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  "title": "PROTECTION OF ECONOMIC REFORMS ACT 1992",
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  "source_url": "https://punjabcode.punjab.gov.pk/en/show_article/XWhUZlNtW24-",
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  "text": "PROTECTION OF ECONOMIC REFORMS ACT 1992  \r\n(XII of 1992) \r\nCONTENTS \r\n1. Short Title Commencement And Application \r\n2. Definitions \r\n3. Act To Over-ride other Laws. \r\n4. Freedom to Bring, Hold, Sell And Take Out Foreign Currency \r\n5. Immunities to Foreign Currency Accounts. \r\n6. Protection of Fiscal Incentives for Setting-up of Industries \r\n7. Protection of Transfer of Ownership to Private Sector. \r\n8. Protection of Foreign and Pakistan Investment \r\n9. Secrecy of Banking Transaction. \r\n10. Protection of Financial Obligation. \r\n11. Rules. \r\nTEXT \r\nPROTECTION OF ECONOMIC REFORMS ACT 1992  \r\n(XII of 1992) \r\n[18th August, 1992] \r\nAn \r\nAct \r\nto provide for furtherance and protection of Economic Reforms \r\nWHEREAS it is necessary to create a lib eral environment for savings and \r\ninvestments; and other matters relating thereto; \r\nAND WHEREAS  a number of economic reforms have been introduced and \r\nare in the process of being introduced to achieve the aforesaid objectives;  \r\nAND WHEREAS  it is necessary to provide legal protection to these reforms in \r\norder to create confidence in the establishment and continuity of the liberal economic \r\nenvironment created thereby; \r\nIt is hereby enacted as follows:– \r\n1. Short title, extent and c ommencement.– (1) This Act, may b e called the \r\nProtection of Economic Reforms Act, 1992. \r\n(2) It extends to the whole of Pakistan.  \r\n(3) It shall come into force at once. \r\n2. Definitions.– In this Act, unless there is anything repugnant in the subject or \r\ncontext: \r\n(a) \"Government\" includes bot h the Federal Government and any \r\nProvincial Government;  \r\n(b) \"economic reforms\" means economic policies and programmes, laws \r\nand regulations announced, promulgated or implemented by the \r\nGovernment on and after the seventh day of November, 1990, relating \r\nto privatization of public sector enterprises, and nationalized banks, \r\npromotion of savings and investments, introduction of , fiscal incentives \r\nfor industrialization and deregulation of investment, banking, finance, \r\nexchange and payments systems, holding and  transfer of currencies; \r\nand  \r\n(c) All other expressions used in this Ordinance shall have the meaning \r\nrespectively assigned to them under the relevant laws.  \r\n3. Act to Over -ride other l aws.– The provisions of this Act shall have effect \r\nnotwithstanding anything contained in the Foreign Exchange Regulation Act, 1947 \r\n(VII of 1947), the Customs Act, 1969 (IV of 1969), the Income Tax Ordinance, 1979 \r\n(XXXI of 1979), or any other law for the time being in force. \r\n4. Freedom to bring, hold, sell and take out foreign currency.– All citizens of \r\nPakistan resident in Pakistan or outside Pakistan and all other persons shall be \r\nentitled and free to bring, hold, sell, transfer and take out foreign exchange within or \r\nout of Pakistan in any form and shall not be required to m ake a foreign currency \r\ndeclaration at any stage nor shall any one be questioned in regard to the same. \r\n5. Immunities to foreign currency accounts .– (1) All citizens of Pakistan \r\nresident in Pakistan or outside Pakistan who hold foreign currency accounts in \r\nPakistan, and all other persons who hold such accounts, shall continue to enjoy \r\nimmunity against any inquiry from the Income Tax Department or any other taxation \r\nauthority as to the source of financing of the foreign currency accounts.  \r\n(2) The balances in  the foreign currency accounts and income there from \r\nshall continue to remain exempted from the levy of wealth -tax and income tax and \r\ncompulsory deduction of Zakat at source.  \r\n(3) The banks shall maintain complete secrecy in respect of transactions in \r\nthe foreign currency accounts.  \r\n(4) The State Bank of Pakistan or other banks shall not impose any \r\nrestrictions on deposits in and withdrawals from the foreign currency accounts and \r\nrestrictions if any shall stand withdrawn forthwith. \r\n6. Protection of fiscal i ncentives for setting -up of industries .– The fiscal \r\nincentives for investment provided by the Government through the statutory orders \r\nlisted in the Schedule or otherwise notified shall continue in force for the term \r\nspecified therein and shall not be altered to the disadvantage of the investors. \r\n7. Protection of t ransfer of o wnership to private sector.– The ownership, \r\nmanagement and control of any banking, commercial, manufacturing or other \r\ncompany, establishment or enterprise transferred by the Government to any person \r\nunder any law shall not again be compulsorily acquired or taken over by the \r\nGovernment for any reason whatsoever. \r\n8. Protection of foreign and Pakistani Investment .– No foreign, industrial or \r\ncommercial enterprise established or owned in any form by a foreign or Pakistani \r\ninvestor for private gain in accordance with law, and no investment in share or equity \r\nof any company, firm, or enterprise, and no commercial bank or financial institution \r\nestablished, owned or acquired by any foreign or Paki stani investor, shall be \r\ncompulsorily acquired or taken over by the Government. \r\n9. Secrecy of Banking Transaction .– Secrecy of bonafide banking \r\ntransactions shall be strictly observed by all banks and financial institutions, by \r\nwhosoever owned, controlled or managed. \r\n10. Protection of financial o bligation.– All financial obligations incurred \r\nincluding those under any instrument, or any financial and contractual commitment \r\nmade by or on behalf of the Government shall continue to remain in force, and shall \r\nnot be altered to the disadvantage of the beneficiaries.  \r\n11. Rules.– The Federal Government may make rules for carrying out the \r\npurposes of this Act. \r\nTHE SCHEDULE \r\n[See section 6] \r\n1. Notification No. SRO 1283 (1)/90 , da ted the 13 th December, 1990, issued \r\nunder sub-section (2) of section 14  of the Income Tax Ordinance, 1979 (XXXI of \r\n1979). \r\n2. Notification No. SRO 1284 (1)/90, dated the 13 th December, 1990, issued \r\nunder section 19 of the Customs Act, 1969 (IV of 1969).",
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