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FE=20 Manual 2002 -Appendices=20   

 


APPENDIX = I =20 Foreign Exchange = Regulation=20 Act, 1947.   (VII of=20 1947) 

  • Short=20 title, extent and commencement.

  • Interpretation.=20

  • Authorised=20 Dealers in Foreign Exchange.

    • 3A.     =20 Authorized=20 money changers in foreign exchange

    • 3B      =20 Cancellation=20 of authorization =

  • Restrictions=20 on dealing in Foreign Exchange.

  • Restrictions=20 on payments.

  • Blocked=20 accounts.

  • Special=20 accounts.

  • Restrictions=20 on import and export of certain currency and=20 bullion.

  • Acquisition=20 by Federal Government of foreign = exchange.

  • Duty=20 of persons entitled to receive foreign exchange,=20 etc.

  • Power=20 to regulate the uses, etc., of imported gold and=20 silver.

  • Payment=20 for exported goods.

  • Regulation=20 of export and transfer of securities. =

  • Custody=20 of securities.

  • Restrictions=20 on issue of bearer securities.

  • Acquisition=20 by Federal Government of foreign = securities.=20

  • Restriction=20 on settlement.

  • Certain=20 provisions as to companies.

  • Power=20 to call for information.

  • Supplemental=20 provisions.

  • Contracts=20 in evasion of this Act.

  • False=20 statements.

  • Penalty=20 and procedure.

    • 23A.     =20 Tribunal,=20 its powers etc.

    • 23B.     =20 Authorisation=20 of Adjudicating officers and their powers=20 etc.

  • Burden=20 of proof in Certain Cases.

  • Power=20 to Federal Government to give directions.

  • Bar=20 of legal proceedings.

  • Power=20 to make rules.

Act No. = VII of=20 1947
(11th March, 1947)  

An Act to regulate = certain=20 payments, dealings in foreign exchange and Securities and = the=20 import and export of currency and bullion.
WHEREAS = it is=20 expedient in the economic and financial interest of = Pakistan to=20 provide for the regulation of certain payments, dealings = in=20 foreign exchange and securities and the import and export = of=20 currency and bullion;

It is hereby enacted = as=20 follows: -

1.     =20 Short title, extent and=20 commencement. (1) This Act may = be called=20 the Foreign Exchange Regulation Act, 1947. =  =20

(2) It extends to the = whole of=20 Pakistan and applies to all citizens of Pakistan and = persons in=20 the service of Government wherever they may be. =  =20

 (3) It shall come = into=20 force on such date as the Federal Government may, by = notification=20 in the official Gazette, appoint in this behalf.=20

2.        =20 Interpretation.  =20

In this Act, unless = there is=20 anything repugnant in the subject or context:-=20

(a)     =20 "Appellate Board" means a foreign Exchange = Regulation=20 Appellate Board constituted under sub-section (1) of = section=20 23C;

(aa)     =20 =93Authorised Dealer=94 means a person for the time = being=20 authorised under section 3 to deal in foreign = exchange;=20

(ab)     =20 =93authorized money changer=94 means a person for = the time=20 being authorized under  =20 section 3A to deal in foreign currency notes, bank = notes,=20 coins and travellers cheques. =

(b)     =20 "Currency" includes all coins, currency notes, bank = notes,=20 postal notes, money orders, cheques, drafts, traveler=92s = cheques,=20 letters of credit, bills of exchange and promissory = notes;=20

(c)     =20 "Foreign Currency" means any currency other than = Pakistan=20 currency;

(d)     =20 "Foreign Exchange" means foreign currency and = includes any=20 instrument drawn, accepted, made or issued under clause = (8) of=20 section 17 of the State Bank of Pakistan Act, 1956, all = deposits,=20 credits and balance payable in any foreign currency, and = any=20 drafts, traveler=92s cheques, letters of credit and bills = of=20 exchange, expressed or drawn in Pakistan currency but = payable in=20 any foreign currency;

(e)     =20 "Foreign Security" means any security issued = elsewhere than=20 in Pakistan and any security the principal of or interest = on which=20 is payable in any foreign currency or elsewhere than in=20 Pakistan;

(f)     =20 "Gold" includes gold in the form of coin, whether = legal=20 tender or not, or in the form of bullion or ingot, whether = refined=20 or not;

(g)     =20 "Pakistan currency" means currency which is = expressed or=20 drawn in Pakistan rupees;

(h)     =20 "Owner", in relation to any security, includes any = person=20 who has power to sell or transfer the security, or who has = the=20 custody thereof or who receives, whether on his own behalf = or on=20 behalf of any other person, dividends or interest thereon, = and who=20 has any interest therein, and in a case where any security = is held=20 on any trust or dividends or interest thereon are paid = into a=20 trust fund, also includes any trustee or any person = entitled to=20 enforce the performance of the trust or to revoke or vary, = with or=20 without the consent of any other person, the trust or any = terms=20 thereof, or to control the investment of the trust = moneys;=20  =20

(i)     =20 "Prescribed" means prescribed by rules made under = this=20 Act;

(j)     =20 "State Bank" means the State Bank of Pakistan; =

(k)     =20 "Security" means shares, stocks, bonds, debentures, = debenture stock and Government securities, as defined in = the=20 Securities Act, 1920, deposit receipts in respect of = deposits of=20 securities, and units or sub-units of unit trusts, but = does not=20 include bills of exchange or promissory notes other than=20 Government promissory notes;

(l)     =20 "Silver" means silver bullion or ingot, silver = sheets and=20 plates which have undergone no process of manufacture = subsequent=20 to rolling and uncurrent silver coin which is not legal = tender in=20 Pakistan or elsewhere;

(m)     =20 "Transfer" includes, in relation to any security, = transfer=20 by way of loan or security.  =20

3.        =20 Authorised Dealers in Foreign Exchange.=20

(1)     = The State=20 Bank may, on application made to it in this behalf, = authorize any=20 person to deal in foreign exchange. =

(2)     = An=20 authorisation under this section:- =

(i) may authorize dealings = in all=20 foreign currencies or may be restricted to authorizing = dealings in=20 specified foreign currencies only; =

(ii) may authorise = transactions of all=20 descriptions in foreign currencies or may be restricted to = authorizing specified transactions only;=20

(iii) may be granted to be = effective=20 for a specified period, or within specified amounts.=20

(3)     = An=20 authorised dealer shall in all his dealings, in foreign = exchange=20 comply with such general or special directions or = instructions as=20 the State Bank may from time to time think fit to give, = and,=20 except with the previous permission of the State Bank, an=20 authorised dealer shall not engage in any transaction = involving=20 any foreign exchange which is not in conformity with the = terms of=20 his authorization under this section.=20

(4)     = An=20 authorized dealer shall, before undertaking any = transaction in=20 foreign exchange on behalf of any person, require that = person to=20 make such declarations and to give such information as = will=20 reasonably satisfy him that the transaction will not = involve, and=20 is not designed for the purpose of, any contravention or = evasion=20 of the provisions of this Act or of any rules, directions = or=20 orders made thereunder, and where the said person refuses = to=20 comply with any such requirement or makes only = unsatisfactory=20 compliance therewith, the authorised dealer shall refuse = to=20 undertake the transaction and shall, if he has reason to = believe=20 that any such contravention or evasion as aforesaid is=20 contemplated by the person, report the matter to the State = Bank.

