Nepal Rastra Bank Act, 2058 (2002)

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26 Questions

What is the purpose of Nepal Rastra Bank as mentioned in the Act?

To maintain stability of price and balance of payment

When did the Nepal Rastra Bank Act, 2058 (2002) come into force?

Immediately

What does 'Bank' refer to in the context of the Act?

Nepal Rastra Bank established under Section 3

What does 'Board' refer to in the context of the Act?

The Board of Directors of the Bank constituted under Section 14

When was the Nepal Rastra Bank (First Amendment) Act, 2063BS (2006) authenticated and published?

2063.07.23 (Nov. 9, 2006)

According to the Act, what is the short title of the Nepal Rastra Bank Act, 2058 (2002)?

"Nepal Rastra Bank Act, 2058 (2002)"

What does the term 'Director' include as per the given text?

The Deputy Governor and the Governor

What does 'Convertible Foreign Currency' refer to?

Foreign currency prescribed by the Bank as convertible

What is the meaning of 'Financial Institution' as per the text?

Institutions providing loans for agricultural cooperatives and collecting deposits from the public

What does 'Commercial Bank' refer to based on the given text?

Any bank established under prevailing laws

As per the given text, what does 'Nepalese Currency' mean?

Currency of Nepalese rupee denomination

What does 'Foreign Currency' include?

Currency other than the Nepalese currency, including special drawing rights, European Currency Units, and other instruments prescribed by the Bank

What is included in the term 'Money' as per the given text?

All types of currency notes, coins, and postal orders

Based on the given text, what does 'Foreign Exchange' encompass?

Foreign currency, deposits, credits, stocks, and various other monetary instruments payable in foreign currencies

'Currency Note' as per the given text includes what?

Both bank notes and coins in circulation in cash form

What does 'Deputy Governor' mean based on the given text?

A member of the Board and a Deputy Governor appointed under Section 16

What is the definition of 'Money' as per the Nepal Rastra Bank Act, 2058 (2002)?

All types of currency notes, postal orders, postal notes, money orders, cheques, drafts, traveler's cheques, letters of credit, bills of exchange, promissory notes, and credit cards.

According to the Act, what does 'Foreign Exchange' encompass?

Foreign currency, all types of deposits, credits, stocks, foreign securities payable in foreign currencies, and various monetary instruments as prescribed by the Bank.

What is the meaning of 'Convertible Foreign Currency' based on the text?

It refers to foreign currency prescribed by the Bank as convertible, as per the requirement, by publication and transmission of public notice.

Define the term 'Financial Institution' as per the text.

A financial institution established under prevailing laws with the objectives of providing loans for specific economic purposes or collecting deposits from the public.

What does the term 'Currency Note' include based on the given text?

It includes bank notes in circulation in the form of cash and also encompasses coins.

What is the short title of the Nepal Rastra Bank Act, 2058 (2002)?

Nepal Rastra Bank Act, 2058 (2002)

When did the Nepal Rastra Bank (Second Amendment) Act, 2073 BS (2016) come into force?

November 14, 2016

What does the term 'Preamble' refer to in the context of the Nepal Rastra Bank Act, 2058 (2002)?

Introduction to the purpose of the Act

What is the function of the 'Board' mentioned in the Act?

To serve as the Board of Directors of the Bank

According to the Act, what is the primary function of Nepal Rastra Bank?

To maintain stability of price, balance of payment, and stability of the entire financial sector to support sustainable development

Study Notes

Introduction

  • The Nepal Rastra Bank Act, 2058 (2002) is the governing legislation for the central bank of Nepal.

Definitions

  • 'Bank' refers to the Nepal Rastra Bank.
  • 'Board' refers to the Board of Directors of the Nepal Rastra Bank.
  • 'Director' includes the Governor, Deputy Governors, and other Directors of the Board.
  • 'Convertible Foreign Currency' refers to foreign currency that can be exchanged for Nepalese currency.
  • 'Financial Institution' means a bank, financial institution, or other organization that provides financial services.
  • 'Commercial Bank' refers to a bank that provides commercial banking services.
  • 'Nepalese Currency' means the currency issued by the Nepal Rastra Bank.
  • 'Foreign Currency' includes all currencies other than Nepalese currency.
  • 'Money' includes Nepalese currency, foreign currency, and other monetary instruments.
  • 'Foreign Exchange' encompasses all transactions involving foreign currency.
  • 'Currency Note' includes notes issued by the Nepal Rastra Bank.

Amendments

  • The Nepal Rastra Bank (First Amendment) Act, 2063BS (2006) was authenticated and published in 2006.
  • The Nepal Rastra Bank (Second Amendment) Act, 2073 BS (2016) came into force in 2016.

Governance

  • The Board of Directors is responsible for the governance of the Nepal Rastra Bank.
  • The Governor is the chief executive of the Nepal Rastra Bank.
  • The Deputy Governor assists the Governor in the performance of their duties.

Functions

  • The primary function of Nepal Rastra Bank is to regulate the monetary and financial system of Nepal.
  • The Nepal Rastra Bank is responsible for managing the foreign exchange reserves of Nepal.
  • The Bank is also responsible for supervising and regulating commercial banks and other financial institutions.

Test your knowledge of the Nepal Rastra Bank Act, 2058 (2002) and its amendments. Explore the dates of authentication and publication, as well as the amendments made to the act over the years.

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