Method of Submission of Bids
Section 18: Inquiry and Institution of Case
Section 13: Functions Duties and Powers of the Chairperson
Section 49: Loan and Refinance to Commercial Banks and Financial Institutions
Section 74: To form safety and health committee
Section 182: Powers to frame rules
Section 37: Functions, Duties and Powers of Preliminary General Meeting
Section 52: Power to Issue Banknotes and Coins
Section 69: Secured Capital Redemption Fund
Section 90: Provisions concerning Liquidation
Section 23A: Standards to be Followed
Section 93: Responsibilities of Insurance Intermediaries
Section 57: Appointment of the Executive Director
Section 150A: Instructions On Prevention of Money Laundering Must Be Followed
Section 60: De-registration
Section 47: Formation of Board of Directors
Section 61A: Departmental Action to be Taken
Section 88C: Function, Duty and Power of Special Administration Team
Section 138: Fineable
Section 158: High Court to perform functions of Labour Court
Section 99: Foreign Insurance Company shall inform to the Authority
Section 135: Special Provisions concerning operation of Association
Section 52A: Provisions Relating to Advance Payment
Section 118: Terms and conditions of services of chairperson and members of Management Committee
Section 29: Consultancy Services May be Procured
Section 136: Exercise of Voting Right
Section 8: Right relating to trade union
Section 97: To render necessary assistance
Section 90: Account System
Section 91: Utilisation of Assets after Liquidation
Section 54: Variation Order
Section 122: Arbitral award and collective agreement to be binding
Section 17: Appointment of the Directors
Section 1: Short Title and Commencement
Section 55: Issuance of Currency and Security
Section 116: Recommendation may be made
Section 47: Failure to Maintain Compulsory Deposit
Section 144: Notice to be given
Section 40: Directives may be given to call an Extraordinary General Meeting
Section 9B: Acts Not to be Done by the Exporter
Section 22: Liabilities to be limited
Section 16: Punishment to the Persons Creating Hindrance
Section 104: Collection of Data
Section 14: Invitation to Bids
Section 80: Provisions concerning Blacklist
Section 142: Employment may be terminated on the ground of incompetence
Section 148: Payment of benefits
Section 139: Financial Assistance to be provided
Section 20: Fund of the Insurance Authority
Section 28: Application to be made
Section 14: Application to be Submitted for Registration
Section 132: Prohibition of sexual harassment
Section 40: Provision Relating to Sealed Quotation
Section 64: Obligations of the main employer
Section 156: Establishment of Insurance Institutions
Section 94: Delegation of Authority
Section 78: Exemptions, Facilities and Discounts
Section 63: Insurance Policy
Section 19: Proceedings may be initiated by detaining into the custody
Section 106B: Expert Service to be Provided
Section 25: ……………………………
Section 29: Functions, Duties and Powers of the Board
Section 26: Prior approval required
Section 46: Compulsory Deposit of Commercial Banks and Financial Institutions
Section 26: Waiver in the Claim of Punishment may be Happen
Section 157: Collection of Statistics
Section 177: Labour coordination committee
Section 101: Cooperative Savings and Credits Security Fund
Section 56: Management of Insurance Company
Section 101: Insurer Deemed to be Problematic
Section 45: Operation of Open Market Transaction
Section 25: Language of the contract
Section 36: General Meeting
Section 14: Information to be provided to the Authority
Section 44: Sick leave
Section 158: Not being held accountable for actions done with good intentions
Section 47: Dissolution of Board
Section 173: Increment of insurance amount
Section 55: Delegation of Powers
Section 41: Provision for Direct Procurement
Section 53: Functions, Duties and Powers of the Board
Public Procurement Act 2063
Section 132: Details to be Provided
Section 54: Committee or sub-committee may be formed
Section 66: Liability of labours to rest on the main employer
Section 60: Public Notice of Procurement Contract
Section 151: Insurance Development Fund
Section 60: Currency Recall or Withdrawal
Section 58: Mechanism for Dispute Settlement
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