Discuss (c) export proceeds

The statute: the Foreign Exchange (Regulation) Act 2019 B.S. (1962/63) — the exchange control's code (the oldest financial statutes still governing — the syllabus's reading text); the administering authority: the Nepal Rastra Bank (the exchange's regulator (the FERA's machinery — the licensing-and-permission regime) — Unit 2's companion face). The philosophy: the foreign exchange as the scarce public resource (the reserves' protection — the balance-of-payments' discipline); the controlled-regime's design (the transactions' permission-first philosophy: the dealings by licence, the payments by approval); the modern faces (the liberalisation's era — the current-account's easing (the trade-and-travel facilitation), the capital-account's continuing control (the investment flows' permission)).