Section 60
Currency Recall
(1) The Bank may recall the bank notes and coins in circulation within Nepal by issuing in exchange there for other bank notes and coins in equivalent amount. The Bank shall publish and transmit pubic notice clearly specifying the period during which the bank notes or coins must be presented for exchange and where they are to be so presented.
(2) Notwithstanding anything contained in Section 53, upon expiry of the time prescribed pursuant to Sub-section (1), bank notes and coins to be exchanged shall cease to be a legal tender.
(3) The Bank may cut, break or demolish or destroy in any manner whatsoever, the banknotes and coins withdrawn from circulation and the currency with defect, as prescribed.
(2) Notwithstanding anything contained in Section 53, upon expiry of the time prescribed pursuant to Sub-section (1), bank notes and coins to be exchanged shall cease to be a legal tender.
(3) The Bank may cut, break or demolish or destroy in any manner whatsoever, the banknotes and coins withdrawn from circulation and the currency with defect, as prescribed.
Nepal Rastra Bank Act, 2058 (2002)
Chapter - 2
Section 3: Establishment Of The BankSection 4: Objectives Of The BankSection 5: Functions, Duties And Powers Of The BankSection 6: Prior Right Of The BankSection 7: Functions Not To Be Carried Out By The BankSection 8: Privileges And Facilities To The BankSection 9: Relation Between Government Of Nepal And The BankSection 10: Coordination With Public BodiesSection 11: International Cooperation And RelationshipSection 12: Flow Of Public InformationSection 13: Operation Of Accounts
Chapter - 3
Section 14: Formation Of The BoardSection 15: Appointment Of The GovernorSection 16: Appointment Of The Deputy GovernorSection 17: Appointment Of The DirectorsSection 18: Tenure Of Office Of The DirectorsSection 19: Remuneration And Other Benefits Of The DirectorsSection 20: Qualifications Of The DirectorsSection 21: Disqualification Of The DirectorsSection 22: Grounds For Removable Of The Directors From OfficeSection 23: Constitution, Functions And Duties Of Inquiry CommitteeSection 24: Resignation By DirectorSection 25: Public Notification Of Governor’s AppointmentSection 26: Fulfillment Of Vacant Off IceSection 27: Acting GovernorSection 28: Meeting Of The BoardSection 29: Functions, Duties And Powers Of The BoardSection 30: Functions, Duties And Powers Of The GovernorSection 31: Delegation Of PowersSection 32: Prohibition On Vested Personal InterestsSection 33: Management CommitteeSection 34: Audit CommitteeSection 35: Functions, Duties And Powers Of The Audit CommitteeSection 36: Employees Of The BankSection 37: Professional Code Of Conduct And Official ResponsibilitySection 38: Confidentiality
Chapter - 5
Section 44: Monetary PolicySection 45: Operation Of Open MarketSection 46: Compulsory Deposit In Commercial Banks And Financial InstitutionsSection 47: Failure To Maintain Compulsory DepositSection 48: Discount OperationSection 49: Loan And Refinance To Commercial Banks And Financial InstitutionsSection 50: Discount Rate And Rate Of Interest For Refinance
Chapter - 6
Section 51: Monetary UnitSection 52: Power To Issue Banknotes And CoinsSection 53: Banknotes And Coins To Be Acceptable AllSection 54: Measurement, Weights And Size Of CoinsSection 55: Issuance Of Currency And SecuritySection 56: Provisions For Exchange Of CurrencySection 57: Soiled Or Counterfeit CurrencySection 58: Provisions Relating To Currency Inventory And Issuance Of CurrencySection 59: Account Of Issued CurrencySection 60: Currency RecallSection 61: Reproduction And Counterfeiting Of Currency
Chapter - 7
Section 62: Foreign Exchange PolicySection 63: Management Of Foreign ExchangeSection 64: Particulars Of Foreign Exchanges DealingsSection 65: Dealing In Foreign ExchangesSection 66: Foreign Exchange ReserveSection 67: Issuance Of Debt Bond Against Gold And Foreign CurrencySection 68: International Clearing And Payment Agreements
Chapter - 8
