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Currency and Exchanges Act, 1933 (Act No. 9 of 1933)

Regulations

Exchange Control Regulations, 1961

6. Acquisition by the Treasury of Foreign Currency

 

(1) Every person resident in the Republic who becomes entitled to sell or to procure the sale of any foreign currency, shall within thirty days after becoming so entitled, make or cause to be made, a declaration in writing of such foreign currency to the Treasury or to an authorised dealer.

 

(2) Every person resident in the Republic who becomes entitled to assign or to procure the assignment of any right to receive outside the Republic, in respect of any credit or of any balance at a bank, payment of any amount in a foreign currency shall, within thirty days after becoming so entitled, make or cause to be made, a declaration in writing of such right to the Treasury or to an authorised dealer.

 

(3) Any person who has, in terms of subregulation (1) or (2), made a declaration in writing to the Treasury or to an authorised dealer, shall be deemed to have offered such foreign currency or such right, as the case may be, for sale to the Treasury or to such authorised dealer and the Treasury or such authorised dealer may purchase such foreign currency or such right at a price which, in the case of foreign currency, shall not be less than the market value of that currency on the day of purchase and, in the case of a right, shall be such as the Treasury may fix.

 

(4) Any person from whom the Treasury or an authorised dealer purchases foreign currency or a right in terms of this regulation shall do all things necessary for the purpose of transferring that foreign currency or assigning that right to the Treasury or to such authorised dealer.

 

(5) No person who is entitled (whether actually or contingently) to receive a payment in a foreign currency shall, except with permission granted by or on behalf of the Treasury and in accordance with such conditions as may be imposed by the Treasury or on its behalf do, or refrain from doing, any act with intent to secure that—
(a) the receipt by him of the whole or any part of the payment in such currency is delayed;
(b) the payment ceases, in whole or in part, to be receivable by him or receivable in that currency;
(c) the contingency on which the right to receive payment as aforesaid is dependent (including the declaration of a dividend or profit by a company in which such person has an interest), does not eventuate.

 

(6) Any foreign currency or any right in respect of which a declaration has been made in terms of subregulation (1) or (2) but which has not been purchased by the Treasury or by a person authorised by the Treasury to act under this regulation shall not be sold, transferred or otherwise disposed of without the permission of the Treasury and in accordance with such conditions as the Treasury may impose.

 

(7) The provisions of subregulations (3), (4) and (6) shall not impose upon any person an obligation in respect of any foreign currency or any right if he is, in respect of that currency or that right, as the case may be, exempted from this regulation by the Treasury.

 

(8) The Treasury may withdraw any exemption granted in terms of subregulation (7).

 

(9) For the purposes of this regulation any person who has at any time since the commencement of these regulations been in the Republic shall be deemed, until the contrary is proved, to have been and still to be resident in the Republic.

 

(10)
(a) Subject to any exemption which may be granted by the Treasury, no person shall export goods from the Republic, unless the relative bill of entry export in respect of such goods is duly completed and signed by the consignor or a person duly authorised by the consignor.
(b) The Treasury may direct that the said bill of entry export shall be completed in respect of any commodity or article, irrespective of its value.
(c) For the purposes of this sub regulation "value" shall mean—
(i) for customs purposes, the value as defined in section seventy two of the Customs and Excise Act, 1964 (Act No. 91 of 1964); and
(ii) for the purposes of an authorised dealer, the full proceeds of the goods exported.

 

(11) If in any criminal proceedings against any person for a contravention of subregulation (1) of this regulation there is produced to the Court any document of which such person is proved or has admitted himself to be the author and which contains a statement by such person from which it may reasonably be inferred that any foreign currency is held by him or in his name or on his behalf, it shall be presumed, until the contrary is proved, that such person is entitled to sell or to procure the sale of the foreign currency in question.

 

(12) If in any criminal proceedings against any person for a contravention of subregulation (2) of this regulation there is produced to the Court any document of which such person is proved or has admitted himself to be the author and which contains a statement by such person from which it may reasonably be inferred that any amount is standing to his credit outside the Republic or that he has any balance at a bank outside the Republic, it shall be presumed, until the contrary is proved, that such person is entitled to assign or to procure the assignment of such a right as is referred to in the said subregulation (2).

 

(13) If in any criminal proceedings against any person for a contravention of subregulation (1) or (2) of this regulation, it is proved that such person is entitled to sell or to procure the sale of or to assign or to procure the assignment of any foreign currency, it shall be presumed, until the contrary is proved, that a declaration in writing has not been made to the Treasury or to an authorised dealer within the period required by subregulation (1) or (2), as the case may be.