- Type
- Act
- Year
- २०१९ BS
- Status
- In force
- Category
- खण्ड ७: मुद्रा, बैङ्किङ्ग, बीमा, वित्तीय संस्था तथा धितोपत्र · Volume 7: Currency, Banking, Insurance, Financial Institutions and Securities
- Official text
- Official page Official text (PDF)
- English translation
- Official English translation archived copy: the original page is no longer online
Includes amendments up to: 2066 BS. Translations may not include later amendments. The Nepali text is the authoritative law.
Analysis drawn from official reports, court rulings and published research, each cited. Figures are being double-checked against the source documents; corrections are welcome.
What does it do?
- No one may deal in foreign exchange without a licence from Nepal Rastra Bank (NRB). NRB decides who gets a licence, sets the currencies, limits and period, collects an annual fee and deposit, and can warn, restrict, confiscate the deposit or suspend or cancel the licence of a dealer who ignores its orders. Foreign exchange may be bought and sold only with licensed dealers and only at the rates NRB sets.नेपाल राष्ट्र बैङ्कबाट इजाजतपत्र नलिई कसैले विदेशी विनिमयको कारोबार गर्न पाउँदैन। इजाजत कसलाई दिने, कुन मुद्रा, कति हद र कति अवधिका लागि दिने भन्ने राष्ट्र बैङ्कले तोक्छ, वार्षिक शुल्क र धरौटी लिन्छ, र आदेश नमान्ने इजाजतपत्रवालालाई सचेत गराउने, कारोबारमा रोक लगाउने, धरौटी जफत गर्ने वा इजाजत निलम्बन वा रद्द गर्न सक्छ। विदेशी मुद्रा इजाजतपत्रवालासँग मात्र र राष्ट्र बैङ्कले तोकेको दरमा मात्र किनबेच गर्न पाइन्छ। Nepal Law Commission Sections 3, 3A, 3B, 4(1)–(2), pp. 8–9
- Foreign exchange obtained for a specific purpose must be used for that purpose; if it cannot be, it must be sold back to a licensed dealer or NRB within 30 days. Payment for goods or services sold to foreigners must be taken in convertible foreign currency unless NRB provides otherwise. Nepali residents and companies need NRB approval to open bank accounts abroad, and borrowing or lending in foreign currency is allowed only as the law and NRB notices permit. In a foreign-exchange crisis the government may order citizens to sell their foreign exchange to it.कुनै खास कामका लागि लिएको विदेशी विनिमय सोही काममा लगाउनुपर्छ; लगाउन नसके ३० दिनभित्र इजाजतपत्रवाला वा राष्ट्र बैङ्कलाई बेच्नुपर्छ। विदेशीलाई वस्तु बेचेको वा सेवा दिएको भुक्तानी राष्ट्र बैङ्कले अर्को व्यवस्था नगरेसम्म परिवर्त्य विदेशी मुद्रामै लिनुपर्छ। नेपालमा बस्ने नागरिक वा कम्पनीले विदेशी बैङ्कमा खाता खोल्न राष्ट्र बैङ्कको स्वीकृति लिनुपर्छ, र विदेशी मुद्रामा ऋण लिनदिन कानून र राष्ट्र बैङ्कको सूचनाले दिएको हदसम्म मात्र पाइन्छ। विदेशी विनिमय सङ्कट परेमा नेपाल सरकारले नागरिकलाई आफूसँग भएको विदेशी विनिमय सरकारलाई बेच्न आदेश दिन सक्छ। Nepal Law Commission Section 4(3), p. 9; Sections 4B, 6, pp. 10–11; Section 10B, p. 17; Section 16, p. 24
