Foreign Exchange (Provisional Sanctions) Act 1998 Section 2 Protection of Economic Reforms Act (XII of 1992), Section 5 (4) Ordinance of Banking Companies (LVII of 1962), Sections 25 and 41 of the State Bank's Circular No. 23 of 1998 Refund ban. Impact The State Bank of Pakistan did not have the authority to direct foreign currency account holders under Section 25 or Section 41, Ordinance of Banking Companies, 1962, through which foreign exchange reserves were attacked as collateral against local loans. Was accepted on. The contract rights and obligations under the closing agreements, due to the confiscation of the State Bank of Pakistan Circular No. 23 dated 2 7 1998, for the banks to provide fresh security to the forex reserves or to cancel the obligation. I am being intercepted, as it is forbidden to use foreign currency reserves in Pakistan as security, which was previously accepted by B, to receive foreign currency reserves under the appropriate provisions of law against payment of any compensation. Prior to the issuance of Circular No. 23, 2 7 1998, could not maintain the veil against these loans.
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