Exchange Control Act, 1954

Payments, etc., by authorised dealers.

7.—Notwithstanding any other provision of this Act, an authorised dealer may, in accordance with a direction given by the Minister under section 26—

(a) make, or commit himself to make, payments to or by the order of persons resident outside the scheduled territories or place, or promise to place, sums to the credit of such persons, or

(b) effect any other transaction in the normal course of banking business.