Section 11: Formation of Accreditation Committee

(1) An International Financial Transactions Accreditation Committee consists of the following members shall be formed for the purpose of granting licenses to international financial entities to carry out international financial transactions and for the purpose of regulating financial transactions to be carried out by such entities:

(2) The Accreditation committee may invite national or foreign experts or advisors involved in international financial transactions to participate in its meetings as observers.

(3) The tenure of office of the members nominated under Clauses (d) and (e) of Sub-section (1) shall be two years.

(4) An officer-level employee of Nepal Rastra Bank as designated by the Accreditation Committee with the consent of the Nepal Rastra Bank shall act as Secretary of the Accreditation Committee.

(5) The office of the Accreditation Committee shall be located at the Nepal Rastra Bank.

(6) The working procedures of the meetings of the Accreditation Committee shall be as prescribed.

(7) The members of the Accreditation Committee shall be entitled to receive such allowances and benefits as may be prescribed.