- Nepali citizens may keep or invest abroad the foreign exchange they earned while living abroad, after informing NRB. The 2081 amendment (Act on Improving the Economic and Business Environment and Promoting Investment) added Section 10A, which lets certain Nepal-based companies invest abroad: industries exempted under the Act Restricting Investment Abroad, 2021, IT industries, and foreign-exchange amounts received under the Foreign Investment and Technology Transfer Act. NRB sets the conditions and sector limits. Approved foreign investors may take out their investment, profits, dividends, interest, royalties and technical fees in foreign currency.विदेशमा रहँदा कमाएको विदेशी विनिमय नेपाली नागरिकले राष्ट्र बैङ्कलाई जानकारी दिएर विदेशमै राख्न वा लगानी गर्न सक्छन्। २०८१ को संशोधन (आर्थिक तथा व्यावसायिक वातावरण सुधार र लगानी अभिवृद्धि सम्बन्धी केही नेपाल ऐन संशोधन गर्ने ऐन) ले थपेको दफा १०क अनुसार नेपालमा स्थापित केही कम्पनीले विदेशमा लगानी गर्न पाउँछन्: विदेशमा लगानी गर्न प्रतिबन्ध लगाउने ऐन, २०२१ अन्तर्गत छुट पाएका उद्योग, सूचना प्रविधि उद्योग, र विदेशी लगानी तथा प्रविधि हस्तान्तरण ऐन बमोजिम प्राप्त विदेशी मुद्रा। शर्त र क्षेत्रगत सीमा राष्ट्र बैङ्कले तोक्छ। स्वीकृति पाएका विदेशी लगानीकर्ताले लगानी, नाफा, लाभांश, ब्याज, रोयल्टी र प्राविधिक शुल्क विदेशी मुद्रामा फिर्ता लैजान पाउँछन्। Nepal Law Commission Section 4A(2), p. 10; Section 10A, pp. 16–17; Section 10C, pp. 17–18; title page (amending Act no. 11, 2081)
- NRB regulates the system and issues directives, regulations and notices; the government may give NRB general or special directions. The government appoints investigation officers who may search people, vehicles and premises, seize foreign exchange and, with a court warrant, arrest suspects; cases are filed in the government's name after consulting a government attorney. Penalties include confiscation and a fine of up to three times the amount involved, an extra prison term of up to three years where the amount is Rs 10 million or more, and double punishment for holders of constitutional or political posts.प्रणालीको नियमन राष्ट्र बैङ्कले गर्छ र निर्देशन, विनियम तथा सूचना जारी गर्छ; नेपाल सरकारले राष्ट्र बैङ्कलाई सामान्य वा विशेष निर्देशन दिन सक्छ। नेपाल सरकारले अनुसन्धान अधिकारी तोक्छ, जसले व्यक्ति, सवारी र घर वा कारोबारस्थलको खानतलासी लिन, विदेशी विनिमय कब्जामा लिन र अदालतको पक्राउ पुर्जीबाट शङ्कितलाई पक्राउ गर्न सक्छ; मुद्दा सरकारी वकिलको राय लिई नेपाल सरकारको नामबाट दायर हुन्छ। सजायमा जफत र बिगोको तीन गुणासम्म जरिवाना, बिगो एक करोड वा बढी भए थप तीन वर्षसम्म कैद, र संवैधानिक वा राजनीतिक पदमा रहेकालाई दोब्बर सजाय पर्छ। Nepal Law Commission Sections 11A–11E, pp. 19–21; Sections 12, 15, pp. 22–24; Section 17, pp. 24–26; Sections 18–18A, p. 27
Gaps, loopholes and improvement ideas