3A.        =20 Authorized money changers in foreign = exchange:-=20  

(1)   =20 The State Bank may, on application made to it in = this=20 behalf, and on payment of a fee prescribed by it, from = time to=20 time, authorize any person to deal in foreign currency = notes, bank=20 notes, coins and travellers cheques. =

(2)   =20 The power=20 conferred under sub-section (1) shall be exercised on the = basis of=20 criteria prescribed, and recommendations made, by a = committee=20 consisting of such official and non-official = representatives as=20 may be nominated by the State Bank. =

(3)   =20 An=20 authorization made under this section may be for a = specific period=20 of time, which may be renewed thereafter. =

(4) An authorized money = changer=20 shall, in all his dealings under the authorization, comply = with=20 such general or special directions or instructions as the = State=20 Bank may, from time to time, think fit to give including = those for=20 supply of data, the rate and code of conduct in doing = business.=20 Failure to comply with the instructions may lead to = suspension of=20 the licence or other actions as necessary. =

3B        =20 Cancellation of authorization: -=20

Without prejudice to = the=20 provisions of section 23B, if an authorized dealer or = money=20 changer commits a contravention of any term of = authorization or=20 uses it for any purpose other than the purpose, or after = the=20 expiry of the period, for which it was given or = contravenes or=20 attempts to contravene or abets the contravention of the=20 provisions of , or the general or special directions or=20 instructions or permissions issued by the State Bank from = time to=20 time under any provisions of, this Act or any rules made=20 thereunder or engages in transactions not in conformity = with the=20 terms of authorization or fails to comply with any of the=20 provisions of this Act or any rules, directions, = instructions, or=20 permissions made, issued or given thereunder or in the = public=20 interest it is necessary so to do or there otherwise exist = reasons=20 appearing sufficient to the State Bank, after giving a = reasonable=20 opportunity of being heard to the authorized dealer or = money=20 changer cancel the authorization. =

Provided that, if, in = the=20 opinion of the State Bank, any delay would be prejudicial = to the=20 public interest, the State Bank may, at the time of giving = an=20 opportunity as aforesaid or at any time thereafter and = pending the=20 hearing as aforesaid, if any, by order suspend, for a = period=20 specified in the order, the authorization either wholly or = to such=20 extent as may be so specified.

4.        =20 Restrictions on dealing in Foreign Exchange.=20  =20

(1)       =20 Except with the previous general or special = permission of=20 the State Bank, no person other than an authorised dealer = shall in=20 Pakistan, and no person resident in Pakistan other than an = authorised dealer shall outside Pakistan, buy or borrow = from, or=20 sell or lend to, or exchange with, any person not being an = authorised dealer, any foreign exchange.=20

(2)     = Except=20 with the previous general or special permission of the = State Bank,=20 no person whether an authorised dealer or otherwise, shall = enter=20 into any transaction which provides for the conversion of = Pakistan=20 currency into foreign currency or foreign currency into = Pakistan=20 currency at rates of exchange other than the rates for the = time=20 being authorized by the State Bank.

(3)     = Where any=20 foreign exchange is acquired by any person other than an=20 authorised dealer of any particular purpose, or where any = person=20 has been permitted conditionally to acquire foreign = exchange, the=20 said person shall not use the foreign exchange so acquired = otherwise than for that purpose or, as the case may be, = fail to=20 comply with any condition to which the permission granted = to him=20 is subject, and where any foreign exchange so acquired = cannot be=20 so used or, as the case may be, the conditions cannot be = complied=20 with, the said person shall without delay sell the foreign = exchange to an authorised dealer. =

(4)     = Nothing=20 in this section shall be deemed to prevent a person from = buying=20 from any post office, in accordance with any law or rules = made=20 thereunder for the time being in force, any foreign = exchange in=20 the form of postal orders or money orders.=20

5.        =20 Restrictions on payments.=20

 (1)     = Save as=20 may be provided in and in accordance with any general or = special=20 exemption from the provisions of this sub-section which = may be=20 granted conditionally or unconditionally by the State = Bank, no=20 person in, or resident in, Pakistan shall=97 =

(a)     = make any=20 payment to or for the credit of any person resident = outside=20 Pakistan;

(b)     = draw,=20 issue or negotiate any bill of exchange or promissory note = or=20 acknowledge any debt, so that a right (whether actual or=20 contingent) to receive a payment is created or transferred = in=20 favour of any person resident outside Pakistan;=20

(c)     = make any=20 payment to or for the credit of any person by order or on = behalf=20 of any person resident outside Pakistan;=20

(d)     = place any=20 sum to the credit of any person resident outside = Pakistan;=20

(e)     = make any=20 payment to or for the credit of any person as = consideration for or=20 in association with=97

(i)      = the=20 receipt by any person of a payment or the acquisition by = any=20 person of property outside Pakistan; =

(ii)     = the=20 creation or transfer in favour of any person of a right = whether=20 actual or contingent to receive a payment or acquire = property=20 outside Pakistan;

(f)     = draw,=20 issue or negotiate any bill of exchange or promissory = note,=20 transfer any security or acknowledge any debt, so that a = right=20 (whether actual or contingent) to receive a payment is = created or=20 transferred in favour of any person as consideration for = or in=20 association with any matter referred to in clause = (e).=20

(2) Nothing in = sub-section (1)=20 shall render unlawful=97

(a)     = the=20 making of any payment already authorized, either with = foreign=20 exchange obtained from an authorized dealer under section = 4 or=20 with foreign exchange retained by a person in pursuance of = an=20 authorization granted by the State Bank;

(b)     = the=20 making of any payment with foreign exchange received by = way of=20 salary or payment for services not arising from business = in, or=20 anything done while in Pakistan. =

(3)     = Nothing=20 in this section shall restrict the doing by any person of = anything=20 within the scope of any authorization or exemption granted = under=20 this Act.

(4)       =20 For the purposes of this section, "security" also = includes=20 coupons or warrants representing dividends or interest and = life or=20 endowment insurance policies. =

6.     =20 Blocked accounts.  =20

(1)     = Where an=20 exemption from the provisions of section 5 is granted by = the State=20 Bank in respect of payment of any sum to any person = resident=20 outside Pakistan and the exemption is made subject to the=20 condition that the payment is made to a blocked = account=97=20

(a)     = the=20 payment shall be made to a blocked account in the name of = that=20 person in such manner as the State Bank may by general or = special=20 order direct; and

(b)     = the=20 crediting of that sum to that account shall, to the extent = of the=20 sum credited, be a good discharge to the person making the = payment.

(2)       =20 No sum standing at the credit of a blocked account = shall be=20 drawn on except in accordance with any general or special=20 permission which may be granted conditionally or otherwise = by the=20 State Bank.

(3)     = In this=20 section "blocked account" means an account opened as a = blocked=20 account at any office or branch in Pakistan of a bank = authorized=20 in this behalf by the State Bank, or an account blocked, = whether=20 before or after the commencement of this Act, by order of = the=20 State Bank.

7.     =20 Special accounts.  

(1)     = Where in=20 the opinion of the Federal Government it is necessary or = expedient=20 to regulate payments due to persons resident in any = territory, the=20 Federal Government may, by notification in the official = Gazette,=20 direct that such payments or any class of such payments = shall be=20 made only into an account (hereinafter referred to as a = special=20 account) to be maintained for the purpose by the State = Bank or an=20 authorized dealer specially authorized by the State Bank = in this=20 behalf.

(2)     = The=20 credit of a sum to a special account shall, to the extent = of the=20 sum credited, be a good discharge to the person making the = payment:

Provided that where = the=20 liability of the person making the payment is to make the = payment=20 in foreign currency, the extent of the discharge shall be=20 ascertained by converting the amount paid into that = currency at=20 such rate of exchange as is for the time being fixed or = authorized=20 by the State Bank.

(3)     = The sum=20 standing to the credit of any special account shall from = time to=20 time be applied=97

(a)     = where any=20 agreement is entered into between the Federal Government = and the=20 Government of the territory to which the aforesaid = notification=20 relates for the regulation of payments between persons = resident in=20 Pakistan and in that territory, in such manner as the = State Bank,=20 having regard to the provisions of such agreement, may = direct;=20 or

(b)     = where no=20 such agreement is entered into, for the purpose of paying = wholly=20 or partly, and in such order of preference and at such = times as=20 the Federal Government may direct, debts due from the = persons=20 resident in the said territory to persons resident in = Pakistan or=20 in such other territories as the Federal Government may by = order=20 specify in this behalf.

8.        =20 Restrictions on import and export of certain = currency and=20 bullion.=20

(1)     = The=20 Federal Government may, by notification in the official = Gazette,=20 order that, subject to such exemptions, if any, as may be=20 contained in the notification, no person shall, except = with the=20 general or special permission of the State Bank and on = payment of=20 the fee, if any, prescribed bring or send into Pakistan = any gold=20 or silver or any currency notes or bank notes or coin = whether=20 Pakistan or foreign.

[Explanation.=97The=20 bringing or sending into any part or place in the = territories of=20 Pakistan of any such article as aforesaid, intended to be = taken=20 out of the territories of Pakistan without being removed = from the=20 ship or conveyance in which it is being carried, shall = nonetheless=20 be deemed to be bringing or as the case may be sending, = into the=20 territories of Pakistan of that article for the purposes = of this=20 section.]

(2)     = No person=20 shall, except with the general or special permission of = the State=20 Bank or the written permission of a person authorized in = this=20 behalf by the State Bank, take or send out of Pakistan any = gold,=20 jewelry or precious stones, or Pakistan currency notes, = bank notes=20 or coin or foreign exchange.

