8. Restrictions on import and export of certain currency and bullion.
(1) The Federal Government may, by notification in the official Gazette, order that,
subject to such exemptions, if any, as may be contained in the notification, no person
shall, except with the general or special permission of the State Bank and on payment of
the fee, if any, prescribed bring or send into Pakistan any gold or silver or any currency
notes or bank notes or coin whether Pakistan or foreign.
Explanation.—The bringing or sending into any part or place in the territories
of Pakistan of any such article as aforesaid, intended to be taken out of the territories
of Pakistan without being removed from the ship or conveyance in which it is being
carried, shall nonetheless be deemed to be bringing or as the case may be sending, into
the territories of Pakistan of that article for the purposes of this section.
(2) No person shall, except with the general or special permission of the State Bank or
the written permission of a person authorized in this behalf by the State Bank, take or
send out of Pakistan any gold, jewellery or precious stones, or Pakistan currency notes,
bank notes or coin or foreign exchange.
(3) The restrictions imposed by sub-sections (1) and (2) shall be deemed to have been
imposed under section 16 of the Customs Act, 1969, without prejudice to the provisions of
section 23 of this Act, and all the provisions of that Act shall have effect accordingly.
9. Acquisition by Federal Government of foreign exchange.
The Federal Government may, by notification in the official Gazette, order every
person in, or resident in, Pakistan
(a) who owns or holds such foreign exchange as may be specified in the notification, to
offer it, or cause it to be offered for sale to the State Bank on behalf of the Federal
Government or to such person, as the State Bank may authorize for the purpose, within such
time as may be specified in the notification and at such price as the Federal Government
may fix, being a price which is in the opinion of the Federal Government not less than the
market rate of the foreign exchange when it is offered for sale;
(b) who is entitled to assign any right to receive such foreign exchange as may be
specified in the notification, to transfer that right to the State Bank on behalf of the
Federal Government on payment of such consideration therefor as the Federal Government may
fix:
Provided that the Federal Government may by the said notification or another order exempt
any person or class of persons from the operation of such order:
Provided further that nothing in this section shall apply to any foreign exchange acquired
by a person from an authorized dealer and retained by him with the permission of the State
Bank for any purpose.
10. Duty of persons entitled to receive foreign exchange, etc.
(1) No person who has a right to receive any foreign exchange or to receive from any
person resident outside Pakistan a payment in rupees shall, except with the general or
special permission of the State Bank, do or refrain from doing any act with intent to
secure—
(a) that the receipt by him of the whole or part of that foreign exchange or payment is
delayed, or
(b) that the foreign exchange or payment ceases in whole or in part to be receivable by
him.
(2) Where a person has failed to comply with the requirements of sub-section (1) in
relation to any foreign exchange or payment in rupees, the State Bank may give to him such
directions as appear to be expedient for the purpose of securing the receipt of the
foreign exchange or payment as the case may be.
11. Power to regulate the uses, etc., of imported gold and silver.
The Federal Government may, by notification in the official Gazette, impose such
conditions as it thinks necessary or expedient on the use or disposal of or dealings in
gold and silver prior to, or at the time of, import into Pakistan.
12. Payment for exported goods.
(1) The Federal Government may, by notification in the official Gazette, prohibit the
export of any goods or class of goods specified in the notification from Pakistan directly
or indirectly to any place so specified unless a declaration supported by such evidence as
may be prescribed or so specified, is furnished by the exporter to the prescribed
authority that the amount representing the full export value of the goods has been, or
will within the prescribed period be, paid in the prescribed manner.
(2) Where any export of goods has been made to which a notification under sub-section (1)
applies, no person entitled to sell, or procure the sale of, the said goods shall, except
with the permission of the State Bank, do or refrain from doing any act with intent to
secure that—
(a) the sale of the goods is delayed to an extent which is unreason able having regard to
the ordinary course of trade, or
(b) payment for the goods is made otherwise than in the prescribed manner or does not
represent the full amount payable by the foreign buyer in respect of the goods, subject to
such deductions, if any, as may be allowed by the State Bank, or is delayed to such extent
as aforesaid:
Provided that no proceedings in respect of any contravention of this sub-section shall be
instituted unless the prescribed period has expired and payment for the goods representing
the full amount as aforesaid has not been made in the prescribed manner.
(3) Where in relation to any such goods the said period has expired and the goods have not
been sold and payment therefor has not been made as aforesaid, the State Bank may give to
any person entitled to sell the goods or to procure the sale thereof, such directions as
appear to it to be expedient for the purpose of securing the sale of the goods and payment
therefor as aforesaid, and without prejudice to the generality of the foregoing provision,
may direct that the goods shall be assigned to the Federal Government or to a person
specified in the directions.
(4) Where any goods are assigned in accordance with sub-section (3), the Federal
Government shall pay to the person assigning them such sum in consideration of the net sum
recovered by or on behalf of the Federal Government in respect of the goods as may be
determined by the Federal Government.
(5) Where in relation to any such goods the value as stated in the invoice is less than
the amount which in the opinion of the State Bank represents the full export value of
those goods, the State Bank may issue an order requiring the person holding the shipping
documents to retain possession thereof until such time as the exporter of the goods has
made arrangements for the State Bank or a person authorized by the State Bank to receive
on behalf of the exporter payment in the prescribed manner of an amount which represents
in the opinion of the State Bank the full export value of the goods.