- Unclear The rules on investing abroad leave open questions. Commenting on the Poush 2081 ordinance that first opened outbound investment (since replaced by the 2081 amending Act now in the text), the High-Level Economic Reform Commission noted it was not clear what happens to investments Nepalis made abroad before the change, or to investments funded from sources other than earnings abroad; that it was unclear what kinds of business may invest abroad, in what form and up to what limit; that loan investment in wholly owned foreign firms appeared to be barred; and that the amendment did not set out safeguards against misuse of foreign exchange.विदेशमा लगानीसम्बन्धी व्यवस्थामा केही प्रश्न अनुत्तरित छन्। विदेशमा लगानी पहिलोपटक खुला गर्ने २०८१ पुसको अध्यादेश (पछि २०८१ को संशोधन ऐनले प्रतिस्थापन गरेको) बारे उच्चस्तरीय आर्थिक सुधार सुझाव आयोगले यस्तो उल्लेख गरेको छ: संशोधनअघि नेपालीले विदेशमा गरेको लगानीको के हुने, विदेशमा कमाएको बाहेक अन्य स्रोतबाट गरिएको लगानीको के हुने भन्ने स्पष्ट छैन; कस्ता व्यवसायले कुन प्रकारको लगानी कति सीमासम्म गर्न पाउने भन्ने स्पष्ट छैन; पूर्ण स्वामित्वको विदेशी कम्पनीमा ऋण लगानी गर्न बन्देज रहेको बुझिन्छ; र विदेशी मुद्राको अपचलन वा लगानीको दुरुपयोग रोक्ने प्रबन्ध संशोधनले गरेको देखिँदैन। High-Level Economic Reform Commission (उच्चस्तरीय आर्थिक सुधार सुझाव आयोग), submitted to the Ministry of Finance · Nepal Law Commission HLERC report, annex discussion of investing abroad, paras 3–13, printed pp. 148–150 (PDF pp. 215–217); FXA s. 10A, pp. 16–17
Ideas to fix it
- Repeal the Act Restricting Investment Abroad, 2021, which the commission says has become irrelevant now that the Foreign Exchange Act allows direct and portfolio investment abroad, and draft a new law to regulate investment abroad.विदेशी विनिमय ऐनले विदेशमा प्रत्यक्ष र पोर्टफोलियो लगानी खुला गरेपछि असान्दर्भिक बनेको विदेशमा लगानी गर्न प्रतिबन्ध लगाउने ऐन, २०२१ खारेज गरी विदेशमा हुने लगानी नियमन गर्ने नयाँ ऐन तर्जुमा गर्ने। Proposed by: High-Level Economic Reform Commission (2081) High-Level Economic Reform Commission (उच्चस्तरीय आर्थिक सुधार सुझाव आयोग), submitted to the Ministry of Finance
Where does it conflict with other laws?
- विदेशमा लगानी गर्न प्रतिबन्ध लगाउने ऐन, २०२१
The High-Level Economic Reform Commission notes that before the 2081 change all investment abroad by Nepalis was illegal under Section 3(1) of the Act Restricting Investment Abroad, 2021, and that after the Foreign Exchange Act was amended to open direct and portfolio investment abroad, the 2021 Act has become irrelevant. Both laws remain on the statute book.उच्चस्तरीय आर्थिक सुधार सुझाव आयोगका अनुसार २०८१ को परिवर्तनअघि नेपालीले विदेशमा गर्ने सबै लगानी विदेशमा लगानी गर्न प्रतिबन्ध लगाउने ऐन, २०२१ को दफा ३(१) अनुसार अवैध ठहरिन्थ्यो, र विदेशी विनिमय ऐन संशोधन गरी विदेशमा प्रत्यक्ष र पोर्टफोलियो लगानी खुला गरेपछि २०२१ को ऐन असान्दर्भिक बनेको छ। दुवै ऐन अझै कायम छन्। High-Level Economic Reform Commission (उच्चस्तरीय आर्थिक सुधार सुझाव आयोग), submitted to the Ministry of Finance · Nepal Law Commission HLERC printed p. 87 (PDF p. 154), item 15; printed p. 149 (PDF p. 216), para 8; FXA s. 10A, pp. 16–17
Open questions for lawmakers
Research candidates on possible conflicts, gaps or loopholes involving this law. Not legal findings: each awaits qualified legal review.