(1)  The Imports and Exports (Control) Act, 1947 (18 of 1947) and the Foreign Trade (Development and Regulation) Ordinance, 1992 (Ord. 11 of 1992) are hereby repealed.

   (2)  The repeal of the Imports and Exports (Control) Act, 1947 (18 of 1947) shall, however, not affect,--

   (a)  the previous operation of the Act so repealed or anything duly done or suffered thereunder; or

   (b)  any right, privilege, obligation or liability acquired, accrued or incurred under the Act so repealed; or

   (c)  any penalty, confiscation or punishment incurred in respect of any contravention under the Act so repealed; or

   (d)  any proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, confiscation or punishment as aforesaid,

and any such proceeding or remedy may be instituted, continued or enforced, and any such penalty, confiscation or punishment may be imposed or made as if that Act had not been repealed.

   (3)  Notwithstanding the repeal of the Foreign Trade (Development and Regulation) Ordinance, 1992 (Ord. 11 of 1992), anything done or any action taken under the said Ordinance shall be deemed to have been done or taken under the corresponding provisions of this Act.