Foreign Exchange (Regulation) Act, 2019FERA

Purpose: To regulate foreign exchange transactions in the economic interest of the public. Lalmohar 2019/03/15 (Act No. 5 of 2019 BS).

Structure: Sections 1-25 (no chapters), with many lettered sections added by amendments.

Key provisions:

• Section 3: anyone dealing in foreign exchange must obtain a licence from NRB; NRB may set terms and issue provisional licences.
• Section 3A: NRB's power to take action.
• Section 5: restriction on export and import of certain currency and bullion.
• Sections 8-9C: duties of importers, receipt of export proceeds, restrictions on making or receiving payments.
• Section 10A: investment abroad is regulated; Section 10B: borrowing and lending in foreign currency.
• Sections 11A-11J: investigation officers' powers of search, arrest and seizure.
• Section 17: punishment; Section 12: NRB may give directions and frame bylaws.

Amendments: many, from 2019 to the 2081 Act on economic and business environment reform and investment promotion.

A bank's forex counter, remittance business, LC payments and foreign currency accounts all depend on its NRB foreign exchange licence under Section 3 and NRB's Foreign Exchange Management directives.

उद्देश्य: सर्वसाधारणको आर्थिक हितका लागि विदेशी विनिमय कारोबार नियमित गर्ने। लालमोहर २०१९।०३।१५।

मुख्य व्यवस्था:

• दफा ३: विदेशी विनिमय कारोबार गर्न राष्ट्र बैङ्कबाट इजाजतपत्र लिनुपर्ने।
• दफा ५: केही मुद्रा र बहुमूल्य धातुको निकासी पैठारीमा रोक।
• दफा ८-९ग: आयातकर्ताको दायित्व, निर्यात रकम प्राप्ति र भुक्तानीमा प्रतिबन्ध।
• दफा १०क: विदेशमा लगानीको नियमन; दफा १०ख: विदेशी मुद्रामा ऋण।
• दफा ११क-११ञ: अनुसन्धान अधिकारीको खानतलासी, पक्राउ र जफतको अधिकार।
• दफा १७: सजाय; दफा १२: राष्ट्र बैङ्कले निर्देशन र विनियम बनाउन सक्ने।

संशोधन: २०१९ देखि २०८१ सम्म धेरै पटक संशोधित।

बैङ्कको विदेशी मुद्रा काउन्टर, रेमिट्यान्स, प्रतीतपत्र भुक्तानी र विदेशी मुद्रा खाता यसै ऐनको दफा ३ अन्तर्गतको इजाजतमा चल्छन्।