FERA-1947
Brief discussion on the Sections of the Act.
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Section - 1
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Short title, extent :
Act is called as the Foreign Exchange Regulation Act, 1947.
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Section - 2
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Some interpretations:
AD- person authorised to deal in foreign exchange.
Currency – coins, notes, bank notes, money order,
cheques, TC, LC, Bill of exchange, promissory notes.
FC – other than BD Taka.
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Section - 3
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Authorised Dealers:
Bangladesh Bank has authority to authorise any person to
deal in Foreign Currency.
An authorised dealer shall in all his dealings, in foreign
exchange comply with such general or special directions or instructions of
Bangladesh Bank.
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Section - 4
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Restriction on dealing in FC:
No person, other than an AD, is allowed to deal in FC
except B Bank’s special or general permission.
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Section - 5
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Restriction on payments:
Without B Bank’s special or general permission no person
in or resident in Bangladesh shall
(a) make
any payment to or for the credit of any person resident outside Bangladesh;
(b) make
any payment to or for the credit of any person as consideration for or in
association with (i) the receipt by
any person of a payment or the acquisition by any person of property outside
Bangladesh;
But payment would be where exemption is granted by
Bangladesh Bank.
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Section - 6
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Blocked Account:
Payment may be made to a ‘Blocked Account’ subject to
exemption from provision of Section 5 granted by Bangladesh Bank.
In this section "blocked account" means an
account opened as a blocked account at any office or branch in Bangladesh of
a bank authorised in this behalf by the Bangladesh Bank.
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Section - 7
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Special account:
Payment may be made to “special account” as per direction
of B Bank.
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Section - 8
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Import & Export of currency:
No person shall, except with the general or special
permission of the Bangladesh Bank, bring or send into Bangladesh any gold or
silver or any currency notes or bank notes or coins.
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Section - 9
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Acquisition by Government of Foreign Currency:
Govt has right to do acquisition of FC from persons in or
resident in Bangladesh against price fixed by the Govt.
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Section - 10
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Duty of persons entitled to receive foreign exchange
etc.
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Section - 11
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Govt has power to regulate uses of imported
gold/silver.
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Section - 12
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Payment for exported goods:
The Government has right to prohibit the export of any
goods unless a declaration of exporter in a prescribed manner that full
export value will be received.
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Section - 13
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Restriction on transferring any security to any place
outside Bangladesh.
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Section - 14
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Custody of security:
Custody of any security or title to security will be as
per Government’s notification
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Section - 15
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Restriction on issue of bearer security.
No person without B Bank’s permission can issue bearer
security.
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Section - 16
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Govt may do acquisition of Foreign Securities:
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Section - 17
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Restriction on settlement of property to any person
abroad.
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Section – 18
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Certain Provisions as to Companies:
No person resident in Bangladesh shall do any act whereby
a company, which is controlled by person resident in Bangladesh, ceases to be
so controlled.
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Section – 18A
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Restriction on Foreign Agents:
No person shall act as an agent without special or general
permission of B Bank.
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Section – 18B
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Restriction on Foreign Companies:
No foreign company will be established in Bangladesh
without special or general permission of B Bank.
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Section – 19
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Power to call for information:
The Govt or B Bank has power to authorise anybody to call
for information/books/documents from any person.
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Section – 19A
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Power of inspection:
Government or Bangladesh bank has power to inspect.
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Section – 20
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Some supplementary provisions
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Section – 21
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Contracts in evasion of this Act:
No person shall enter into any contract or agreement
which would directly or indirectly
evade the operation of any provision of this Act
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Section – 22
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False Statement:
No person shall, when complying with any order or direction,
under section 19 or any purpose under this Act, make false
information/statement.
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Section – 22A
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Grant of Immunity in certain cases:
The Govt may grant persons immunity from prosecution under
this Act.
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Section – 23
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Penalty and procedures:
Whoever Contravenes, attempts to contravene, shall be
tried by a Tribunal costituted by Section 23A and shall be punishable with
imprisonment for a term which may extend to two years or with fine or with
both.
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Section – 23A
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Tribunal, its powers:
(1) Every Sessions Judge shall, for the areas within the
territorial limits of his jurisdiction be a Tribunal for trial of an offence
punishable under section 23.
(2) A Tribunal may transfer any case for trial to an
Additional Sessions Judge
(3) A Tribunal shall have all the powers of a
Magistrate of the First Class in relation to criminal trials.
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Section – 24
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Burden of proof in certain cases:
Where any person is tried for contravening any provision
of this Act, the burden of proving that he had the requisite permission shall
be on him.
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Section – 25
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Power of Govt to give general or special directions to
B Bank.
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Section – 26
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Bar of legal proceedings:
No suit, prosecution shall lie against any person for
anything in good faith done or intended to be done under this Act or any rule
thereunder
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Section – 27
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Powers to make rules:
The Government may, by notification in the official
Gazette, make rules for carrying into effect the provisions of this Act.
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