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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 interest 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 Federal 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) "Appellate Board" means a foreign Exchange Regulation Appellate
Board constituted under sub-section (1) of section 23C;
(aa) “Authorised Dealer” means a person for the time being authorised
under section 3 to deal in foreign exchange;
(ab) “authorized money changer” means a person for the time being
authorized under section 3A to deal in foreign currency notes, and
coins
(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;
(ba) "exchange company" means a company authorized
under section 3AA to deal in foreign currency notes, coins, postal notes, money
orders, banks drafts, travellers cheques and transfers,".
(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 balance payable
in any foreign currency, and any drafts, traveler’s cheques, letters of
credit and bills 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 is 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 who receives, whether on his own behalf or on behalf of any other person,
dividends or interest thereon, and who has any interest therein, 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 promissory notes other than
Government promissory notes;
(l) "Silver" means silver bullion or ingot, silver sheets and
plates which have undergone no process of manufacture subsequent to rolling
and uncurrent silver coin which is not legal tender in Pakistan or elsewhere;
(m) "Transfer" includes, in relation to any security, transfer by
way of loan or security.
3. Authorised Dealers in Foreign Exchange.
(1) The State Bank may, on application made to it in this behalf,
authorize any person to deal in foreign exchange.
(2) An authorisation under this section:-
(i) may authorize dealings in all foreign currencies or may be restricted to
authorizing dealings in specified foreign currencies only;
(ii) may authorise transactions of all descriptions in foreign currencies or
may be restricted to authorizing specified transactions only;
(iii) may be granted to be effective for a specified period, or within specified
amounts.
(3) An authorised dealer shall in all his dealings, in foreign exchange comply
with such general or special directions or instructions as the State Bank may
from time to time think fit to give, and, except with the previous permission
of the State Bank, an authorised dealer shall not engage in any transaction
involving any foreign exchange which is not in conformity with the terms of
his authorization under this section.
(4) An authorized dealer shall, before undertaking any transaction in foreign
exchange on behalf of any person, require that person to make such declarations
and to give such information as will reasonably satisfy him that the transaction
will not involve, and is not designed for the purpose of, any contravention
or evasion of the provisions of this Act or of any rules, directions or orders
made thereunder, and where the said person refuses to comply with any such requirement
or makes only unsatisfactory compliance therewith, the authorised dealer shall
refuse to undertake the transaction and shall, if he has reason to believe that
any such contravention or evasion as aforesaid is contemplated by the person,
report the matter to the State Bank.
3A. Authorized money changers in foreign exchange:-
(1) The State Bank may, on application made to it in this behalf,
and on payment of a fee prescribed by it, from time to time, authorize any person
to deal in foreign currency notes, and coins
(2) The power conferred under sub-section (1) shall be exercised on the
basis of criteria prescribed, and recommendations made, by a committee consisting
of such official and non-official representatives as may be nominated by the
State Bank.
(3) n authorization made under this section may be for a specific period
of time, which may be renewed thereafter.
(4) An authorized money changer shall, in all his dealings under the authorization,
comply with such general or special directions or instructions as the State
Bank may, from time to time, think fit to give including those for supply of
data, the rate and code of conduct in doing business. Failure to comply with
the instructions may lead to suspension of the licence or other actions as necessary.
3AA Exchange companies.- (1) The State Bank may, on application made to it in this behalf, and on payment of such fee as it may, from time to time prescribe, authorize any company to deal in foreign currency notes, coins, postal notes, money orders, bank drafts, travellers cheques and transfers.
(2) For the purpose of sub-section (1), the expression "company" means a company having been formed and registered under the Companies Ordinance, 1984 (XLVII of 1984), pursuant to no objection certificate issued by the State Bank in respect thereof to the Securities and Exchange Commission of Pakistan upon receiving an intimation from the said Commission that it has received and application for the formation of the company.
(3) The power conferred under sub-section (1) shall be exercised on the basis of eligibility criteria prescribed for exchange companies by the State Bank.
(4) Exchange companies shall, in all their dealings,
comply with-
(i) the terms and conditions of the authorizations issued to them under sub-section
(1); and
(ii) such general or special directions or instructions as the State Bank may,
from time to time, issue including those set out in the circulars and foreign
exchange manual of the State Bank.
(5) Failure to comply with any such terms and
conditions, direction or instructions imposed, given or issued may lead to suspension
of authorization or any other action as deemed necessary the State Bank.
