Section 12
Functions, Duties And Powers Of The Accreditation Committee
12. Functions, Duties and Powers of the Accreditation Committee: The Accreditation Committee shall, apart from the functions, duties and powers set
forth elsewhere in this Act, have the following functions, duties and powers:-
(a) To monitor and supervise the financial activities of license holder entities as to whether or not their international financial transaction activities are
in line with the provisions of this Act or Rules made thereunder, or other prevailing laws relating to international financial transactions, (b) To make recommendations to the Promotion Board in respect of facilitates to be accorded to international financial entities for the purpose of making Nepal as an attractive centre for international financial transactions,
(c) To make recommendations to the Promotion Board in respect of improvements to be made in the existing laws related with international
financial transactions for the purpose of carrying out international financial transactions in an effective and well-managed manner,
(d) To inquire as to whether or not a license holder entity is fulfilling the conditions required to be fulfilled under the provisions of this Act and to
require it to fulfill them if they are found not to have been fulfilled,
(e) To give necessary instructions to license holder entities in respect of international financial transactions.
(f) To avail itself of the service of national or foreign experts or specialized agencies for the promotion and development of international financial
transactions,
(g) To comply with the instructions given from time to time by the Promotion Board,
(h) To suspend or revoke, as may be required, the license obtained by any license holder entity in cases where it is in violation of the provisions of
this Act or Rules made thereunder, or the existing laws relating to international financial transactions:
Provided that, such an entity shall be given an opportunity to submit its explanation before such revocation.
(i) To perform such other acts, as may be prescribed, for making international financial transactions effective.
forth elsewhere in this Act, have the following functions, duties and powers:-
(a) To monitor and supervise the financial activities of license holder entities as to whether or not their international financial transaction activities are
in line with the provisions of this Act or Rules made thereunder, or other prevailing laws relating to international financial transactions, (b) To make recommendations to the Promotion Board in respect of facilitates to be accorded to international financial entities for the purpose of making Nepal as an attractive centre for international financial transactions,
(c) To make recommendations to the Promotion Board in respect of improvements to be made in the existing laws related with international
financial transactions for the purpose of carrying out international financial transactions in an effective and well-managed manner,
(d) To inquire as to whether or not a license holder entity is fulfilling the conditions required to be fulfilled under the provisions of this Act and to
require it to fulfill them if they are found not to have been fulfilled,
(e) To give necessary instructions to license holder entities in respect of international financial transactions.
(f) To avail itself of the service of national or foreign experts or specialized agencies for the promotion and development of international financial
transactions,
(g) To comply with the instructions given from time to time by the Promotion Board,
(h) To suspend or revoke, as may be required, the license obtained by any license holder entity in cases where it is in violation of the provisions of
this Act or Rules made thereunder, or the existing laws relating to international financial transactions:
Provided that, such an entity shall be given an opportunity to submit its explanation before such revocation.
(i) To perform such other acts, as may be prescribed, for making international financial transactions effective.