Section 32C: Mis-declaration of Value for illegal transfer of funds into or out of Pakistan

128[32C. Mis-declaration of Value for illegal transfer of funds into or out of Pakistan.- (1) Without prejudice to any action that may be taken under this Act or any other law for the time being in force, if any person overstates the value of imported goods or understates the value of exported goods or vice versa, or using other means including short-shipment, over-shipment, with a view to illegally transferring funds into or out of Pakistan, such person shall be served with a notice to show cause within a period of two years from the date of detection of such mis-declaration as to why penal action shall not be initiated: Provided that if goods have not been cleared from customs, such goods shall also be liable to be seized: 130[Provided further that Board may, by notification in the official Gazette, make rules for carrying out the purposes of this section.] (2) Any proceedings under this section, shall not be initiated, without the explicit approval of Board.]

Effective date: 1969-03-03

Related sections