3B Cancellation
of authorization: -
Without prejudice to the provisions of section 23B, if an authorized
dealer exchange company or money changer commits a contravention
of any term of authorization or uses it for any purpose other than the purpose,
or after the expiry of the period, for which it was given or contravenes or
attempts to contravene or abets the contravention of the provisions of , or
the general or special directions or instructions or permissions issued by the
State Bank from time to time under any provisions of, this Act or any rules
made thereunder or engages in transactions not in conformity with the terms
of authorization or fails to comply with any of the provisions of this Act or
any rules, directions, instructions, or permissions made, issued or given thereunder
or in the public interest it is necessary so to do or there otherwise exist
reasons appearing sufficient to the State Bank, after giving a reasonable opportunity
of being heard to the authorized dealer exchange company
or money changer cancel the authorization.
Provided that, if, in the opinion of the State Bank, any delay would be prejudicial
to the public interest, the State Bank may, at the time of giving an opportunity
as aforesaid or at any time thereafter and pending the hearing as aforesaid,
if any, by order suspend, for a period specified in the order, the authorization
either wholly or to such extent as may be so specified.
4. Restrictions on dealing in Foreign Exchange.
(1) Except with the previous general or special permission of
the State Bank, no person other than an authorised dealer shall in Pakistan,
and no person resident in Pakistan other than an authorised dealer shall outside
Pakistan, buy or borrow from, or sell or lend to, or exchange with, any person
not being an authorised dealer, any foreign exchange.
(2) Except as may otherwise be directed by the State Bank,
authorized dealers, authorized money changers and exchange companies shall be
free to determine exchange rates for the conversion of Pakistan currency into
any foreign currency or any foreign currency into Pakistan currency.
(3) Where any foreign exchange is acquired by any person other than an
authorised dealer of any particular purpose, or where any person has been permitted
conditionally to acquire foreign exchange, the said person shall not use the
foreign exchange so acquired otherwise than for that purpose or, as the case
may be, fail to comply with any condition to which the permission granted to
him is subject, and where any foreign exchange so acquired cannot be so used
or, as the case may be, the conditions cannot be complied with, the said person
shall without delay sell the foreign exchange to an authorised dealer.
(4) Nothing in this section shall be deemed to prevent a person from buying
from any post office, in accordance with any law or rules made thereunder for
the time being in force, any foreign exchange in the form of postal orders or
money orders.
5. Restrictions on payments.
(1) Save as may be provided in and in accordance with any general
or special exemption from the provisions of this sub-section which may be granted
conditionally or unconditionally by the State Bank, no person in, or resident
in, Pakistan shall—
(a) make any payment to or for the credit of any person resident outside
Pakistan;
(b) draw, issue or negotiate any bill of exchange or promissory note or acknowledge
any debt, so that a right (whether actual or contingent) to receive a payment
is created or transferred in favour of any person resident outside Pakistan;
(c) make any payment to or for the credit of any person by order or on behalf
of any person resident outside Pakistan;
(d) place any sum to the credit of any person resident outside Pakistan;
(e) make any payment to or for the credit of any person as consideration
for or in association with-
(i) the receipt by any person of a payment or the acquisition by any person
of property outside Pakistan;
(ii) the creation or transfer in favour of any person of a right whether
actual or contingent to receive a payment or acquire property outside Pakistan;
(f) draw, issue or negotiate any bill of exchange or promissory note, transfer
any security or acknowledge any debt, so that a right (whether actual or contingent)
to receive a payment is created or transferred in favour of any person as consideration
for or in association with any matter referred to in clause (e).
(2) Nothing in sub-section (1) shall render unlawful—
(a) the making of any payment already authorized, either with foreign exchange
obtained from an authorized dealer under section 4 or with foreign exchange
retained by a person in pursuance of an authorization granted by the State Bank;
(b) the making of any payment with foreign exchange received by way of salary
or payment for services not arising from business in, or anything done while
in Pakistan.
(3) Nothing in this section shall restrict the doing by any person of anything
within the scope of any authorization or exemption granted under this Act.
(4) For the purposes of this section, "security" also includes
coupons or warrants representing dividends or interest and life or endowment
insurance policies.
