R.A. 1410

REPUBLIC ACT No. 1410

AN ACT TO PROHIBIT THE SO-CALLED "NO-DOLLAR" IMPORTS EXCEPT UNDER CERTAIN CONDITIONS.

Section 1. No importation into the Philippines under the so-called "no-dollar remittance" shall be allowed except:

Section 2. Definition. For the purposes of this Act imports under the "no-dollar remittance" basis, refer to those commodities, goods or merchandise which are imported for the payment of which no foreign exchange has been allocated by the Central Bank of the Philippines.

Section 3. Any violation of this law or any provision hereof shall subject the articles imported to seizure and confiscation by the Collector of Customs without any right of redemption or release under bond, existing laws to the contrary notwithstanding: Provided, however, That goods and commodities in transit or previously imported on a no-dollar remittance basis at the time of the approval of this Act shall not be affected by the operation of this Act.

Section 4. Any person wilfully violating the provisions of section 1 (a) of this Act shall suffer imprisonment of not more than one year in the discretion of the court, in addition to the penalty provided for in section three hereof.

Section 5. The implementation of the provisions of this Act shall be as it hereby is entrusted to the Department of Commerce and Industry which is hereby empowered to draft, promulgate and publish such rules and regulations as it may deem necessary for such implementation.

Section 6. All existing laws or parts thereof, executive orders and administrative regulations contrary to the provisions of this Act are hereby repealed: Provided, That no provision of this Act shall be interpreted to allow the importation of articles which are limited or prohibited to be imported by existing law, like virginia leaf tobacco, onions, garlic, potatoes and cabbages.

Section 7. This Act shall take effect upon its approval.

Enacted, without Executive approval, September 10, 1955