(6) For the purpose of ensuring compliance with the provisions of this section and any
orders or directions made thereunder, the State Bank may require any person making any
export of goods to which a notification under sub-section (1) applies to exhibit contracts
with his foreign buyer or other evidence to show that the full amount payable by the said
buyer in respect of the goods has been, or will within the prescribed period be, paid in
the prescribed manner.
13. Regulation of export and transfer of securities.
(1) No person shall, except with the general or special permission of the State
Bank,—
(a) take or send any security to any place outside Pakistan;
(b) transfer any security or create or transfer any interest in a security to or in favour
of a person resident outside Pakistan;
(c) transfer any security from a register in Pakistan to a register outside Pakistan or do
any act which is calculated to secure, or forms part of a series of acts which together
are calculated to secure, the substitution for any security which is either in, or
registered in Pakistan, of any security which is either outside or registered outside
Pakistan;
(d) issue, whether in Pakistan or elsewhere, any security which is registered or to be
registered in Pakistan, to a person resident outside Pakistan.
(2) Where the holder of a security is a nominee, neither he nor any person through whose
agency the exercise of all or any of the holder's rights in respect of the security is
controlled shall, except with the general or special permission of the State Bank, do any
act whereby he recognises or gives effect to the substitution of another person as the
person from whom he directly receives instructions, unless both the persons previously
instructing him and the person substituted for that person were, immediately before the
substitution, resident in Pakistan.
(3) The State Bank may, for the purpose of securing that the provisions of this section
are not evaded, require that the person transferring any security and the person to whom
such security is transferred shall subscribe to a declaration that the transferee is not
resident outside Pakistan.
(4) Notwithstanding anything contained in any other law, no person shall except with the
permission of the State Bank.—
(a) enter any transfer of securities in any register or book in which securities are
registered or inscribed if he has any ground for suspecting that the transfer involves any
contravention of the provision of this section, or
(b) enter in any such register or book, in respect of any security, whether in connection
with the issue or transfer of the security or otherwise, an address outside Pakistan
except by way of substitution for any such address in the same country or for the purpose
of any transaction for which permission has been granted under this section with knowledge
that it involves entry of the said address.
(5) For the purposes of this section,—
(a) "holder" in relation to a bearer security means the person having physical
custody of the security; provided that, where a bearer security is deposited with any
person in a locked or sealed receptacle from which the person with whom it is deposited is
not entitled to remove it without the authority of some other person, that other person
shall be deemed to be the holder of the security;
(b) "nominee" means a holder of any security (including bearer security) or any
coupon representing dividends or interest who, as respects the exercise of any rights in
respect of the security or coupon, is not entitled to exercise those rights except in
accordance with instructions given by some other person, and a person holding a security
or coupon as a nominee shall be deemed to act as nominee for the person who is entitled to
give instructions either directly or through the agency of one or more persons, as to the
exercise by the holder of the security or coupon of any rights in respect thereof and is
not, in so doing, himself under a duty to comply with instructions given by some other
person;
(c) "security" also includes coupons or warrants representing dividends or
interest, and life or endowment insurance policies;
(d) "a person resident outside Pakistan" includes a foreign national for the
time being resident in Pakistan, and a company registered in Pakistan which is controlled,
directly or indirectly, by a person resident outside Pakistan.
14. Custody of securities.
(1) The Federal Government may, by notification in the official Gazette, order every
person by whom or on whose behalf a security or document of title to a security specified
in the order is held in Pakistan to cause the said security or document of title to be
kept in the custody of an authorized depository named in the order:
Provided that the State Bank may by order in writing permit any such security to be
withdrawn from the custody of the authorized depository subject to such conditions as may
be specified in the order.
(2) No authorized depository may part with any security covered by an order under
sub-section (1) without the general or special permission of the State Bank except to or
to the order of. another authorized depository.
(3) Except with the general or special permission of the State Bank, no authorized
depository shall—
(a) accept or part with any security covered by an order under sub-section (1) whereby the
security is transferred into the name of a person resident outside Pakistan, or
(b) do any act whereby he recognises or gives effect to the substitution of another person
as the person from whom he directly receives instructions relating to such security unless
the person previously so instructing him and the person substituted for that person were
immediately before the substitution resident in Pakistan.
(4) Except with the general or special permission of the State Bank, no person shall buy,
sell or transfer any security, or document of title to a security, covered by an order
under sub-section (1) unless such security or document of title has been deposited in
accordance with the order.
(5) Except with the general or special permission of the State Bank, no capital moneys,
interest or dividends in respect of any security covered by an order under sub-section (1)
shall be paid in Pakistan except to or to the order of the authorized depository having
the custody of the security.
(6) For the purposes of this section:
(a) "authorized depository" means a person notified by the Federal Government to
be entitled to accept the custody of securities and documents of title to securities, and
(b) "security" shall include coupons.
15. Restrictions on issue of bearer securities.
The Federal Government may, by notification in the official Gazette, order that except
with the general or special permission of the State Bank no person shall in Pakistan issue
any bearer security or coupon or so alter any document that it becomes a bearer security
or coupon.