(3)       =20 The restrictions imposed by sub-sections (1) and = (2) shall=20 be deemed to have been imposed under section 16 of the = Customs=20 Act, 1969, without prejudice to the provisions of section = 23 of=20 this Act, and all the provisions of that Act shall have = effect=20 accordingly.

9.        =20 Acquisition by Federal Government of foreign=20 exchange.

The Federal = Government may, by=20 notification in the official Gazette, order every person = in, or=20 resident in, Pakistan-

(a)      = who=20 owns or holds such foreign exchange as may be specified in = the=20 notification, to offer it, or cause it to be offered for = sale to=20 the State Bank on behalf of the Federal Government or to = such=20 person, as the State Bank may authorize for the purpose, = within=20 such time as may be specified in the notification and at = such=20 price as the Federal Government may fix, being a price = which is in=20 the opinion of the Federal Government not less than the = market=20 rate of the foreign exchange when it is offered for=20 sale;

(b)      = who=20 is entitled to assign any right to receive such foreign = exchange=20 as may be specified in the notification, to transfer that = right to=20 the State Bank on behalf of the Federal Government on = payment of=20 such consideration therefor as the Federal Government may=20 fix:

  Provided that the = Federal=20 Government may by the said notification or another order = exempt=20 any person or class of persons from the operation of such=20 order:

Provided further that = nothing in=20 this section shall apply to any foreign exchange acquired = by a=20 person from an authorized dealer and retained by him with = the=20 permission of the State Bank for any=20 purpose.

(1)     = No person=20 who has a right to receive any foreign exchange or to = receive from=20 any person resident outside Pakistan a payment in rupees = shall,=20 except with the general or special permission of the State = Bank,=20 do or refrain from doing any act with intent to = secure=97=20

(a)     = that the=20 receipt by him of the whole or part of that foreign = exchange or=20 payment is delayed, or

(b)     = that the=20 foreign exchange or payment ceases in whole or in part to = be=20 receivable by him.

(2)     = Where a=20 person has failed to comply with the requirements of = sub-section=20 (1) in relation to any foreign exchange or payment in = rupees, the=20 State Bank may give to him such directions as appear to be = expedient for the purpose of securing the receipt of the = foreign=20 exchange or payment as the case may be.=20

11.    Power to regulate the uses, etc., = of imported=20 gold and silver.

The Federal = Government may, by=20 notification in the official Gazette, impose such = conditions as it=20 thinks necessary or expedient on the use or disposal of or = dealings in gold and silver prior to, or at the time of, = import=20 into Pakistan.

12.    = Payment for=20 exported goods.

(1)     = The=20 Federal Government may, by notification in the official = Gazette,=20 prohibit the export of any goods or class of goods = specified in=20 the notification from Pakistan directly or indirectly to = any place=20 so specified unless a declaration supported by such = evidence as=20 may be prescribed or so specified, is furnished by the = exporter to=20 the prescribed authority that the amount representing the = full=20 export value of the goods has been, or will within the = prescribed=20 period be, paid in the prescribed manner.=20

(2)     = Where any=20 export of goods has been made to which a notification = under=20 sub-section (1) applies, no person entitled to sell, or = procure=20 the sale of, the said goods shall, except with the = permission of=20 the State Bank, do or refrain from doing any act with = intent to=20 secure that=97

(a)     = the sale=20 of the goods is delayed to an extent which is unreasonable = having=20 regard to the ordinary course of trade, or=20

(b)     = payment=20 for the goods is made otherwise than in the prescribed = manner or=20 does not represent the full amount payable by the foreign = buyer in=20 respect of the goods, subject to such deductions, if any, = as may=20 be allowed by the State Bank, or is delayed to such extent = as=20 aforesaid:

Provided that no = proceedings in=20 respect of any contravention of this sub-section shall be=20 instituted unless the prescribed period has expired and = payment=20 for the goods representing the full amount as aforesaid = has not=20 been made in the prescribed manner. =

(3)     = Where in=20 relation to any such goods the said period has expired and = the=20 goods have not been sold and payment therefor has not been = made as=20 aforesaid, the State Bank may give to any person entitled = to sell=20 the goods or to procure the sale thereof, such directions = as=20 appear to it to be expedient for the purpose of securing = the sale=20 of the goods and payment therefor as aforesaid, and = without=20 prejudice to the generality of the foregoing provision, = may direct=20 that the goods shall be assigned to the Federal Government = or to a=20 person specified in the directions. =

(4)     = Where any=20 goods are assigned in accordance with sub-section (3), the = Federal=20 Government shall pay to the person assigning them such sum = in=20 consideration of the net sum recovered by or on behalf of = the=20 Federal Government in respect of the goods as may be = determined by=20 the Federal Government.

(5)     = Where in=20 relation to any such goods the value as stated in the = invoice is=20 less than the amount which in the opinion of the State = Bank=20 represents the full export value of those goods, the State = Bank=20 may issue an order requiring the person holding the = shipping=20 documents to retain possession thereof until such time as = the=20 exporter of the goods has made arrangements for the State = Bank or=20 a person authorized by the State Bank to receive on behalf = of the=20 exporter payment in the prescribed manner of an amount = which=20 represents in the opinion of the State Bank the full = export value=20 of the goods.

(6)     = For the=20 purpose of ensuring compliance with the provisions of this = section=20 and any orders or directions made thereunder, the State = Bank may=20 require any person making any export of goods to which a=20 notification under sub-section (1) applies to exhibit = contracts=20 with his foreign buyer or other evidence to show that the = full=20 amount payable by the said buyer in respect of the goods = has been,=20 or will within the prescribed period be, paid in the = prescribed=20 manner.

13.           =20 Regulation of export and transfer of = securities.=20  

(1)     = No person=20 shall, except with the general or special permission of = the State=20 Bank,=97

(a)     = take or=20 send any security to any place outside=20 Pakistan;

(b)     = transfer=20 any security or create or transfer any interest in a = security to=20 or in favour of a person resident outside=20 Pakistan;

(c)     = transfer=20 any security from a register in Pakistan to a register = outside=20 Pakistan or do any act which is calculated to secure, or = forms=20 part of a series of acts which together are calculated to = secure,=20 the substitution for any security which is either in, or=20 registered in Pakistan, of any security which is either = outside or=20 registered outside Pakistan;

(d)     = issue,=20 whether in Pakistan or elsewhere, any security which is = registered=20 or to be registered in Pakistan, to a person resident = outside=20 Pakistan.=20

(2)     = Where the=20 holder of a security is a nominee, neither he nor any = person=20 through whose agency the exercise of all or any of the = holder's=20 rights in respect of the security is controlled shall, = except with=20 the general or special permission of the State Bank, do = any act=20 whereby he recognises or gives effect to the substitution = of=20 another person as the person from whom he directly = receives=20 instructions, unless both the persons previously = instructing him=20 and the person substituted for that person were, = immediately=20 before the substitution, resident in Pakistan.=20

(3)     = The State=20 Bank may, for the purpose of securing that the provisions = of this=20 section are not evaded, require that the person = transferring any=20 security and the person to whom such security is = transferred shall=20 subscribe to a declaration that the transferee is not = resident=20 outside Pakistan.

(4)        =20 Notwithstanding anything contained in any other = law, no=20 person shall, except with the permission of the State = Bank,=20

(a)     = enter any=20 transfer of securities in any register or book in which = securities=20 are registered or inscribed if he has any ground for = suspecting=20 that the transfer involves any contravention of the = provision of=20 this section, or

(b)     = enter in=20 any such register or book, in respect of any security, = whether in=20 connection with the issue or transfer of the security or=20 otherwise, an address outside Pakistan except by way of=20 substitution for any such address in the same country or = for the=20 purpose of any transaction for which permission has been = granted=20 under this section with knowledge that it involves entry = of the=20 said address.

