Parliament of Nepal - Nepal Rastra Bank Act, 2002, as Amended up to November 9, 2006

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The Parliament of Nepal's Nepal Rastra Bank Act, 2002 repeals the Nepal Rastra Bank Act, 1955 and the Currencies Act, 1983. The act establishes the Nepal Rastra Bank as the central bank of the country with the objective of formulating the necessary monetary and foreign exchange policies in order to maintain the stability of prices. In addition, under the act, the Bank aims to promote stability and liquidity required in the banking and financial sectors, develop a secure, healthy and efficient system of payment, and regulate, inspect, supervise and monitor the banking and financial system. The act is divided into several chapters, and sets forth provisions on the following topics:

1. Establishment, Objectives and Functions, Duties and Powers
2. Formation of Board and Functions, Duties and Powers
3. Financial Provisions
4. Monetary Functions and Operation of Open Market
5. Monetary Unit, Banknote and Coins
6. Foreign Exchange Policy, Regulation and Reserve
7. Relation with Government of Nepal
8. Regulation, Inspection and Supervision of the Banks
9. Balance Sheet, Auditing and Report
10. Offences, Punishment and Proceedings

Document Details

Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2006
Date of Document: 
Thursday, November 9, 2006
Document Authors: 
Parliament of Nepal
Language (This Document): 
English

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