RAWALPINDI: The Headquarters of the Chief Martial Law Administrator issued here tonight [April 16] M.L. Regulation Nos 34 and 35 dealing with the holding of unlawfully acquired foreign exchange and assets outside Pakistan. The regulations come into force at once.

Under M.L. Regulation No. 34, any person, other than a bona fide student engaged in studies or training in a foreign country, shall declare holding foreign exchange to the State Bank of Pakistan or surrender it to an authorised dealer in Pakistan by May 15, if he believes that such holding of foreign exchange is not lawful or it has been unlawfully acquired. No action will be taken against him.

The Regulation said that if any person is found holding foreign exchange in contravention of any law and who has not declared or surrendered it by the specified date, shall be punished with rigorous imprisonment up to 14 years and with confiscation either of the whole or part of his property in Pakistan.

According to M.L. Regulation No. 35, a person other than bona fide student engaged in studies or training and bona fide wage-earner in a foreign country, who owns any movable or immovable assets outside Pakistan, shall declare to the State Bank of Pakistan their description, value and income by June 16. — Agency

Published in Dawn, April 17th, 2019