Preamble : Whereas it is necessary to provide for regulating foreign exchange in the Azad Jammu and Kashmir Territory :

It is hereby enacted as follows : 

  1. (1) This Act may be called the Foreign Exchange Regulation (Application to Azad Jammu and Kashmir) Act, 1963.

(2) It extends to the whole of the Azad Jammu and Kashmir Territory.

(3) It shall come into force at once.

It is hereby declared that the Foreign Exchange Regulation Act, 1947 (VII of 1947), as it may be in force in Pakistan, hereinafter referred to as the said Act, shall apply to the Azad Jammu and Kashmir Territory subject to the following further provisions, namely :

(i)   In the preamble to the said Act after the word `Pakistan’ the words `and Azad Jammu and Kashmir’ shall be inserted;

(ii)  In sub-section (3) of Section 23-A of the said Act after the words, 9 figures and commas “Code of Criminal Procedure, 1898 (Act V of 1898)”, the words, brackets, commas and figures “as amended by the Azad Kashmir Criminal Procedure Code (Amendment) Act, 1958″, shall be inserted;

(iii) All rules, orders and notifications made under the said Act or that may be made from time to time shall, as far as practicable, be deemed to be applicable to Azad Jammu and Kashmir Territory;

(iv)  The expressions `Central Government’ occurring in the said Act shall mean the Federal Government of Pakistan except for the purposes of proceedings in Courts or Tribunals, and the expression `State Bank’ shall mean the `State Bank of Pakistan’;

(v)   The expression `High Court’ occurring in the said Act shall, in its application to the Azad Jammu and Kashmir Territory mean the `Azad Jammu and Kashmir High Court’; and

(vi)  No Tribunal shall take cognizance of an offence under the said Act, except on the offence complained in writing to the District Magistrate within whose jurisdiction the offence is alleged to have been committed.

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