(1) A person, firm, company or organization wishing to conduct foreign exchange transactions must obtain a license from the bank.
(2) A person, firm, company or organization who wants to do foreign exchange transactions must submit an application to the bank along with the details specified by the bank to obtain a license.
(3) If an application is made in accordance with sub-section (2), the bank may issue a license to the relevant person, firm, company or organization to conduct foreign exchange transactions based on the prescribed criteria. In this way, when granting a license, the bank can specify the type of foreign exchange to be transacted, the extent, the period for transacting and other necessary conditions.
(4) The bank may issue necessary orders or instructions from time to time to the licensed persons regarding the regularization and management of foreign exchange transactions. It shall be the duty of the licensee to comply with such order or direction.
(5) The license holder shall pay the annual fee and deposit to the bank as prescribed by the bank. The bank may cancel or suspend the license of the licensee who does not pay the prescribed annual fee or bond.
(6) If any person, firm, company or organization comes to request a license to carry out foreign exchange transactions, the bank may issue a license to such person subject to this clause.