(1) A person who wants to work as a payment system operator or a payment service provider must submit an application to the bank for a letter of intent with the following documents and the prescribed fee before establishing a company in accordance with Section 6:...
(a) Articles of Association and Regulations of the proposed company,
(b)     Commercial and Technical Feasibility Study Report,
(c)     Personal details of the founder in the prescribed format,
(d)     Copy of Certificate of Citizenship of Founder,
(e)     details of the founder's source of investment disclosed,
(f)     Proof of tax payment for the financial year preceding the current financial year or proof of income statement submitted to the relevant Internal Revenue Office for that purpose,
(g)     Letter of authorization in case of application by a person other than the founder on behalf of the company,
(h)   not being blacklisted or in default,
(i)     Other documents prescribed by the Bank.
(2) Notwithstanding anything written in sub-section (1), before the commencement of this Act, it shall be deemed that the institution which has received permission from the bank to carry out transactions related to payment and settlement has obtained a letter of intent in accordance with this section. But if such an organization wants to introduce a new payment instrument, it will have to take the bank's approval for such an instrument.
(3) If the bank deems it appropriate to give a letter of intent while examining the application received under sub-section (1), it shall give the letter of intent to the applicant in the prescribed format within ninety days of receiving the application.
(4) When the letter of intent is given in accordance with sub-section (3), the letter of intent shall be given in such a way that organizations other than banks and financial institutions are allowed to conduct sole business among payment system operators and payment service providers.
(5) Notwithstanding anything contained in sub-section (3), the bank may refuse to issue a letter of intent to the applicant in any of the following cases:-
(a) If all the details documents to be submitted as per sub-section (1) are not submitted,
(b) of the countryIf the state of the economy, size and market competition such as financial and technical or on the basis mentioned in sub-section (2) of section 14, it is not suitable to establish an additional institution.
(6) If the bank refuses to give the letter of intent according to sub-section (5), the bank shall give written information to the applicant along with the reason.
(7) The person who received the letter of intent according to sub-section (3) shall establish the company according to section 6 within the period specified by the bank.
(8) If the company cannot be established within the period specified in sub-section (7), such letter of intent shall automatically be cancelled.