6. Blocked accounts.
(1) Where an exemption from the provisions of section 5 is granted
by the State Bank in respect of payment of any sum to any person resident outside
Pakistan and the exemption is made subject to the condition that the payment
is made to a blocked account—
(a) the payment shall be made to a blocked account in the name of that
person in such manner as the State Bank may by general or special order direct;
and
(b) the crediting of that sum to that account shall, to the extent of the sum
credited, be a good discharge to the person making the payment.
(2) No sum standing at the credit of a blocked account shall be drawn on
except in accordance with any general or special permission which may be granted
conditionally or otherwise by the State Bank.
(3) In this section "blocked account" means an account opened
as a blocked account at any office or branch in Pakistan of a bank authorized
in this behalf by the State Bank, or an account blocked, whether before or after
the commencement of this Act, by order of the State Bank.
7. Special accounts.
(1) Where in the opinion of the Federal Government it is necessary
or expedient to regulate payments due to persons resident in any territory,
the Federal Government may, by notification in the official Gazette, direct
that such payments or any class of such payments shall be made only into an
account (hereinafter referred to as a special account) to be maintained for
the purpose by the State Bank or an authorized dealer specially authorized by
the State Bank in this behalf.
(2) The credit of a sum to a special account shall, to the extent of the
sum credited, be a good discharge to the person making the payment:
Provided that where the liability of the person making the payment is to make
the payment in foreign currency, the extent of the discharge shall be ascertained
by converting the amount paid into that currency at such rate of exchange as
is for the time being fixed or authorized by the State Bank.
(3) The sum standing to the credit of any special account shall from time
to time be applied—
(a) where any agreement is entered into between the Federal Government
and the Government of the territory to which the aforesaid notification relates
for the regulation of payments between persons resident in Pakistan and in that
territory, in such manner as the State Bank, having regard to the provisions
of such agreement, may direct; or
(b) where no such agreement is entered into, for the purpose of paying wholly
or partly, and in such order of preference and at such times as the Federal
Government may direct, debts due from the persons resident in the said territory
to persons resident in Pakistan or in such other territories as the Federal
Government may by order specify in this behalf.
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, jewelry 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 unreasonable
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,
(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.
16. Acquisition by Federal Government of foreign securities.
(1) Subject to any exemptions that may be contained in the notification,
the Federal Government may, if it is of opinion that it is expedient so to do
for the purpose of strengthening its foreign exchange position by notification
in the official Gazette:-
(a) order the transfer to itself of any foreign securities specified in the
notification at a price so specified, being a price which is, in the opinion
of the Federal Government not less than the market value of the securities on
the date of the notification, or
(b) direct the owner of any foreign securities specified, in the notification
to sell or procure the sale of the securities and thereafter to offer or cause
to be offered the net foreign exchange proceeds of the sale to the State Bank
on behalf of the Federal Government or to such person as the State Bank may
authorize for the purpose, 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.
(2) On the issue of a notification under clause (a) of sub-section (1):
–
(a) the securities to which the notification relates shall forth-with vest
in the Federal Government free from any mortgage, pledge or charge, and the
Federal Government may deal with them in such manner as it thinks fit;
(b) the owner of any of the securities to which the notification relates and
any person who is responsible for keeping any registers or books in which any
of those securities are registered or inscribed, or who is otherwise concerned
with the registration or inscription of any of those securities, shall do all
such things as are necessary or as the Federal Government or the State Bank
may order to be done, for the purpose of securing that—
(i) the securities and any documents of title relating there-to are delivered
to the Federal Government and, in the case of registered or inscribed securities,
that the securities are registered or inscribed in the name of the Federal Government
or of such nominee of the Federal Government as it may specify, and
(ii) any dividends or interest on those securities becoming payable on or after
the date of the issue of the notification are paid to the Federal Government
or its nominee as aforesaid and where in the case of any security payable to
bearer which is delivered in pursuance of the said notification, any coupons
representing any such dividends or interest are not delivered with the security,
such reduction in the price payable therefor shall be made as the Federal Government
thinks fit:
Provided that where the price specified in the notification in relation to any
security is ex-dividend or ex-interest, this sub-clause shall not apply to that
dividend or interest or to any coupon representing it.
(3) A certificate signed by any person authorized in this behalf by the Federal
Government that any specified securities are securities transferred to the Federal
Government under this section shall be treated by all persons concerned as conclusive
evidence that the securities have been so transferred.
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