No. 3 (2)-5-E F/52, dated 18th July, 1952 : In exercise of the powers conferred by Section 27 of the Foreign Exchange Regulation Act, the Federal Government is pleased to make the following Rules :-

  1. Short title and commencement : (1) These rules may be called the Foreign Exchange Rules, 1952.

(2) They shall come into force at once.

  1. Interpretation : In these rules unless there is anything repugnant in the subject or context :-

(a) “The Act” means the Foreign Exchange Regulation Act.

  1. In the case of goods or class of goods specified in the notification issued under Section 12 (1) of the Act ;

(1) the authority to whom the declaration has to be submitted by the exporter shall be the Collector of Customs or such other person as the State Bank may from time to time by notification in the Official Gazette specify for the purpose;

(2) the period within which the amount representing the full export value of goods will have to be paid, shall be the period specified from time to time by the State Bank for this purpose generally or otherwise by notification in the Official Gazette with reference to any country or countries;

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