(5)     = For the=20 purposes of this section,

(a)     = "holder"=20 in relation to a bearer security means the person having = physical=20 custody of the security; provided that, where a bearer = security is=20 deposited with any person in a locked or sealed receptacle = from=20 which the person with whom it is deposited is not entitled = to=20 remove it without the authority of some other person, that = other=20 person shall be deemed to be the holder of the=20 security;

(b)     = "nominee"=20 means a holder of any security (including bearer security) = or any=20 coupon representing dividends or interest who, as respects = the=20 exercise of any rights in respect of the security or = coupon, is=20 not entitled to exercise those rights except in accordance = with=20 instructions given by some other person, and a person = holding a=20 security or coupon as a nominee shall be deemed to act as = nominee=20 for the person who is entitled to give instructions either = directly or through the agency of one or more persons, as = to the=20 exercise by the holder of the security or coupon of any = rights in=20 respect thereof and is not, in so doing, himself under a = duty to=20 comply with instructions given by some other person;=20

(c)    =20 "security" also includes coupons or warrants = representing=20 dividends or interest, and life or endowment insurance = policies;=20

(d)     = "a person=20 resident outside Pakistan" includes a foreign national for = the=20 time being resident in Pakistan, and a company registered = in=20 Pakistan which is controlled, directly or indirectly, by a = person=20 resident outside Pakistan.

14.    = Custody of=20 securities.  =20

(1)     = The=20 Federal Government may, by notification in the official = Gazette,=20 order every person by whom or on whose behalf a security = or=20 document of title to a security specified in the order is = held in=20 Pakistan to cause the said security or document of title = to be=20 kept in the custody of an authorized depository named in = the=20 order:

Provided that the State = Bank may=20 by order in writing permit any such security to be = withdrawn from=20 the custody of the authorized depository subject to such=20 conditions as may be specified in the order.=20

(2)     = No=20 authorized depository may part with any security covered = by an=20 order under sub-section (1) without the general or special = permission of the State Bank except to, or to the order = of,=20 another authorized = depository.

(3)     = Except=20 with the general or special permission of the State Bank, = no=20 authorized depository shall-

(a)     = accept or=20 part with any security covered by an order under = sub-section (1)=20 whereby the security is transferred into the name of a = person=20 resident outside Pakistan, or =

(b)     = do any=20 act whereby he recognises or gives effect to the = substitution of=20 another person as the person from whom he directly = receives=20 instructions relating to such security unless the person=20 previously so instructing him and the person substituted = for that=20 person were immediately before the substitution resident = in=20 Pakistan.

(4)     = Except=20 with the general or special permission of the State Bank, = no=20 person shall buy, sell or transfer any security, or = document of=20 title to a security, covered by an order under sub-section = (1)=20 unless such security or document of title has been = deposited in=20 accordance with the order.

(5)     = Except=20 with the general or special permission of the State Bank, = no=20 capital moneys, interest or dividends in respect of any = security=20 covered by an order under sub-section (1) shall be paid in = Pakistan except to or to the order of the authorized = depository=20 having the custody of the security. =

(6)     = For the=20 purposes of this section: -

(a) "authorized = depository"=20 means a person notified by the Federal Government to be = entitled=20 to accept the custody of securities and documents of title = to=20 securities, and

(b) "security" shall = include=20 coupons.

15.        =20 Restrictions on issue of bearer securities.=20

The Federal = Government may, by=20 notification in the official Gazette, order that except = with the=20 general or special permission of the State Bank no person = shall in=20 Pakistan issue any bearer security or coupon or so alter = any=20 document that it becomes a bearer security or=20 coupon.

16.        =20 Acquisition by Federal Government of foreign=20 securities.

(1)     = Subject=20 to any exemptions that may be contained in the = notification, the=20 Federal Government may, if it is of opinion that it is = expedient=20 so to do for the purpose of strengthening its foreign = exchange=20 position by notification in the official=20 Gazette:=97

(a)     = order the=20 transfer to itself of any foreign securities specified in = the=20 notification at a price so specified, being a price which = is, in=20 the opinion of the Federal Government not less than the = market=20 value of the securities on the date of the notification, = or=20

(b)     = direct=20 the owner of any foreign securities specified, in the = notification=20 to sell or procure the sale of the securities and = thereafter to=20 offer or cause to be offered the net foreign exchange = proceeds of=20 the sale to the State Bank on behalf of the Federal = Government or=20 to such person as the State Bank may authorize for the = purpose, at=20 such price as the Federal Government may fix, being a = price which=20 is in the opinion of the Federal Government not less than = the=20 market rate of the foreign exchange when it is offered for = sale.

(2)     = On the=20 issue of a notification under clause (a) of sub-section = (1):=20 =96

(a)     = the=20 securities to which the notification relates shall = forth-with vest=20 in the Federal Government free from any mortgage, pledge = or=20 charge, and the Federal Government may deal with them in = such=20 manner as it thinks fit;

(b)     = the owner=20 of any of the securities to which the notification relates = and any=20 person who is responsible for keeping any registers or = books in=20 which any of those securities are registered or inscribed, = or who=20 is otherwise concerned with the registration or = inscription of any=20 of those securities, shall do all such things as are = necessary or=20 as the Federal Government or the State Bank may order to = be done,=20 for the purpose of securing that=97

(i)    =20 the=20 securities and any documents of title relating there-to = are=20 delivered to the Federal Government and, in the case of = registered=20 or inscribed securities, that the securities are = registered or=20 inscribed in the name of the Federal Government or of such = nominee=20 of the Federal Government as it may specify, = and

(ii) any dividends or = interest on=20 those securities becoming payable on or after the date of = the=20 issue of the notification are paid to the Federal = Government or=20 its nominee as aforesaid and where in the case of any = security=20 payable to bearer which is delivered in pursuance of the = said=20 notification, any coupons representing any such dividends = or=20 interest are not delivered with the security, such = reduction in=20 the price payable therefor shall be made as the Federal = Government=20 thinks fit:

Provided that where = the price=20 specified in the notification in relation to any security = is=20 ex-dividend or ex-interest, this sub-clause shall not = apply to=20 that dividend or interest or to any coupon representing = it.=20

(3)     = A=20 certificate signed by any person authorized in this behalf = by the=20 Federal Government that any specified securities are = securities=20 transferred to the Federal Government under this section = shall be=20 treated by all persons concerned as conclusive evidence = that the=20 securities have been so transferred.

17.        =20 Restriction on settlement.=20

(1)     = No person=20 resident in Pakistan shall, except with the general or = special=20 permission of the State Bank, settle any property, = otherwise than=20 by will, upon any trust under which a person who at the = time of=20 the settlement is resident outside Pakistan, elsewhere = than in=20 territories notified in this behalf by the State Bank, = will have=20 an interest in the property, or exercise, other than by = will, any=20 power for payment in favour of a person who at the time of = the=20 exercise of the power is resident outside Pakistan = elsewhere than=20 in such notified territories. =

(2)     = A=20 settlement or power as aforesaid shall not be invalid = except in so=20 far as it confers any right or benefit on any person who = at the=20 time of the settlement or the exercise of the power is = resident=20 outside Pakistan, elsewhere than in territories notified = by the=20 State Bank.

(1)     = Except=20 with the general or special permission of the State Bank, = no=20 person resident in Pakistan shall do any act whereby a = company,=20 which is controlled by persons resident in Pakistan ceases = to be=20 so controlled.

(2)     = Except=20 with the general or special permission of the State Bank, = no=20 person resident in Pakistan shall lend any money or = security to=20 any company, not being a banking company, which is by any = means=20 controlled, whether directly or indirectly, by persons = resident=20 outside Pakistan elsewhere than in the territories = notified in=20 this behalf by the State Bank.

In this sub-section = "company"=20 includes a firm, branch or office of a company or=20 firm.

19.    Power = to call=20 for information.

(1)     = The=20 Federal Government or the State Bank may, at any time by=20 notification in the official Gazette, direct owners = subject to=20 such exceptions, if any, as may be specified in the = notification,=20 of such foreign exchange or foreign securities as may be = so=20 specified, to make a return thereof to the State Bank = within such=20 period, and giving such particulars, as may be so=20 specified.

(1A)  The Federal = Government may,=20 by notification in the official Gazette, direct citizens = of=20 Pakistan resident in Pakistan, or any class of such = citizens, to=20 make within such time, and giving such particulars, as may = be=20 specified in the notification, a return of any immovable = property=20 or any industrial or commercial undertaking or company = outside=20 Pakistan, held, owned, established or controlled by them = or in=20 which they have any right, title or interest.=20

(2)     = The=20 Federal Government may by order in writing require any = person to=20 furnish it or any person specified in the order with any=20 information, book or other document in his possession, = being=20 information, book or document which the Federal Government = considers it necessary or expedient to obtain and examine = for the=20 purposes of this Act and may, at any time, by notification = in the=20 official Gazette, direct that the power to make such order = shall=20 for such period as may be specified in the direction, be = exercised=20 by the State Bank.

