Law: Foreign Exchange Regulation Act, 1947

Section: 3A,3AA,4,23

Law: Constitution of Pakistan, 1973

Section: 187(1)

(a) Foreign Exchange Regulation Act (VII of 1947)--- ----Ss. 3A, 3AA, 4 23---Dealing in foreign exchange without permission of concerned authorities---Reappraisal of evidence---Confiscation of local and foreign currency by the Federal Investigation Agency (FIA)/petitioner-department during raid proceedings---During trial the respondent-accused moved an application before the Trial Court for superdari of his confiscated currency, which was allowed to the extent of local currency only---However, the High Court ordered the petitioner-department to return both local and foreign currency to the accused---Legality---Any person who was citizen of Pakistan was authorized to establish business of foreign currency notes subject to moving an application to the State Bank of Pakistan on a prescribed form after payment of a prescribed fee seeking permission/ authorization---Method for the same was duly mentioned in S. 3A of the Foreign Exchange Regulation Act, 1947 (the 1947 Act)---Similarly exchange companies could be formed by following the procedure provided in S. 3AA of the 1947 Act---However, in the present case the respondent neither sought any permission nor produced any document during raid or during investigation---Report in terms of S. 173, Cr.P.C. had already been submitted before the Court of competent jurisdiction and trial of the case was likely to be commenced in near future---High Court had extended artificial reasoning while passing the impugned and the same was not supported by the law---Prima facie the local currency was being used by the accused as an exchange currency for the foreign currency, otherwise, there seemed no reason for him to keep a huge amount of local currency in the shop---Impugned of the High Court and order of the Trial Court were set-aside, and the Supreme Court directed that the application of the respondent for superdari to the extent of local currency, already handed over to the respondent, shall be deemed to be pending before the Trial Court and shall be decided afresh by a judicious order after affording an opportunity of hearing to both the parties strictly in the spirit of the law---Petition for leave to appeal was converted…

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