Payment and Settlement Act, 2075

What does it do?

• The Act governs Nepal's payment, clearing and settlement systems, such as wallets, card networks and interbank transfers. A National Payment Board, chaired by the Governor of Nepal Rastra Bank and including the Finance Secretary, the Financial Comptroller General and the chair of the Nepal Telecommunications Authority, sets direction for developing and overseeing payment systems. Nepal Rastra Bank is the licensing authority and regulator.यो ऐनले वालेट, कार्ड सञ्जाल, अन्तरबैङ्क रकमान्तर जस्ता देशका भुक्तानी, समाशोधन तथा फर्स्यौट प्रणालीलाई नियमन गर्छ। नेपाल राष्ट्र बैङ्कका गभर्नरको अध्यक्षतामा अर्थ सचिव, महालेखा नियन्त्रक र नेपाल दूरसञ्चार प्राधिकरणका अध्यक्षसमेत रहेको राष्ट्रिय भुक्तानी बोर्डले भुक्तानी प्रणालीको विकास र निगरानीको दिशा तय गर्छ। इजाजत दिने र नियमन गर्ने निकाय नेपाल राष्ट्र बैङ्क हो। Nepal Law Commission, Government of Nepal Preamble and Section 2, pp. 1–3; Sections 3–4, pp. 3–5
• No one may operate a payment system or act as a payment service provider without a licence from Nepal Rastra Bank. Applicants must first get a letter of intent, then register as a company (banks and financial institutions are exempt), and then apply for the licence, which the Bank must decide within 30 days. The Bank sets minimum paid-up capital, may attach conditions, and must approve any new or withdrawn payment instrument. Licensees must have at least three directors, keep secure records, hold liquidity, be audited, and report under anti-money-laundering law.नेपाल राष्ट्र बैङ्कको अनुमतिपत्रबिना कसैले पनि भुक्तानी प्रणाली सञ्चालन गर्न वा भुक्तानी सेवा प्रदायकका रूपमा काम गर्न पाउँदैन। पहिले आशयपत्र लिनुपर्छ, त्यसपछि कम्पनी दर्ता गर्नुपर्छ (बैङ्क तथा वित्तीय संस्थालाई छुट छ), अनि अनुमतिपत्रका लागि निवेदन दिनुपर्छ, जसबारे बैङ्कले ३० दिनभित्र निर्णय गर्नुपर्छ। चुक्ता पुँजी बैङ्कले तोक्छ, अनुमतिपत्रमा शर्त राख्न सक्छ, र नयाँ भुक्तानी उपकरण थप्न वा हटाउन बैङ्कको स्वीकृति चाहिन्छ। संस्थामा कम्तीमा तीन सञ्चालक हुनुपर्छ; अभिलेख सुरक्षित राख्नुपर्छ, तरलता मौज्दात राख्नुपर्छ, लेखापरीक्षण गराउनुपर्छ, र सम्पत्ति शुद्धीकरणसम्बन्धी कानूनअनुसार प्रतिवेदन दिनुपर्छ। Nepal Law Commission, Government of Nepal Sections 5–9, pp. 5–8; Sections 10, 14, 16–17, pp. 8–10; Sections 23–25 and 29, pp. 13–16
• Licensees must tell customers about their services and fees, keep customer information confidential, and run their services so as to protect consumers. Settlement must follow the Bank's directions, and high-value and urgent payments must settle through the Bank's real-time gross settlement (RTGS) system. A customer with a complaint must first try to resolve it with the provider within seven days, and can then apply within 15 days to the Bank's Payment Systems Department, whose decision is final. Disputes between providers go to a committee chaired by a Joint Secretary of the Ministry of Finance.संस्थाले आफ्ना सेवा र शुल्कबारे ग्राहकलाई जानकारी दिनुपर्छ, ग्राहकको विवरण गोप्य राख्नुपर्छ र उपभोक्ताको हित संरक्षण हुने गरी सेवा चलाउनुपर्छ। फर्स्यौट बैङ्कको निर्देशनअनुसार गर्नुपर्छ, र ठूलो रकम तथा अति जरुरी भुक्तानी बैङ्कको आरटीजीएस प्रणालीबाट फर्स्यौट गर्नुपर्छ। सेवाग्राही र संस्थाबीच विवाद भए पहिले सात दिनभित्र आपसी सहमतिबाट समाधान गर्नुपर्छ; नभए १५ दिनभित्र राष्ट्र बैङ्कको भुक्तानी प्रणाली विभागमा निवेदन दिन सकिन्छ, र बैङ्कको निर्णय अन्तिम हुन्छ। संस्थाहरूबीचको विवाद अर्थ मन्त्रालयका सहसचिवको अध्यक्षतामा रहेको विवाद समाधान समितिले हेर्छ। Nepal Law Commission, Government of Nepal Sections 26, 28 and 30, pp. 14–16; Sections 32–34, pp. 16–18; Sections 43–44, pp. 22–23
• Nepal Rastra Bank monitors and inspects licensees. It may warn them, limit their transactions, suspend their boards, ban instruments or revoke licences, and may order directors or staff removed. Running a payment business without a licence, or giving false information to obtain one, is punishable by five to ten years' prison and/or a fine of up to Rs 10 million. Other offences, such as unapproved changes or breaches of confidentiality, carry up to two years and/or Rs 1 million. The Bank itself can fine Rs 100,000–500,000 for obstructing inspection or breaching its directions.नेपाल राष्ट्र बैङ्कले अनुमतिप्राप्त संस्थाको अनुगमन तथा निरीक्षण गर्छ; ऊ सचेत गराउन, कारोबारमा सीमा तोक्न, सञ्चालक समिति निलम्बन गर्न, भुक्तानी उपकरणमा रोक लगाउन वा अनुमतिपत्र खारेज गर्न सक्छ, र सञ्चालक वा कर्मचारी हटाउन आदेश दिन सक्छ। अनुमतिपत्रबिना भुक्तानी व्यवसाय गरे वा अनुमतिपत्र लिन झुटा विवरण दिए ५ देखि १० वर्षसम्म कैद वा एक करोड रुपैयाँसम्म जरिवाना वा दुवै सजाय हुन्छ। स्वीकृतिबिना परिवर्तन वा गोपनीयता भङ्ग जस्ता अन्य कसुरमा २ वर्षसम्म कैद वा दस लाख रुपैयाँसम्म जरिवाना वा दुवै हुन्छ। निरीक्षणमा बाधा दिए वा निर्देशन नमाने बैङ्क आफैँले एक लाखदेखि पाँच लाख रुपैयाँसम्म जरिवाना गर्न सक्छ। Nepal Law Commission, Government of Nepal Section 35, pp. 18–19; Sections 36–37, pp. 19–21; Section 42, pp. 21–22

Gaps, loopholes and improvement ideas

None documented in the official reports we have reviewed so far.

Where does it conflict with other laws?

No conflict with another law is documented in the sources we have reviewed so far.