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Jaffery forex bureau limited uganda


jaffery forex bureau limited uganda

Bank of Uganda revoked the licenses accusing the Forex bureau of flouting regulations that govern the foreign exchange and money remittance. Jaffery Forex Bureau, Kampala P.O Box , Plot 68, Ben Kiwanuka Street Phone +/1 Alt. Phone Speke Hotel Forex Bureau Ltd, Kampala. In accordance with section 6(1) and 6(3) of the Foreign Exchange Act, , Bank of Uganda has with immediate effect revoked the Forex Bureau. CONNOR KEENAN ETHEREUM

Jaffery Forex Bureau ran to the High Court Civil Division in July last year challenging a decision by the Central Bank to revoke their foreign exchange and money remittance licenses in Bank of Uganda revoked the licenses accusing the Forex bureau of flouting regulations that govern the foreign exchange and money remittance business in Uganda. However, through its lawyers of Kinobe and Mutyaba Company Advocates, Jaffery Forex Bureau told court that it has always carried out legitimate business since its inception in until their license was revoked.

The lawyers led by Faisal Mularila and Alvin Jabbo noted that the decision to revoke the company's license stemmed from allegations by Bank of Africa against the bureau for alleged involvement in illicit transactions, which caused the bank a loss of colossal sums of money.

However, the lawyers told court that their clients were cleared of any wrong doing by Police, which also recommended to the Central Bank to unfreeze their bank accounts in vain. A judge should ask himself the question how, if the makers of the Act had themselves come across the ruck in the texture of it, they would have straightened it out? He must then do as they would have done. The reason for this fidelity towards the legislative intent is that the statute has been enacted with a specific purpose, which must be measured from the wording of the statute strictly construed.

The court cannot legislate on the subject under the guise of interpretation against the will expressed in the enactment itself. It is not open to the court to usurp the functions of Parliament. Nor is it open to the court to place an unnatural interpretation on the language used by the legislature and impute an intention, which cannot be inferred from the language used by it by basing itself on ideas derived from other laws. The intention of the Legislature, legislative history, mischief sought to be remedied should be examined.

The object and purpose sought to be achieved should be taken care of. Construction, which commends itself to justice and reason, should be adopted. It is the duty of the courts to give broad interpretation keeping in view the purpose of legislation. The interpretation should further the object. When faced with a challenge to interpret laws, courts have to discharge a duty. The Judge cannot act like a phonographic recorder, but must act as an interpreter of the social context articulated in the legal text.

The nature of the orders sought to be given is indeed judicial review remedies. There is no specific procedure which has been set out in both the main statute and statutory instrument how an appeal is preferred under such circumstances. A closer look at the letter of revocation would not in any way be useful in preferring an appeal as would have been envisaged under section 7 of the Foreign Exchange Act and Regulation 43 of Foreign Exchange Forex Bureaus and Money Remittance Regulations, but rather judicial review would be the most appropriate in the circumstances of the legislations.

In order to minimize disruption, we request for your full cooperation so as to ensure orderly exit from the sector. The words in an Act of Parliament must be construed so as to give sensible meaning to them. Similarly, an interpretation which would defeat the object of the Legislature cannot be called sensible and must, therefore, be rejected.

Each word in an enactment must be allowed to play its role, however significant or insignificant the same may be achieving legislative intent and promoting legislative object. It is the duty of the court to give effect to the legislative intent. The spirit behind section 7 of the Foreign Exchange Act is about expeditious lodging of a challenge against the decision of Bank of Uganda. Therefore, it was not about being an alternative remedy to any person aggrieved by the decision of Bank of Uganda.

Indeed, counsel for the respondent also agrees that the orders that are provided under the law for setting aside the decision and order the decision to be reconsidered are in effect Certiorari. In effect, the provision is intended to challenge the decision by way of judicial review and not an appeal within the whole context of the statute and statutory Instrument.

No part of a statute and no word of a Statute can be construed in isolation. The statutes have to be construed so that every word has a place and everything is in its place. It is true that the court had extended time within which an application can be brought under the judicial review rules The extension could not operate in light of the strict time limit set under the Act.

A rule cannot amend a provision of an Act of Parliament. It is the responsibility of the High Court as custodian of justice and the Constitution and rule of law to maintain the social balance by interfering where necessary for the sake of justice and refusing to interfere where it is against the social interest and public good. The intervention of the court should always be guided by the existing law. Judicial review is subject to principles of judicial restraint, and must not become unmanageable in other aspects.

Jaffery forex bureau limited uganda investing in long term stocks jaffery forex bureau limited uganda


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