(3)     = On a=20 representation in writing made by a person authorised in = this=20 behalf by the Federal Government or the State Bank and = supported=20 by statement on oath of such person that he has reason to = believe=20 that a contravention of any of the Provisions of this Act = has been=20 or is being or is about to be committed in any place or = that=20 evidence of the contravention is to be found in such = place, a=20 district magistrate, a sub-divisional magistrate or a = magistrate=20 of the first class, may, by warrant, authorize any police = officer=20 not below the rank of sub-inspector. =

(a)     = to enter=20 and search any place in the manner specified in the = warrant;=20 and

(b)     = seize any=20 books or other documents found in or on such=20 place.

Explanation.=97In = this=20 sub-section, "place" includes a house, building, tent, = vehicle,=20 vessel or aircraft.

(3A)  A police officer = authorized=20 under sub-section (3) may search any person who is found = in or=20 whom he has reasonable ground to believe to have recently = left or=20 to be about to enter such place and to seize any article = found in=20 the possession of or upon such person and believed by the = police=20 officer so authorized to be evidence of the commission of = any=20 offence under this Act.

(3B)  A police officer = authorized=20 under sub-section (3) shall conduct any search under that=20 sub-section or under sub-section (3A) in accordance with = the=20 provision relating to search in the Code of Criminal = Procedure,=20 1898.

(4)       =20 The provisions of Section 122 and Sub-sections (1), = (2) and=20 (3) of Section 150 of the Income Tax Ordinance (XXXI of = 1979),=20 shall apply in relation to information obtained under = Sub-section=20 (2) of this Section as they apply to the particulars = referred to=20 in that Section and for the purposes of such=20 applications.

(a)     = the said=20 sub-section (3) shall be construed as if in clause (a) = thereof=20 there was included reference to a prosecution for an = offense under=20 section 23 of this Act, and

(b)     =20 persons to whom any information is required to be = furnished=20 under an order made under sub-section (2) of this section = shall be=20 deemed to be public servants within the meaning of that=20 section.

19A.  Power to enter = and=20 inspect.=97

(1)     = Without=20 prejudice to the provisions of section 19, any person = authorized=20 in writing by the Federal Government or the State Bank or = any=20 adjudicating officer in this behalf may, for the purpose = of making=20 an inquiry or adjudication proceedings which he considers=20 necessary for the purposes of this Act, enter any place = and call=20 for and inspect any accounts, books or other documents = kept in=20 such place.

(2)     = No person=20 shall obstruct or hinder any person in the exercise of his = powers=20 under sub-section (1).

20.        =20 Supplemental provisions.=20

(1)     = For the=20 purposes of this Act and of any rules, directions or = orders made=20 thereunder=97

(a)     = until the=20 State Bank by general or special order otherwise directs, = any=20 person who has at any time after the commencement of this = Act been=20 resident in Pakistan shall be treated as still being = resident in=20 Pakistan and if such direction is given in relation to any = such=20 person the State Bank may by the same or a subsequent = direction,=20 declare the territory in which he shall be treated as = being=20 resident;

(b)     = in the=20 case of any person to whom clause (a) does not apply the = State=20 Bank may by general or special order declare the territory = in=20 which he shall be treated as being resident;=20

(c)     = in the=20 case of any person resident in Pakistan who leaves = Pakistan, the=20 State Bank may give a direction to any bank that until the = direction is revoked, any sum from time to time standing = to the=20 credit of that person and any security held on his behalf = at any=20 office or branch of that bank in Pakistan specified in the = direction, shall not be dealt with except with the = permission of=20 the State Bank;

(d)     = any=20 transactions with a branch of any business, whether = carried on by=20 a body corporate or otherwise, shall be treated in all = respects as=20 if the branch were a body corporate resident where the = branch is=20 situated;

(e)     = the=20 making of any book entry or other statement recording a = debit=20 against a branch of any business in favour of the head = office or=20 any other branch of that business shall be treated as the=20 acknowledgement of a debt whereby a right is created in = favour of=20 a person resident where the head office or other branch is = situated.

(2)     = Nothing=20 in this Act relating to the payment of any price or sum by = the=20 Federal Government shall be construed as requiring the = Federal=20 Government to pay that price or sum otherwise than in = Pakistan=20 currency or otherwise than in Pakistan.=20

(3)     = The State=20 Bank may give directions in regard to the making of = payments and=20 the doing of other acts by bankers, authorized dealers, = travel=20 agents, carriers, whether common or private, stock brokers = and=20 other persons who are authorized by the State Bank to do = anything=20 in pursuance of this Act in the course of their business, = as=20 appear to it to be necessary or expedient for the purpose = of=20 securing compliance with the provisions of this Act and = any rules,=20 orders or directions made thereunder.=20

21.        =20 Contracts in evasion of this Act.=20

(1)     = No person=20 shall enter into any contract or agreement which would = directly or=20 indirectly evade or avoid in any way the operation of any=20 provision of this Act or of any rule, direction or order = made=20 thereunder.

(2)     = Any=20 provision of, or having effect under, this Act that a = thing shall=20 not be done without the permission of the Federal = Government or=20 the State Bank, shall not render invalid any agreement by = any=20 person to do that thing, if it is a term of the agreement = that=20 that thing shall not be done unless permission is granted = by the=20 Federal Government or the State Bank, as the case may be; = and it=20 shall be an implied term of every contract governed by the = law of=20 any part of Pakistan that anything agreed to be done by = any term=20 of that contract which is prohibited to be done by or = under any of=20 the provisions of this Act except with the permission of = the=20 Federal Government or the State Bank, shall not be done = unless=20 such permission is granted.

(3)     = Neither=20 the provisions of this Act nor any term (whether expressed = or=20 implied) contained in any contract that anything for which = the=20 permission of the Federal Government or the State Bank is = required=20 by the said provisions shall not be done without that = permission,=20 shall prevent legal proceedings being brought in Pakistan = to=20 recover any sum which, apart from the said provisions and = any such=20 term, would be due, whether as a debt, damages or = otherwise, but=20 =96

(a)     = the said=20 provisions shall apply to sums, required to be paid by any = judgement or order of any Court as they apply in relation = to other=20 sums; and

(b)     = no steps=20 shall be taken for the purpose of enforcing any judgement = or order=20 for the payment of any sum to which the said provisions = apply=20 except as respects so much thereof as the Federal = Government or=20 the State Bank, as the case may be, may permit to be paid; = and

(c)     = for the=20 purpose of considering whether or not to grant such = permission,=20 the Federal Government or the State Bank, as the case may = be, may=20 require the person entitled to the benefit of the = judgement or=20 order and the debtor under the judgement or order, to = produce such=20 documents and to give such information as may be specified = in the=20 requirement.

(4)        =20 Notwithstanding anything in the Negotiable = Instruments Act,=20 1881, neither the provisions of this Act or of any rule, = direction=20 or order made thereunder, nor any condition, whether = express or to=20 be implied having regard to those provisions, that any = payment=20 shall not be made without permission under this Act, shall = be=20 deemed to prevent any instrument being a bill of exchange = or=20 promissory note.

22.    False = statements.

No person shall, when = complying=20 with any order or direction under section 19 or when = making any=20 application or declaration to any authority or person for = any=20 purpose under this Act, give any information or make any = statement=20 which he knows or has reasonable cause to believe to be = false, or=20 not true, in any material particular.=20

23.    Penalty and=20 procedure.

(l)     =20 Whoever contravenes, attempts to contravene or = abets the=20 contravention of any of the provisions of this Act or of = any rule,=20 direction or order made thereunder other than the = provisions of=20 sub-sections (2), (3) and (5) of section 3, sub-section = (3) of=20 section 4, section 10, sub-section (1) of section 12 and=20 sub-section (3) of section 20 or any rule, direction or = order made=20 thereunder shall notwithstanding anything contained in the = Code of=20 Criminal Procedure, 1898, be tried by a Tribunal = constituted by=20 Section 23A, and shall be punishable with imprisonment for = a term=20 which may extend to two years or with fine or with both, = and any=20 such Tribunal trying any such contravention may, if it = thinks fit,=20 and in addition to any sentence which it may impose for = such=20 contravention, direct that any currency, security, gold or = silver,=20 or goods or other property in respect of which the = contravention=20 has taken place shall be = confiscated.

