Section 8: Duty of Importers

1) In importing any goods by any person, firm, company or body on payment in a foreign exchange by opening a letter of credit in Nepal or otherwise, such a person, firm, company or body shall import such goods within the time specified by the Bank and submit to the Bank such documents as specified by the Bank.

2) The provisions relating to the type of foreign exchange to be paid for imports and procedures for such payment shall be as specified by the Bank by publishing and broadcasting a public notice.

3) Except with the prior approval of the Bank, the importer shall import the goods declared in the letter of credit in consonance with the price and quantity set forth in the same letter of credit.

Provided that, in the event of an amendment to the letter of credit, nothing shall bear the importing of goods in consonance with the amended price and quantity.

4) If, in opening a letter of credit in a commercial bank by any importer, another person, firm, company or body furnishes guarantee or is directly or indirectly involved in that transaction and such a transaction involves misappropriation or deflection of foreign currency in any manner, notwithstanding anything contained in the prevailing law, punishment shall, according to this Act, be imposed also on the person, firm, company or body who has so furnished guarantee or been directly or indirectly involved in that transaction for the misappropriation or deflection of foreign currency.

5) Notwithstanding anything contained elsewhere in this Section, the procedures for the import of knowledge and informative technology and payment for the same shall be as specified by the Bank by publishing and broadcasting a public notice.

6) The importer shall make an actual invoice. The importer shall not do any act not conforming thereto or any act pertaining thereto.