Exchange Control Act, 1954


26.—(1) The Minister may give directions to persons belonging to the following classes, that is to say:—

(a) authorised dealers and authorised depositaries,

(b) persons to whom any powers of the Minister under this Act are delegated, being—

(i) in the case of any such persons, directions as respects the exercise of any functions exercisable by them by virtue of, or by virtue of anything done under, any provision of this Act, or

(ii) in the case of authorised dealers, such directions as aforesaid, or directions as to the terms on which they may buy, borrow or otherwise accept gold or foreign currency, or sell, lend or otherwise dispose of gold or foreign currency and the furnishing to the Minister of returns of transactions in gold or foreign currency and of payments made to or received from persons resident outside the scheduled territories.

(2) Any direction given under this section to a person shall be complied with by such person.

(3) Any direction given under this section may be either general or particular and may be revoked or varied by subsequent directions.

(4) Directions under this section shall be given in such manner as the Minister thinks appropriate.

(5) Notwithstanding subsection (4) of this section, a person shall not by virtue of any direction under this section, be convicted of an offence under this Act unless the direction was served on him.