(2)        =20 Notwithstanding anything contained in the Code of = Criminal=20 Procedure, 1898, any offense punishable under this section = shall=20 be cognizable and nonbailable for such period as the = Federal=20 Government may from time to time, by notification in the = official=20 Gazette, declare.

(3)     = A=20 Tribunal shall not take cognizance of any offence = punishable under=20 this section and not declared by the Federal Government = under the=20 preceding sub-section to be cognizable for the time being = or of an=20 offence punishable under Sections 122 and 150 of the = Income Tax=20 Ordinance, 1979 (XXXI of 1979), as applied by Section 19, = except=20 upon complaint in writing made by a person authorised by = the=20 Federal Government or the State Bank in this behalf.=20

Provided = that where=20 any such offence is the contravention of any of the = provisions of=20 this Act or any rule, direction or order made thereunder = which=20 prohibits the doing of an act without permission and is = not=20 declared by the Federal Government under the preceding = sub-section=20 to be cognizable for the time being, no such complaint = shall be=20 made unless the person accused of the offence has been = given an=20 opportunity of showing that he had such permission.=20

(3A)  A person = authorized under=20 sub-section (3) to make a complaint in writing shall, if = he is not=20 already a public servant within the meaning of section 21 = of the=20 Pakistan Penal Code (Act XLV of 1860), be deemed to be a = public=20 servant within the meaning of that section.=20

(4)     = Where the=20 person guilty of an offense this Act is a company or other = body=20 corporate every director, manager, secretary and other = officer=20 thereof who is knowingly a party to the offence shall also = be=20 guilty of the same offense and liable to the same = punishment.=20

23A.=20 Tribunal, its powers = etc.

(1)     = Every=20 Sessions Judge shall, for the areas within the territorial = limits=20 of his jurisdiction, be a Tribunal for trial of an offence = punishable under section 23.

(2)     = A=20 Tribunal may transfer any case for trial to an Additional = Sessions=20 Judge within its jurisdiction who shall, for trying a case = so=20 transferred, be deemed to be a Tribunal constituted for = the=20 purpose.

(3)     = A=20 Tribunal shall have all the powers of a Magistrate of the = First=20 Class in relation to criminal trials, and shall follow as = nearly=20 as may be the procedure provided in the Code of Criminal=20 Procedure, 1898, for trials before such Magistrate, and = shall also=20 have powers as provided in the said Code in respect of the = following matters, namely:

(a)     = directing=20 the arrest of the accused;
(b)     = issuing=20 search warrants;=20
(c)     = ordering=20 the police to investigate any offence and=20 report;
(d)    =20 authorizing detention of a person during police=20     investigation;
(e)     = ordering=20 the release of the accused on bail. =

(3A)  For the purposes = of=20 sub-section (3), the Code of Criminal Procedure, 1898 (Act = V of=20 1898), shall have effect as if an offence under this Act = were one=20 of the offences referred to in sub-section (1) of section = 337 of=20 the Code.

(4)     = All=20 proceedings before a Tribunal shall be deemed to be a = judicial=20 proceeding within the meaning of sections 193 and 228 of = the=20 Pakistan Penal Code, and for the purposes of section 196 = thereof,=20 and the provisions relating to the execution of orders and = sentences in the Code of Criminal Procedure, 1898, shall, = so far=20 as may be, apply to orders and sentences passed by a=20 Tribunal.

(5)     = As=20 regards sentences of fine, the powers of a Tribunal shall = be as=20 extensive as those of a Court of Session.=20

(6)       =20 The State Bank of Pakistan or any other person = aggrieved by=20 a judgement of a Tribunal may, within three months from = the date=20 of the judgement, appeal to the High Court.=20

(7) Save as provided = in the=20 preceding sub-section, all judgements and orders passed by = a=20 Tribunal shall be final.

23B.        =20 Authorisation of Adjudicating officers and their = powers=20 etc.  

Authorisation of = Adjudicating=20 officers and their powers etc.=97(1) The Federal = Government may, by=20 notification in the official Gazette, authorise in = relation to any=20 area specified in the notification any officer of the = State Bank=20 to act as the Director of Adjudication, an Additional = Director of=20 Adjudication, a Senior Deputy Director of Adjudication, a = Deputy=20 Director of Adjudication and an Assistant Director of = Adjudication=20 (in this Act referred to as the Adjudicating = Officer).=20

 (2)    = Subject to such=20 conditions and limitations as the Federal Government may = impose,=20 an Adjudicating Officer may exercise the powers and = discharge the=20 duties conferred or imposed on him by this Act and shall = also be=20 competent to exercise the powers and discharge the duties=20 conferred upon any Adjudicating Officer subordinate to = him:=20

Provided that, = notwithstanding=20 anything contained in this Act or the rules made = thereunder, the=20 State Bank may, by general or special order, impose such=20 conditions or limitations on the exercise of such powers = or=20 discharge of such duties as it thinks fit.=20

(3)     = The State=20 Bank may, by notification in the official Gazette, and = subject to=20 such limitations or conditions, if any, as may be = specified=20 therein, empower.

(a)     = any=20 Additional Director of Adjudication or Senior Deputy = Director of=20 Adjudication or Deputy Director of Adjudication or = Assistant=20 Director of Adjudication to exercise the powers of the = Director of=20 Adjudication under this Act;

(b)     = any=20 Senior Deputy Director of Adjudication or Deputy Director = of=20 Adjudication or Assistant Director of Adjudication to = exercise any=20 of the powers of an Additional Director of Adjudication = under this=20 Act;

(c)     = any=20 Deputy Director of Adjudication or Assistant Director of=20 Adjudication to exercise any of the powers of a Senior = Deputy=20 Director of Adjudication under this Act; and=20

(d)     = any=20 Assistant Director of Adjudication to exercise the powers = of a=20 Deputy Director of Adjudication under this Act.=20

(4)     = Save as=20 provided in sub-sections (5) and (6), if any person = contravenes or=20 attempts to contravene or abets the contravention of the=20 provisions of sub-sections (2), (3) and (5) of section 3,=20 sub-section (3) of section 4, section 10, sub-section (1) = of=20 section 12 or sub-section (3) of section 20 or any rule, = direction=20 or order made thereunder, he shall be liable to such = penalty not=20 exceeding five times the amount or value involved in such=20 contravention or five thousand rupees, whichever is more, = as may=20 be adjudged by the Director or Additional Director of = Adjudication=20 or any other Adjudicating Officer having jurisdiction = under=20 sub-section (8) to take cognizance of such contravention, = and, if=20 he persists in such contravention, or where the = contravention or=20 default is a continuing one, to a further penalty which = may extend=20 to two thousand rupees for every day during which the = offence or,=20 as the case may be, the contravention or default=20 continues.

(5)     = If any=20 authorised dealer.

(a)     = In any=20 return or other document or declaration or in any = information=20 required or furnished by or under, or for the purpose of, = any=20 provision of this Act, willfully makes a statement or = permits the=20 making of a statement which is false in any material = particular,=20 knowing it to be false or not true, or willfully omits to = make a=20 material statement; or

(b)     = fails to=20 submit or furnish any return, statement, declaration or = other=20 document or information required to be furnished by or = under, or=20 for the purpose of, any provision of this Act in the form = and by=20 the date prescribed by the State Bank for the time being = without=20 sufficient cause;

he shall be liable to a = penalty=20 not exceeding five thousand rupees and, where the = contravention or=20 default is a continuing one, with a further penalty which = may=20 extend to two thousand rupees for every day during which = such=20 contravention or default continues. =

(6)     = If any=20 authorised dealer sells foreign exchange to a person not = entitled=20 to buy such foreign exchange or sells foreign exchange in = an=20 amount exceeding the limit, or otherwise than for the = purpose,=20 permitted by the State Bank either generally or in a = particular=20 case in pursuance of the powers conferred on it under this = Act, he=20 shall be liable to a penalty not exceeding five times the = amount=20 or value of the foreign exchange so sold, and where the = penalty so=20 imposed is not paid within three days from the date of the = order=20 of the Adjudicating Officer, he shall, unless the penalty = has=20 meanwhile been recovered from him under section 23J, be = liable to=20 a further penalty not being less than the amount or value = of the=20 foreign exchange as aforesaid for every day during which = such=20 default continues.

