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| Sole
Right to Issue Bank Notes: |
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According to Article 24.- (1) of the State Bank
of Pakistan Act, 1956 the Bank has the sole
right to issue Bank Notes. The currency notes
of the Government of Pakistan supplied to the
Bank by the Government may be issued by it for
a period which shall be fixed by the Federal
Government on the recommendations of the Central
Board of State Bank of Pakistan.
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| (2)
Any person contravening this authority shall be
liable to the penalties mentioned in the Article
35. |
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| Offences
and Penalties Relating to Unauthorized Issue of
Bills and Bank Notes: |
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According to Article 35.- (1)of the State Bank
of Pakistan Act, 1956 no person in Pakistan
other than the Bank or as expressly authorised
by this Act, the Federal Government shall draw,
accept, make or issue any Bill of Exchange,
Hundi, Promissory Note or engagement for the
payment of money payable to bearer on demand,
or borrow, owe or take up any sum or sums of
money on the Bills, Hundis or Notes payable
to bearer on demand of any such persons, but
such Cheques or Drafts, including Hundi, payable
to bearer on demand or otherwise may be drawn
on a person's account with a banker, shroff
or agent.
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(2) Notwithstanding anything contained in the
Negotiable Instruments Act, 1881, no person in
Pakistan other than the Bank, or as expressly
authorised by this Act, the Federal Government
shall make or issue any Promissory Note expressed
to be payable to the bearer of the instrument.
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(3) Any person contravening the provision of this
Section shall be punishable upon conviction with
fine which may extend to double the amount of
the Bill, Hundi, Promissory Note or engagement
in respect whereof the offence is committed.
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(4) No prosecution under this section shall be
instituted except on complaint made on behalf
of the Bank. |
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