Section 12: Functions, Duties and Powers of the Accreditation Committee

The Accreditation Committee shall, apart from the functions, duties and powers set forth elsewhere in this Act, have the following functions, duties and powers:-

(a) To monitor and supervise the financial activities of license holder entities as to whether or not their international financial transaction activities are in line with the provisions of this Act or Rules made thereunder, or other prevailing laws relating to international financial transactions,

(b) To make recommendations to the Promotion Board in respect of facilitates to be accorded to international financial entities for the purpose of making Nepal an attractive centre for international financial transactions,

(c) To make recommendations to the Promotion Board in respect of improvements to be made in the existing laws related to international financial transactions for the purpose of carrying out international financial transactions in an effective and well-managed manner,

(d) To inquire as to whether or not a license holder entity is fulfilling the conditions required to be fulfilled under the provisions of this Act and to require it to fulfil them if they are found not to have been fulfilled,

(e) To give necessary instructions to license holder entities in respect of international financial transactions.

(f) To avail itself of the service of national or foreign experts or specialised agencies for the promotion and development of international financial transactions,

(g) To comply with the instructions given from time to time by the Promotion Board,

(h) To suspend or revoke, as may be required, the license obtained by any license holder entity in cases where it is in violation of the provisions of this Act or Rules made thereunder or the existing laws relating to international financial transactions:

Provided that, such an entity shall be given an opportunity to submit its explanation before such revocation.

(i) To perform such other acts as may be prescribed to make international financial transactions effective.