Foreign Exchange Regulation Act, 1947

The Foreign Exchange Regulation Act, 1947 179 THE FOREIGN EXCHANGE REGULATION ACT, 1947 CONTENTS SECTIONS h . s 1. Short title, extent and commencement e d 2. Interpretation a gl 3. Authorised dealers in foreign exchange n a 4. Restrictions on dealing in foreign exchange B 5. Restrictions on payment , s r 6. Blocked accounts ai f 7. Special accounts f A 8. Restrictions on import and export of certain currency yan d bullion r 9. Acquisition by Government of foreign exchange a t n 10. Duty of persons entitled to receive foreign excheange etc. m 11. Power to regulate the uses, etc., of imported gold and silver a 12. Payment for exported goods rli a 13. Regulation of export and transfer of sPecurities 14. Custody of securities d n 15. Restrictions on issue of bearer saecurities 16. Acquisition by Government oef foreign securities c 17. Restriction on settlement ti s u 18. Certain provisions as to companies J 18A. Restriction on agents, w 18B. Restriction on foareign companies L 19. Power to call ff or information o 19A. Power of in spection y r 20. Supplemtental provisions s 21. Contnra i cts in evasion of this Act Mi 22. False statements @ 22A. Grant of immunity in certain cases h2t3. Penalty and procedure g ri 23A. Tribunal, its powers, etc. y p 24. Burden of proof in certain cases o C 25. Power to Government to give direction 26. Bar of legal proceedings 27. Power to make rules ______

180 The Foreign Exchange Regulation Act, 1947 THE FOREIGN EXCHANGE REGULATION ACT, 1947 ACT NO. VII OF 1947 [11th March, 1947] . h s e An Act to regulate certain payments, dealings in foreignd a exchange and securities and the import and export g lof currency and bullion.♣ n a B WHEREAS it is expedient in the economic and, financial s interests of Bangladesh to provide for the regulatiron of certain ai payments, dealings in foreign exchange and sefcurities and the f A import and export of currency and bullion; y r a It is hereby enacted as follows:- t n e m Short title, 1. (1) This Act may be called the Foreign Exchange a extent and commencement Regulation Act, 1947. rli a P (2) It extends to the whole of Bangladesh and applies to all d citizens of Bangladesnh and persons in the service of 1[the a Republic] wherever they may be. e c (3) It shall cti ome into force on such date as the Government s u may, by notification in the official Gazette, appoint in this J behalf. , w a (L4) [Omitted by section 2 of the Foreign Exchange f Roegulation (Amendment) Act, 1952 (Act No. I of 1952).] y r Interpretation s t 2. In this Act, unless there is anything repugnant in the ni subject or context, Mi @ (a) “authorised dealer” means a person for the time being authorised under section 3 to deal in foreign exchange; t h g y ri p o ♣ Throughout this Act, the words “Bangladesh”, “Government”, “the Bangladesh C Bank” and “Taka” were substituted for the words “Pakistan”, “Central Government”, “the State Bank” and “rupees” respectively by section 3 and the Second Schedule of the Bangladesh Laws (Revision and Declaration) Act, 1973 (Act No. VIII of 1973). 1 The words “the Republic” were substituted for the word “Government” by the Bangladesh Laws (Revision and Declaration) (Amendment) Act, 1974 (Act No. LIII of 1974).

The Foreign Exchange Regulation Act, 1947 181 (b) “currency” includes all coins, currency notes, bank notes, postal notes, money orders, cheques, drafts, traveller’s cheques, letters of credit, bills of exchange and promissory notes; . h (c) “foreign currency” means any currency other than s Bangladesh currency; e d a (d) “foreign exchange” means foreign currency and includes gl any instrument drawn, accepted, made or issued under n a 1[clause (13) of Article 16 of the Bangladesh Bank B Order, 1972] all deposits, credits and balances payable , s in any foreign currency, and any drafts, traveller’s r ai cheques, letters of credit and bills of exchange, f f expressed or drawn in Bangladesh currency but payablAe in any foreign currency; y r a t (e) “foreign security” means any security issued enlsewhere e than in Bangladesh and any security the pmrincipal of or interest on which is payable in any foreiagn currency or elsewhere than in Bangladesh; rli a P (f) “gold” includes gold in the form of coin, whether legal d tender or not, or in the form ofn bullion or ingot, whether refined or not; a e c (g) “Bangladesh currency t ”i means currency which is s expressed or drawn iun Bangladesh Taka; J (h) “owner”, in relat,io n to any security, includes any person w who has powaer to sell or transfer the security, or who has the custodyL thereof or who receives, whether on his own behalf orf on behalf of any other person, dividends or o interest thereon, and who has any interest therein, and in a y caser where any security is held on any trust or dividends or t s n initerest thereon are paid into a trust fund, also includes any Mitrustee 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; t h g ri (i) “prescribed” means prescribed by rules made under this p y Act; o C 1 The words, brackets, figure and comma “clause (13) of Article 16 of the Bangladesh Bank order, 1972” were substituted for the words, brackets, figure and comma “clause (8) of section 17 of the State Bank of Pakistan Act, 1956” by section 3 and the Second Schedule of the Bangladesh Laws (Revision and Declaration) Act, 1973 (Act No. VIII of 1973).