(1) Regardless of what is written in the prevailing law, the principal and interest payment of the following promissory notes shall be as follows:-
(a) Payment of stock loan and interest to the person in whose name the stock is registered through his bank account,
(b) Credit (and payment of interest) on a promissory note to the last holder or nominee of the promissory note Explanation: For the purposes of this section, "promissory note" means a negotiable instrument and includes a treasury bill.
(c) Payment of principal and interest on bearer bond to the bearer bond certificate Explanation: For the purpose of this section, "bearer bond" means a bond payable to the bearer bond certificate holder.
(d) Payment of the prize bond to the person who brings the certificate of the prize bond, and Explanation: For the purpose of this section, "prize bond" means a bond in which the owner receives all or part of the interest amount as specified by letter. (e) To the persons as specified in the interest and interest of other shares.
(2) The arrangement regarding the payment of interest of the prize bond as per clause (d) of sub-section (1) shall be as prescribed.
(3) The principal and interest of the bond shall be paid in Nepali or foreign currency as per the conditions mentioned while issuing the bond.
(4) If the province or local level fails to pay the installments taken from the Government of Nepal or under the guarantee of the Government of Nepal, the Government of Nepal may deduct the amount equal to the principal and interest of such installments from the amount of revenue distribution to be provided to the respective provinces or local levels in accordance with the prevailing law.