(7)     = For the=20 purpose of this section, amount or value shall mean.=20

(a)     = in the=20 case of foreign exchange, the Pakistan rupee equivalent of = the=20 same calculated at the rate of exchange authorised by the = State=20 Bank as on the date on which an opportunity of making a=20 representation is given under sub-section (9) or where no = such=20 rate has been authorised, the rate determined by the State = Bank on=20 the said date; =

(b)     = in the=20 case of goods, their value in rupees if declared in = Pakistan=20 currency or where it is expressed in foreign exchange = Pakistan=20 rupee equivalent of the same calculated in accordance with = clause=20 (a); and=20

(c)     = in case=20 of any right to receive foreign exchange or to receive = from any=20 person resident outside Pakistan a payment in rupees or = gold or=20 silver or security or other property of any description, = the sale=20 proceeds which, taking all circumstances into = consideration, such=20 right, gold, silver, security or other property can, in = the=20 opinion of the Adjudicating Officer, fetch on the date = referred to=20 in clause (a).

(8)     = For=20 imposing a penalty under sub-sections (4), (5) and (6), = the=20 jurisdiction and powers of the Adjudicating Officers shall = be as=20 follows: -

(a)     = the=20 Director of Adjudication and an Additional Director of=20 Adjudication may deal with all cases without any limit on = the=20 amount or value involved in any contravention:=20

(b)     = a Senior=20 Deputy Director of Adjudication and a Deputy Director of=20 Adjudication may deal with a case where the amount or = value=20 involved in any contravention on the date referred to in = clause=20 (a) of sub-section (7) does not exceed twenty thousand = rupees;=20 and

(c)     = an=20 Assistant Director of Adjudication may deal with a case = where the=20 amount or value involved in any contravention on the date = referred=20 to in clause (a) of sub-section (7) does not exceed ten = thousand=20 rupees:

Provided that the = State Bank=20 may, by notification in the official Gazette, reduce or = extend the=20 jurisdiction and powers of any particular Adjudicating = Officer or=20 class of Adjudicating Officers.

(9)     = For the=20 purpose of determining whether a person has contravened = any of the=20 provisions of sub-section (4), (5) or (6), the = Adjudicating=20 Officer shall hold an enquiry in the manner prescribed, if = any,=20 after giving such person a reasonable opportunity for = making a=20 representation in the matter and if, on such inquiry, he = is=20 satisfied that the person has committed any contravention, = he may=20 impose the penalty provided for in this = section.

(10)   All doubts = with=20 regard to the jurisdiction of an Adjudicating Officer = shall be=20 referred to the Director of Adjudication and his decision = thereon=20 shall be final.

(11)   The = Director of=20 Adjudication, on his own motion or on the application of = any party=20 to the adjudication proceedings and after notice to the = State Bank=20 and other parties, if any, and after hearing such of them = as=20 desire to be heard, may at any stage withdraw any = adjudication=20 proceedings pending before any Adjudicating Officer and = adjudicate=20 it either himself or transfer it to any other Adjudicating = Officer=20 subordinate to him and competent to dispose of the same or = retransfer the same for adjudication to the Adjudicating = Officer=20 from whom it was withdrawn; and the Director of = Adjudicating or,=20 as the case may be, any other Adjudicating Officer or the=20 Adjudicating Officer, or if the Adjudicating Officer who = is seized=20 of the matter as aforesaid vacates office for any reason = and=20 another person is authorised to act in his stead such = person,=20 shall not, by reason of the said withdrawal or transfer or = retransfer or vacation of office, as the case may be, be = bound to=20 recall and re-hear any witness who has given evidence = before the=20 withdrawal or transfer or re-transfer or vacation of = office and=20 may act on the evidence already recorded by or produced = before the=20 Adjudicating Officer from whom the proceedings are so = transferred=20 or re-transferred or in whose stead he has been so = authorised to=20 act as Adjudicating Officer.

(12)     =20 Subject to provisions of appeal under section 23C, = no Court=20 or other authority shall call, or permit to be called, in = question=20 any proceeding or order of the Adjudicating Officer or the = legality or propriety of anything done or intended to be = done by=20 the Adjudicating Officer under this Act.

23C.  Appeal to = Appellate=20 Board.-(1) The Federal Government may, by notification in = official=20 Gazette, constitute as many appellate boards, each to be = called=20 the Foreign Exchange Regulation Appellate Board, as it may = consider necessary, and where it establishes more than one = Appellate Board, shall specify in the notification the = territorial=20 limits within which each one of them shall exercise=20 jurisdiction.

(2)     = An=20 Appellate Board shall consist of a person who is, or has = been or=20 is qualified for appointment as a Judge of a High Court or = a=20 District Judge or an Additional District Judge.=20

(3)     = Any=20 person aggrieved by any order of the Adjudicating Officer = made=20 under sub-section (4) or sub-section (5) or sub-section = (6) of=20 section 23B may, within thirty days of such order, prefer = an=20 appeal to the Appellate Board within whose jurisdiction = the order=20 is passed:

  Provided that no = appeal=20 shall lie from an interlocutory order which does not = dispose of=20 the entire case before the Adjudicating=20 Officer:

  Provided further = that the=20 Appellate Board may entertain an appeal after the expiry = of the=20 said period of thirty days but not later than sixty days = from the=20 date of the aforesaid order if it is satisfied that the = appellant=20 was prevented by sufficient cause from filing the appeal = in=20 time.

Explanation.=97For = the purposes=20 of this sub-section, the expression "any person aggrieved" = shall=20 include the Federal Government and the State Bank.=20

(4)     = No appeal=20 shall be admitted for hearing unless the appellant = deposits in=20 cash with the Appellate Board the amount of penalty or, at = the=20 discretion of the Appellate Board, furnishes security = equal in=20 value to such amount of penalty. =

(5)     = The=20 Appellate Board may make such inquiry as it may consider=20 necessary, and after giving the appellant an opportunity = of being=20 heard if he so desires, pass such order as it thinks fit,=20 confirming, altering or annulling the order appealed=20 against:

Provided that no = order=20 enhancing any penalty shall be passed unless the person = affected=20 thereby has been given an opportunity of showing cause = against it=20 and of being heard in person or through a counsel:=20

  Provided further, = that if=20 the sum deposited by way of penalty under sub-section (3) = exceeds=20 the amount directed to be paid by the Appellate Board, the = excess=20 amount shall be refunded to the appellant.=20

(6)      =20 The decision of the Appellate Board shall be final = and no=20 court, tribunal or other authority shall call, or permit = to be=20 called, in question any proceedings or order of the = Appellate=20 Board or the legality or propriety of anything done or = intended to=20 be done by the Appellate Board under this Act.=20

23D.           =20 Assistance to the Adjudicating Officers.=97All = officers of=20 the Federal Government or a Provincial Government, = including those=20 of Customs, Federal Investigation Agency, Police, Pakistan = International Airlines, Local Authorities, Port Trust, and = all=20 officers engaged in the collection of land revenue or = taxes of any=20 description or employed by a corporation owned or = controlled by=20 the Federal Government or a Provincial Government, either = directly=20 or indirectly, are hereby empowered and required to assist = the=20 Adjudicating Officers in the discharge of their functions = under=20 this Act.

23E.     = Powers of=20 Adjudicating Officer and the Appellate Board to summon = witnesses,=20 etc.

(1)     = Without=20 prejudice to any other provision contained in this Act, = the=20 Adjudicating Officer and the Appellate Board shall have = all the=20 powers of a civil court under the Code of Civil Procedure, = 1908=20 (Act V of 1908) while trying a suit, in respect of the = following=20 matters, namely:- =

(a)  summoning and = enforcing=20 the attendance of any person and examining him on=20 oath;=20
(b)  requiring the = discovery=20 and production of any document; =
(c)  requisitioning = any public=20 record or copy thereof from any court or = office; =
(d)  receiving = evidence on=20 affidavits;=20
(e)  issuing = commissions for=20 the examination of witnesses or = documents;
(f)  appointing = guardians or=20 next friends of persons who are minors or of unsound=20 mind;=20
(g)  adding legal=20 representatives of the accused person;=20
(h) consolidation of = cases;=20 and

(i)  enforcing any = order made=20 by him or it under this Act or the rules made=20 thereunder.

23F.           =20 Proceedings before Adjudicating Officer to be = deemed to be=20 judicial proceedings.=97All proceedings before an = Adjudicating=20 Officer or Appellate Board shall be deemed to be judicial=20 proceedings within the meaning of sections 193 and 228 of = the=20 Pakistan Penal Code (Act XLV of 1860), and an Adjudicating = Officer=20 and the Appellate Board shall be deemed to be a Court for = the=20 purposes of sections 480 and 482 of the Code of Criminal=20 Procedure, 1898 (Act V of 1898).

