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International Financial Transactions Act 2054

Preamble
Section 1: Short Title and Commencement
Section 2: Definition
Section 3: License to be obtained
Section 4: Financial Entities that may be authorised to obtain License
Section 5: Acts not to be done by International Financial Entities
Section 6: No restrictions on brining in Foreign Currencies
Section 7: Fund to be allowed repatriation
Section 8: Nationalisation not to be done
Section 9: Formation of Promotion Board
Section 10: Functions, Duties and Powers of Promotion Board
Section 11: Formation of Accreditation Committee
Section 12: Functions, Duties and Powers of the Accreditation Committee
Section 13: Application for License
Section 14: Granting of License
Section 15: Information, Details and Documentations may be Demanded
Section 16: Renewal of License
Section 17: Secrecy to be maintained
Section 18: Proceeds to be credited to the formed Fund
Section 19: Sub-Committees may be constituted
Section 20: Cooperation to be Extended
Section 21: Delegation of Power
Section 22: Contact with Government of Nepal
Section 23: Power to make Rules and Bye-Laws
Section 24: Existing laws to Prevail

Section 16: Renewal of License

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A license issued under section 14 for carrying out international financial transactions shall be renewed every year. The license renewal fee and other provisions regarding renewal shall be as prescribed.

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Section 16: Renewal of License

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