The Foreign Exchange Regulation Act, 1947

( ACT NO. VII OF 1947 )

[ 11th March, 1947 ]
An Act to regulate certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion.1♣

 
 
 
WHEREAS it is expedient in the economic and financial interests of Bangladesh to provide for the regulation of certain payments, dealings in foreign exchange and securities and the import and export of currency and bullion;
 
 
 
 
It is hereby enacted as follows:-
 
 
 

CONTENTS

SECTIONS

1. Short title, extent and commencementa

2. Interpretation

3. Authorised dealers in foreign exchange

4. Restrictions on dealing in foreign exchange

5. Restrictions on payment

6. Blocked accounts

7. Special accounts

8. Restrictions on import and export of certain currency and bullion

9. Acquisition by Government of foreign exchange

10. Duty of persons entitled to receive foreign exchange etc.

11. Power to regulate the uses, etc., of imported gold and silver

12. [ Receipts of proceeds for exported goods and services]

13. Regulation of export and transfer of securities

14. Custody of securities

15. Restrictions on issue of bearer securities

16. Acquisition by Government of foreign securities

17. Restriction on settlement

18A. [Omitted]

18B. Restriction on foreign companies

18. Certain provisions as to companies

19A. Power of inspection

19. Power to call for information

20. Supplemental provisions

21. Contracts in evasion of this Act

22. False statements

22A. Grant of immunity in certain cases

23. Penalty and procedure

23A. Tribunal, its powers, etc.

24. Burden of proof in certain cases

25. Power to Government to give direction

26. Bar of legal proceedings

27. Power to make rules