Section 4: Freedom to bring, hold, sell and take out foreign currency

4. Freedom to bring, hold, sell and take out foreign currency.— (1) All citizens of Pakistan resident in Pakistan or outside Pakistan and all other persons shall be entitled and free to bring, hold, sell, transfer and take out foreign exchange within or out of Pakistan in any form and shall not be required to make a foreign currency declaration at any stage nor shall anyone be questioned in regard to the same. 1[(2) Nothing in sub-section (1) shall apply to (a) any foreign exchange borrowed under any general permission given by the State Bank of Pakistan under sub-section (1) of section 4 of the Foreign Exchange Regulations Act, 1947 (VII of 1947); (b) any payment from abroad for good exported from Pakistan; (c) proceeds of securities issued or sold to non-residents; (d) any payment received from abroad for services rendered in, or from Pakistan; (e) earnings or profits of the overseas offices or branches of Pakistani firm and companies including banks; and (f) any foreign exchange purchased from an authorized dealer in Pakistan for any purpose.]

Effective date: 1992-01-01

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