Salting abroad of foreign exchange.
Section 2
SEC. 2. Salting abroad of foreign exchange.—The following acts shall constitute salting abroad of foreign exchange and any person found committing such acts shall upon conviction suffer the penalty prescribed in Section 1 above: The retention abroad by any person engaged in the business of exportation, of his export proceeds of earnings or part thereof, beyond the period prescribed by laws, rules and regulations, or the retention abroad by any person of the proceeds or earnings from his undeclared exports. The term “exports” includes both products and services. The undervaluable, underdclaration, misdeclaration, or nondeclaration, either as to price or quantity, of exports, shall constitute prima facie evidence of salting abroad of foreign exchange as defined in this paragraph. The remittance and retention abroad by any person engaged in the business of importation, of foreign exchange by overvaluing or over declaring his imports either as to price or quantity. Any activity or transaction resulting in, or involving the unauthorized remittance, transfer and/or retention abroad of foreign exchange by any person through misdeclaration, misrepresentation, falsification and/or illegal or fraudulent means,”