Foreign Exchange Rules, 1952

The Foreign Exchange Rules, 1952

No. 3 (2)-5-E F/52, dated 18th July, 1952: In exercise of the powers conferred by Section 27 of the Foreign Exchange Regulation Act, the Federal Government is pleased to make the following Rules:---

1. Short title and commencement: (1) These rules may be called the Foreign Exchange Rules, 1952. 

(2) They shall come into force at once. 

2. Interpretation: In these rules unless there is anything repugnant in the subject or context:---

(a) “The Act” means the Foreign Exchange Regulation Act. 

3. In the case of goods or class of goods specified in the notification issued under Section 12 (1) of the Act;---

(1) the authority to whom the declaration has to be submitted by the exporter shall be the Collector of Customs or such other person as the State Bank may from time to time by notification in the Official Gazette specify for the purpose; 

(2) the period within which the amount representing the full export value of goods will have to be paid, shall be the period specified from time to time by the State Bank for this purpose generally or otherwise by notification in the Official Gazette with reference to any country or countries; 

(3) the manner in which the amount representing the full export value of the goods will have to be paid, shall be the manner specified from time to time by the State Bank for this purpose generally or otherwise by notification in the Official Gazette with reference to any country or countries. 

4. All powers vested in the State Bank under the Act shall be exercised and all functions entrusted to the State Bank under the Act shall be performed in the name of the Bank by such Officers of the State Bank as may be notified from time to time by the State Bank in the Official Gazette with reference to such officers’ names or designations. 

5. Any order, direction, communication issued by the State Bank in exercise of the powers vested under the Act shall be deemed to have been properly issued, communicated to or served on the person or persons concerned:- 

(i)  if it is sent to the address known to the State Bank of such persons by registered post with acknowledgment due; or 

(ii) if it is published in any two prominent daily newspapers, including one in Urdu and one in English within Pakistan circulating in the area in which such person or persons reside or carry on business; or 

(iii) if it is personally tendered to such person or persons for acceptance, whether accepted or refused and an endorsement or statement in the tendering employee of the Bank as to the acceptance refusal shall be sufficient proof of such acceptance or refusal.