Saturday, July 6, 2013

The Foreign Exchange Regulatin ACT - Law Firm

THE FOREIGN EXCHANGE REGULATIN ACT - Law FirmTHE FOREIGN EXCHANGE REGULATIN ACT, 1947 Act No. VII of 1947 [11th March, 1947] An Act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion. WHEREAS it is expedient in the economic and financial interests of Pakistan to provide for the regulation of certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion; It is hereby enacted as follows:--- 1. Short title, extent and commencement. (1) This Act may be called the foreign Exchange Regulation Act, 1947. (2) It extends to the whole of Pakistan and applies to all citizens of Pakistan and persons in the service of Government wherever they may be.

(3) it shall come into force on such date as the Central Government may, by notification in the official Gazette, appoint in this behalf. 2. Interpretation. In this Act, unless there is anything repugnant in the subject or context,--- (a) “authorised dealer” means a person for the time being authorised under section 3 to deal in foreign exchange; (b) “currency” includes all coins, currency notes, bank notes, postal notes, money orders, cheques, drafts, traveler’s cheques, letters of credit, bills of exchange and promissory notes; (c) “foreign currency” means any currency other than Pakistan currency; (d) “foreign exchange” means foreign currency and includes any instrument drawn, accepted, made or issued under clause (8) of section 17 of the State Bank of Pakistan Act, 1956, all deposits, credits and balances payable in any foreign currency, and any drafts, traveler’s cheques, letters of credit and bill of exchange, expressed or drawn in Pakistan currency but payable in any foreign currency; (e) “foreign security” means any security issued elsewhere than in Pakistan and any security the principal of or interest on which or payable in any foreign currency or elsewhere than in Pakistan; (f) “gold” includes gold in the form of coin, whether legal tender or not, or in the form of bullion or ingot, whether refined or not; (g) “Pakistan currency” means currency which is expressed or drawn in Pakistan rupees; (h) “owner”, in relation to any security, includes any person who has power to sell or transfer the security, or who has the custody thereof or how receives, whether on his own behalf or on behalf of any other person, dividends or interest thereon, and in a case where any security is held on any trust or dividends or interest thereon are paid into a trust fund, also includes any trustee or any person entitled to enforce the performance of the trust or to revoke or vary, with or without the consent of any other person, the trust or any terms thereof, or to control the investment of the trust moneys; (i) “prescribed” means prescribed by rules made under this Act; (j) “State Bank” means the state Bank of Pakistan; (k) “security” means shares, stocks, bonds, debentures, debenture stock and Government securities, as defined in the securities Act, 1920, deposit receipts in respect of deposits of securities, and units or sub-units of unit trusts, but does not include bills of exchange or...

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