Section 2: Definitions

Plain-Language Summary

A general explanation to aid understanding. The official statutory text appears below.

This section defines the following terms used in The Foreign Currency Accounts (Protection) Ordinance, 2001: • authorised dealer — a person authorized, under section 3 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), by the State Bank to deal in foreign exchange • foreign currency — the foreign currency other than the Pakistan currency • foreign currency accounts — a foreign currency account opened with an authorized dealer after the 28th May, 1998; and • State Bank — the State Bank of Pakistan established under the State Bank of Pakistan Act, 1956 (XXXIII of 1956) This is the official statutory text, shown as written — it is not a paraphrase or a legal opinion. Consult a verified lawyer to see how it applies to your specific situation.

2. Definitions.___ In this Ordinance unless there is anything repugnant in the subject or context. (a) “authorised dealer” means a person authorized, under section 3 of the Foreign Exchange Regulation Act, 1947 (VII of 1947), by the State Bank to deal in foreign exchange; (b) “foreign currency” means the foreign currency other than the Pakistan currency; (c) “foreign currency accounts” means a foreign currency account opened with an authorized dealer after the 28th May, 1998; and (d) “State Bank” means the State Bank of Pakistan established under the State Bank of Pakistan Act, 1956 (XXXIII of 1956).

Effective date: 2001-01-01

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