7.3 Main Provisions of the Foreign Exchange (Regulation) Act, 2019

B.S. The Act's architecture (Nepal's standing exchange-control code — the framework, honestly stated): The NRB's plenary control: the Act vests the foreign-exchange control in the Nepal Rastra Bank — the regulator, the licensing authority, the policy's author (read with the NRB Act 2058's modern frame); The authorized-dealer system: foreign exchange dealt in ONLY by the NRB's authorized persons (the commercial banks in practice) — the dealing without authorization prohibited (the offence-and-penalty face); The transactions' channel: the payments to and receipts from abroad routed through the authorized dealers — the documentation's discipline (the import payments through the L/C-or- advance faces of Unit 6; the export proceeds' repatriation within the prescribed time); The holding-and-dealing limits: the foreign-currency holdings, the notes' import-export, the accounts abroad — restricted within the prescribed limits and permissions; The securities-and-property faces: the foreign securities' dealing and the immovable- property transactions with non-residents restricted; The enforcement: the contraventions' penalties (the fines-and-forfeiture faces); the NRB's investigative powers; the exchange offenses' prosecution route. The practice's Nepali map (the closing paragraph): the importer's L/C through the bank; the exporter's proceeds' return; the traveller's quota; the remitter's formal channel — the Act's permissions the trader's daily law, enforced by the banking system as the state's gate. The reforms' direction (the liberalisation's creep within the control frame — the current account's IMF- discipline, the…