23G. Continuance of = proceedings=20 in the event of death or insolvency.-(1) Notwithstanding = anything=20 contained in any other law for the time being in force, = where a=20 penalty has been imposed under section 23B on any person = and no=20 appeal against the order imposing such penalty has been = preferred,=20 or where any such appeal has been preferred and where in = either=20 case, such person dies or is adjudicated an insolvent = during the=20 pendency of proceedings before the Adjudicating Officer or = the=20 Appellate Board or before preferring an appeal, it shall = be lawful=20 for the legal representative of such person or the = official=20 assignee or the official receiver, as the case may be, to = prefer=20 an appeal to the Appellate Board, or as the case may be, = to=20 continue the proceeding or appeal before the Adjudicating = Officer=20 or the Appellate Board and in either case any such = proceedings=20 before the Adjudicating Officer or Appellate Board shall = not abate=20 but be continued as if such person were not dead or = adjudged as=20 insolvent.

(2)     = The power=20 of the official assignee or the official receiver under=20 sub-section (1) shall be exercised by him subject to the=20 provisions of the Insolvency (Karachi Division) Act, 1909 = (III of=20 1909), or the Provincial Insolvency Act, 1920 (V of 1920), = as the=20 case may be.

23H.        =20 Confiscation of currency, security, etc.=97Any = Adjudicating=20 Officer adjudging any contravention under section 23B may, = if he=20 thinks fit, and in addition to any penalty which he may = impose for=20 such contravention, direct that any currency, security or = any=20 other money or property in respect of which the = contravention has=20 taken place shall be confiscated to the Federal Government = and=20 further direct that the foreign exchange, if any, of the = person=20 committing the contravention or any part thereof shall be = brought=20 into Pakistan or shall be retained outside Pakistan in = accordance=20 with the directions made by the State Bank in this=20 behalf.

Explanation.=97For = the purposes=20 of this section, property in respect of which = contravention has=20 taken place shall include :

(a)  deposits in a = bank, where=20 the said property is converted into such=20 deposits;
(b)  Pakistan = currency, where=20 the said property is converted into that currency; = and=20
(c)  any other = property which=20 has resulted out of conversion of that=20 property.

23I.           =20 Correction of clerical errors, etc.=97Clerical = mistakes in=20 any decision or order passed by the Appellate Board or=20 Adjudicating Officer under this Act, or any errors arising = therein=20 from any accidental slip or omission may, at any time, be=20 corrected by the Appellate Board or the Adjudicating = Officer or=20 his successor-in-office, as the case may be: =

Provided that, where = any=20 correction proposed to be made under this section will = have the=20 result of prejudicially affecting any person, no such = correction=20 shall be made.

(i)          =20 after the=20 expiry of two years from the date of such decision or = order;=20 and=20

(ii)        =20  unless the person = affected=20 thereby is given a reasonable opportunity of making a=20 representation in the matter. =

23J.   Recovery of = sums due=20 to Government.=97(1) Where any penalty imposed on any = person under=20 this Act is not paid: =

(i)           = ;      =20 the=20 Adjudicating Officer may deduct, or direct the deduction = of, the=20 amount so payable from any money which is owed to such = person, and=20 which may be under the custody, power or control of an=20 Adjudicating Officer or any other person; or =

(ii)           = ;    =20 the = Adjudicating=20 Officer may recover the amount so payable by detaining or = selling,=20 or ordering the detention and sale of, any goods belonging = to such=20 person which are under the custody, power or control of = any=20 Adjudicating Officer or any other person; or =

(iii)           = ;   =20 in case = the=20 penalty is payable by an authorised dealer, the State Bank = may,=20 without further reference to him, recover the amount of = penalty=20 from him by debiting the account or accounts then held or = held at=20 any time thereafter with the State Bank by the authorised = dealer;=20 or=20

(iv)           = ;  =20 if the = amount=20 cannot be recovered from such person in the manner = provided in=20 clause (i) or clause (ii) or clause (iii), the = Adjudicating=20 Officer may prepare and sign a certificate specifying the = amount=20 due from such person and send it to the Collector of the = District=20 in which such person owns any property or resides or = carries on=20 business; and the Collector on receipt of such certificate = shall=20 proceed to recover from the said person the amount = specified in=20 the certificate as if it were an arrear of land=20 revenue.

(2)     = When any=20 bond or other instrument or security is executed pursuant = to=20 section 23C, the amount due there-under may, without = prejudice to=20 any other mode of recovery, be recovered in accordance = with the=20 provisions of sub-section (1). =

(3)     = The=20 several modes of recovery specified in sub-section (i) = shall not=20 effect in any way:-

(i) any other law for the = time being=20 in force relating to the recovery of debts due to the = Government;=20 or

(ii) the right of the = government to=20 institute a suit for the recovery of the penalty due to = the=20 Government; and it shall be lawful for the Government to = have=20 recourse to any such law or suit notwithstanding that the = amount=20 is being or is to be recovered by any mode specified in = the said=20 sub-section.

(4)     = For the=20 purposes of this section the expression "any other person" = appearing in clauses (i) and (ii) of sub-section (1) shall = include=20 the State Bank, a banking company as defined in clause (c) = of=20 section 5 of the Banking Companies Ordinance, 1962 (LVII = of 1962),=20 a bank established by or under any Federal or Provincial = law and=20 any financial institution as defined in clause (15A) of = section 2=20 of the Companies Ordinance, 1984 (XLVII of 1984), and such = other=20 person as the Federal Government may, by notification in = the=20 official Gazette, specify in this behalf. =

24.    = Burden of proof=20 in Certain Cases.

(1)     = Where any=20 person is tried for contravening any provision of this Act = or of=20 any rule, direction or order made thereunder which = prohibits him=20 from doing an act without permission, the burden of = proving that=20 he had the requisite permission shall be on him.=20

(2)     = If in a=20 case in which the proof of complicity of a person resident = in=20 Pakistan with a person outside Pakistan is essential to = prove an=20 offence under this Act, then after proof of the = circumstances=20 otherwise sufficient to establish the commission of the = offence,=20 it shall be presumed that there was such complicity, and = the=20 burden of proving that there was no such complicity shall = be on=20 the person accused of the offence.

(3)     = Where the=20 person accused of having made any payment in contravention = of=20 clause (c) of sub-section (1) of Section 5 is proved to = have=20 received from any person outside Pakistan a message which = raises a=20 reasonable suspicion that it relates to certain payment to = be=20 made, the Tribunal may in the absence of proof to the = contrary by=20 the accused person presume that he had made such payment = in=20 pursuance of such message.

(4)     = If, after=20 the issue of a notification under clause (a) of section 9, = any=20 person is found to be in possession of, or to have under = his=20 control, any foreign exchange specified in the = notification, in=20 circumstances which tend to raise a reasonable suspicion = that he=20 has contravened the notification, he shall be presumed to = have=20 contravened the notification unless he can, by proving the = time=20 when and the manner in which the foreign exchange came = into his=20 possession or under his control, show that he had not in = fact=20 contravened the notification. =

25.    Power = to=20 Federal Government to give = directions.=20

For the purposes of = this Act=20 the Federal Government may from time to time give to the = State=20 Bank such general or special directions as it thinks fit, = and the=20 State Bank shall, in the exercise of its functions under = this Act,=20 comply with any such directions. =

26.    Bar = of legal=20 proceedings.

No suit, prosecution = or any=20 other proceeding shall lie against the Federal Government = or the=20 State Bank or any officer of the Federal Government or of = the=20 State Bank or any other person exercising any power or = discharging=20 any functions or performing any duties under this Act, for = anything in good faith done or intended to be done or = purported to=20 be done under this Act or any rule, direction or order = made=20 thereunder.

27.    Power = to make=20 rules.

The Federal Government = may, by=20 notification in the official Gazette, make rules for = carrying into=20 effect the provisions of this Act.=20

 

=A9 2004 State Bank of Pakistan. All Rights = Reserved.
Disclaimer | Instructions=20

State Bank=20 of Pakistan
I.I. Chundrigar Road, Karachi,=20 Pakistan.
Phone: = (+9221-24450298, Fax:=20 (+9221) 9212440
http://www.sbp.org.pk/
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