Section 2: Definition

In this Act, unless the subject or context otherwise requires:

(a) “International Financial Transaction” means any financial transaction carried out by any license holder entity under this Act.

(b) “International Financial Entity” means any financial entity as referred to in Section 4.

(c) “Promotion Board” means the International Financial Transactions Promotion Board constituted under Section 9.

(d) “License” means a license granted under Section 14 to carry out international financial transactions in accordance with this Act.

(e) “License holder Entity” means an international financial entity authorised to carry out international financial transactions under this Act.

(f) “Accreditation Committee” means the International Financial Transactions Accreditation Committee constituted under Section 11.

(g) “Person Resident of Nepal” means any of the following persons:-

(1) Nepalese Citizens other than those residing outside Nepal for more than the prescribed period for the purpose of being engaged in any employment, doing any business or carrying out any other occupation, or for any other purpose,

(2) Non-Nepalese citizens residing in Nepal for more than the prescribed period for the purpose of being engaged in any employment, doing any business or carrying out any other
occupation,

(3) Any entity which has been registered in Nepal under the existing laws.

(h) “Prescribed” or “as prescribed” means prescribed or as prescribed in carrying out rules made under this Act.