Repatriation of Foreign Exchange holdings by residents.
In exercise of the powers conferred by section 9 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in supersession of Ministry of Finance Notification No. 1(8)EF/58, dated the 20th August, 1958 the Federal Government is pleased to order that every citizen of Pakistan in Pakistan and every other person residing continuously for six months or more in Pakistan who owns or holds or who may hereafter become the owner or holder of any foreign exchange whether held in Pakistan or abroad expressed in the currency of any country or territory, excepting the country or territory specified in the Schedule appended hereto, shall before the expiration of three months from the date of this notification or, in the case of a person hereafter becoming such owner or holder, within three months of his so becoming, offer such foreign exchange or cause it to be offered for sale to an authorised dealer, being a person authorised by the State Bank of Pakistan for the pupose, against payment in Pakistan currency at the rate for the time being authorised by the State Bank of Pakistan in pursuance of sub-section (2) of section 4 of the said Act for the conversion into Pakistan currency of the foreign currency in which such foreign exchange is expressed; Provided further that a citizen of Pakistan not ordinarily resident in Pakistan who comes to Pakistan from abroad may retain with him the foreign exchange brought by him to Pakistan for a period of one year from the date of arrival.

Provided that this order shall not apply to foreign exchange held by authorised dealers within the scope of their authority or to any person authorised under any permission, general or otherwise, granted by the State Bank of Pakistan to hold the foreign exchange.

2. The provisions of this notification shall not apply to the following cases, namely:-

(i) Foreign Exchange held abroad by foreign diplomats and foreign nationals employed in Embassies and Missions of foreign countries in Pakistan.

(ii) Foreign exchange held abroad by foreign nationals or foreign business houses, except to the extent that it represents their earnings abroad in respect of business conducted in Pakistan or service rendered while in Pakistan.

(iii) Foreign exchange held abroad in any country other than Afghanistan, Bangladesh, India and Israel by residents in Pakistan provided the amount does not exceed in the aggregate USS1000/- or equivalent thereof in other currencies.

EXPLANATION:- "Resident in Pakistan" includes foreign nationals residing continuously in Pakistan for six months or more, but does not include citizens of Pakistan in foreign countries during the period of their stay outside Pakistan.

SCHEDULE
(1) Afghanistan.

In exercise of the powers conferred by sub-section (2) of section 23 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), the Federal Government is pleased to declare the period ending the 30th June, 1992 to be the period for which all offences punishable under the said section 23 shall be cognizable and non-bailable.

In exercise of the powers conferred by sub-section (2) of Section 19 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), and in continuation of this Ministry's Notification No.F12(1)-EF(G)/85-1438/90 dated 6th December, 1990, the Federal Government is pleased to direct that the power to make an order under the said sub-Section shall be exercised by the State Bank of Pakistan until the 31stday of December, 1992.