(1) No person shall conduct foreign exchange transactions with any person other than a licensed person without obtaining the approval of the bank.
(2) The licensed person or any other person shall not engage in foreign exchange transactions by exchanging Nepali currency for foreign exchange and receiving Nepali currency for foreign exchange at the exchange rate fixed by the bank.
(3) If a person receives foreign exchange for a specific purpose or under any condition, that person shall not use such foreign exchange for other purposes or violate the said condition. If the foreign exchange thus obtained cannot be used for related work or if the condition cannot be fulfilled, he shall sell such foreign exchange to a licensed person or bank at the rate determined by the bank within thirty days from the date of his knowledge of the matter.

(4) If a person receives foreign exchange for importing any item into Nepal …………, if he does not import such item within the period of Manasiv Mafiq or if he does not import an item equal to the value of the foreign exchange so received, he is unable to use the foreign exchange so received in that work or fulfills the said condition. It will be considered as not being able to do it.