Section 69: Banker, Advisor And Financial AgentSection 70: Opinions And Information Relating To External DebtSection 71: Deposit CollectionSection 72: Functions Of Fiscal AgentSection 73: Bank May Ask For Particulars, Statistics And DocumentsSection 74: Consultation On The Matter Of Law ReformSection 75: Credit To Government Of Nepal And Purchase Of Government Debt Bonds
Chapter - 9
Section 76: Bank’s Approval Required For Accepting Deposits Or Giving CreditsSection 76: Bank’s Approval Required For Accepting Deposits Or Giving CreditsSection 77: Restriction On Rate Of InterestSection 77: Restriction On Rate Of InterestSection 78: License To Be Obtained From BankSection 78: License To Be Obtained From BankSection 79: Regulatory Powers Of BankSection 79: Regulatory Powers Of BankSection 80: Banking And Financial System And Credit ControlSection 80: Banking And Financial System And Credit ControlSection 81: Credit To Prescribed SectorsSection 81: Credit To Prescribed SectorsSection 82: Information To Be Furnished To BankSection 82: Information To Be Furnished To BankSection 83: Approval Required To Issue Debentures And Financial InstrumentsSection 83: Approval Required To Issue Debentures And Financial InstrumentsSection 84: Inspection And SupervisionSection 84: Inspection And SupervisionSection 85: Exchange Of Mutual CooperationSection 85: Exchange Of Mutual CooperationSection 86: XxxxxxxSection 86: XxxxxxxSection 86A: Information Need To Provide To The Bank By Commercial Banks And Financial InstitutionsSection 86A: Information Need To Provide To The Bank By Commercial Banks And Financial InstitutionsSection 86B: State Of Problematic Commercial Bank And Financial InstitutionSection 86B: State Of Problematic Commercial Bank And Financial InstitutionSection 86C: Bank Can Take Action Against Problematic Commercial Bank Or Financial InstitutionSection 86C: Bank Can Take Action Against Problematic Commercial Bank Or Financial InstitutionSection 86D: Effect Of The Control Of The Bank To Any Commercial Bank Or Financial InstitutionSection 86D: Effect Of The Control Of The Bank To Any Commercial Bank Or Financial InstitutionSection 86E: The Reformative Measures And Rights Which Can Be Used By The Bank Or The Official Appointed By The BankSection 86E: The Reformative Measures And Rights Which Can Be Used By The Bank Or The Official Appointed By The BankSection 86F: Right Of The Bank For Corrective ActionSection 86F: Right Of The Bank For Corrective ActionSection 86G: Application For The DissolutionSection 86G: Application For The DissolutionSection 86H: Decrease Of The Capital Of Problematic Commercial Bank Or Financial InstitutionSection 86H: Decrease Of The Capital Of Problematic Commercial Bank Or Financial InstitutionSection 86I: Right To Appeal Against The Order Of The BankSection 86I: Right To Appeal Against The Order Of The BankSection 86J: Transfer Of The Assets And Liabilities Of The Problematic Commercial Bank Or Financial InstitutionSection 86K: Basis For Transfer Of The Assets And LiabilitiesSection 86K: Basis For Transfer Of The Assets And LiabilitiesSection 86L: Consequence Of TransferSection 86L: Consequence Of TransferSection 86M: Finality Of The Order Of TransferSection 86M: Finality Of The Order Of TransferSection 86N: Prohibition In Any ActionsSection 86N: Prohibition In Any ActionsSection 87: Establishment Of Information NetworkSection 87: Establishment Of Information NetworkSection 88: Establishment Of Credit Information CenterSection 88: Establishment Of Credit Information Center
Chapter - 11
Section 95: Acts To Be Deemed To Be Offence Under This ActSection 96: PunishmentSection 97: Government Of Nepal To Be PlaintiffSection 98: Bank To Provide InformationSection 99: Fine For Violation Of Bank’s RegulationSection 100: Punishment For Violation Of Bank’s RegulationSection 101: Procedures For Pecuniary Penalty And PunishmentSection 102: Filing Appeals
Chapter - 12
Section 103: Payment, Clearing And SettlementSection 104: Collection Of DataSection 105: Trust AccountsSection 106: Actions Not To Be InvalidSection 107: No Responsibility For Acts Done On Good FaithSection 108: Oath Of OfficeSection 109: This Act To Be ApplicableSection 110: Power To Frame Rules And Bye-lawsSection 111: Guidelines To Be Framed And IntroducedSection 112: Repeal And Saving