Section 543: Unit of account — Pakistan Merchant Shipping Ordinance, 2001

Current legal status not independently verified — Source: Pakistan Code (single official PDF, 2026-08-21). Whether this provision is still in force has not been independently verified.

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543. Unit of account.—(1) The unit of account referred to in sections 541 and 542 is the Special Drawing right as defined by the International Monetary Fund and the amounts mentioned in the aforesaid sections shall be converted into Pakistan currency by the Federal Government on the basis of the value of the currency on the date of the constitution of a limitation fund under Section 545 or when payment is made or such security, as the court may recognise as equivalent to the payment, given. (2) The value in Special Drawing Rights of the national currency shall be calculated according to the method for valuation applied by the International Monetary Fund in effect at the date in question under sub-section (1), for its operations and transactions as certified by the State Bank of Pakistan.

Effective date: 2001-01-01

Related sections

Section 542: Limit for passenger claims Section 544: Aggregation of claims Section 541: General limits of liability Section 545: Limitation of fund and consolidation of claims against owners Section 540: Applications of the limits.––The limits of liability determined in accordance with Section 546: Release of ships, etc

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