The following Competition practice note provides comprehensive and up to date legal information covering:
A conversation with Mr. Sarjeel Mowahid, Partner, Mr. Anas Farooq, Associate & Mr. Muhammad Areeb of ABS & CO on key issues on FDI control in Pakistan.
Pakistan is a federation whereby certain subjects are devolved to the competence of the provinces, while others are retained under the legislative competence of the federal government. As of passing of the 18th Amendment of the Constitution of 1973, there is a federal legislative list which covers the subjects on which the federal government is competent to legislate, while other subjects shall be legislated upon by the provinces. It may be noted that the scope of the article is limited to the overall investment regime applicable to foreign investors, with a primary focus on federal legislation. Sectoral and provincial laws may be applicable in addition to the laws mentioned below, and it is pivotal that professional advice is sought with regards to the nature of the investment being made. Regardless, the main laws are as follows:
Foreign Exchange Regulation Act 1947 (FERA);
The purpose of the Act is to regulate payments and dealings in foreign exchange and securities and the import and export of currency and bullion. The Act imposes certain restrictions on dealing in foreign exchange which are subject to general and special exemptions from the State Bank of Pakistan (SBP).
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