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

1) In the event of a foreign exchange crisis due to the economic and monetary situation in the country, the Government of Nepal may, by a Notification in the Nepal Gazette, order the citizens of Nepal who are the owners of the foreign exchange to do as follows in relation to the foreign exchange owned by them:

(a) To produce, or cause to be produced, by the person who has the foreign exchange specified in the notice to the Bank in the name of the Government of Nepal, or to the person authorised by the Bank on that behalf, for sale at the rate determined by the Bank,

(b) To transmit the right by the person who has the right to transfer the title to the foreign exchange specified in the notice to another person in the name of the Government of Nepal by receiving the value to be set at the rate determined by the Bank.

Provided that, the Government of Nepal may, by the same notice or issuing another order, exempt any certain persons or persons of a certain class from such an order.

2) This Section shall not apply to the foreign exchange obtained by any person from the licensee for any purpose by obtaining permission from the Bank.