Currency and Exchanges Act, 1933

Act 9 of 1933

Citation
Act 9 of 1933
Date
8 March 1933
Language
English
Type
Act
Taxonomies
South Africa

Currency and Exchanges Act, 1933

Act 9 of 1933

  • Published in Government Gazette 2098 on 8 March 1933
  • Assented to on 7 March 1933
  • There are multiple commencements
    • Provisions Status
    Section 1–7, section 8(1), 8(2), 8(3), 8(4), section 9, section 10–11 commenced on 28 December 1932.
    Note: Date of commencement of whole Act, except section 8(5) (see section 11)
    Section 8(5) commenced on 20 January 1933.
    Note: Date of commencement of section 8(5) (see sections 8(5) and 11)
  • [This is the version of this document from 8 March 1933.]
ACTTo amend the law relating to legal tender, currency, exchanges and banking.BE IT ENACTED by the King’s Most Excellent Majesty, the Senate and the House of Assembly of the Union of South Africa as follows:—

1. Definitions

In this Act the expression "the principal Act" means the Currency and Banking Act, 1920 (Act No. 31 of 1920), as amended by the Currency and Banking Act Amendment Act, 1923, (Act No. 22 of 1923), and the Currency and Banking (Further Amendment) Act, 1930 (Act No. 26 of 1930), and any expression to which a meaning is ascribed in the principal Act shall, when used in this Act, bear the same meaning.

2. Obligation to repay loan in any particular money may be fulfilled by payment in Union legal tender

(1)Whenever in terms of any contract of loan of money the debtor is under an obligation to repay the money lent or any portion thereof or to pay any interest thereon in coins or notes or other instruments which are, or at any time were, legal tender in the Union, whether such obligation arose before or after or partly before and partly after the commencement of this Act, he may at his option fulfil such obligation by the payment of the amount which he is bound to pay in notes of the Bank or in coins which are legal tender in the Union at the time when the payment takes place (to the amount to which they are legal tender).
(2)Any person who after the commencement of this Act and before its promulgation in the Gazette as a law has paid any money under a contract of loan of money to which this section applies may recover from the person to whom he paid the money the difference between the amount paid by him and the amount which, in accordance with the provisions of this section, he might have elected to pay at the date when he paid the money, provided he institutes proceedings in a competent court for such recovery within three months after such promulgation.

3. Amendment of section 16 of Act No. 31 of 1920

Section sixteen of the principal Act is hereby amended by the deletion of all words after the word "prescribe".

4. Amendment of section 17 of Act No. 31 of 1920, as amended by section 8 of Act No. 22 of 1923 and section 4 of Act No. 26 of 1930

Section seventeen of the principal Act is hereby amended—
(a)by the substitution for the word "forty" where that word occurs for the first time of the word "thirty";
(b)by the substitution for the words "one-fourth of" of the word "half"; and
(c)by the deletion of all words after the word "requirements".

5. Amendment of section 18 of Act No. 31 of 1920, as amended by section 9 of Act No. 22 of 1923

Section eighteen of the principal Act is hereby repealed and the following section substituted therefor:—“

18. Notes to be legal tender

A tender of a note of the Bank (whether by the Bank itself or by any other person) shall be legal tender of payment of the amount expressed in such note.

6. Amendment of section 19 of Act No. 31 of 1920

Section nineteen of the principal Act is hereby amended—
(a)by the deletion in sub-section (1) of all words after the word "Act" where that word occurs for the first time;
(b)by the substitution in sub-section (2) for the word "forty" of the word "thirty".

7. Amendment of section 23 of Act No. 31 of 1920

Section twenty-three of the principal Act is hereby amended—
(a)by the substitution in sub-section (1) for the word "forty" of the word "thirty"; and
(b)by the substitution in sub-section (2) for the words "One-fourth" of the word "Half".

8. Reserve Bank authorized to make investments to prevent undue fluctuations in exchange value of Union currency

(1)The Bank may, in the manner and to the extent which it considers best calculated to prevent undue fluctuations in the exchange value of the units of currency which are legal tender in the Union in relation to the units of currency which are legal tender in the United Kingdom of Great Britain and Northern Ireland, buy and sell gold and bills or securities expressed in currencies other than that of the Union.
(2)Any loss suffered by the Bank as a result of depreciation in any gold or bills or securities acquired by the Bank under the provisions of sub-section (1) caused by variations in rates of exchange shall be charged to the Consolidated Revenue Fund; and any profit earned by the Bank as a result of appreciation in any gold or bills or securities so acquired by the Bank caused by such variations shall be paid into the Consolidated Revenue Fund.
(3)For the purpose of arriving at the loss or profit referred to in sub-section (2), the gold or bills or securities acquired by the Bank under the provisions of sub-section (1) shall be valued on the last day of every financial year of the Bank at cost or in accordance with the rate of exchange prevailing on that day, whichever method gives the lower value.
(4)The Controller and Auditor-General may accept as correct a certificate by the auditors of the Bank that any statement of account to which such certificate refers is a true and complete statement of all transactions, receipts and payments by the Bank by virtue of the provisions of this section, during the period covered by the statement.
(5)This section shall be deemed to have come into operation on the twentieth day of January, 1933.

9. Regulations regarding currency, banking or the exchanges

(1)The Governor-General may make regulations in regard to any matter directly or indirectly relating to or affecting or having any bearing upon currency, banking or exchanges.
(2)Such regulations may provide that the Governor-General may apply any sanctions therein set forth which he thinks fit to impose, whether civil or criminal.
(3)The Governor-General may, by any such regulations, suspend in whole or in part this Act or any other Act of Parliament or any other law relating to or affecting or having any bearing upon currency, banking or exchanges, and any such Act or law which is in conflict or inconsistent with any such regulation shall be deemed to be suspended in so far as it is in conflict or inconsistent with any such regulation.

10. Repeal of Act No. 48 of 1931

The Finance Emergency Regulations Act, 1931 (Act No. 48 of 1931) is hereby repealed.

11. Short title and commencement

This Act shall be known as the Currency and Exchanges Act, 1933 and, subject to the provisions of sub-section (5) of section eight, shall be deemed to have come into operation on the twenty-eighth day of December, 1932.
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History of this document

08 March 1933 this version
07 March 1933
Assented to
20 January 1933
Commenced

Note: Date of commencement of section 8(5) (see sections 8(5) and 11)

28 December 1932
Commenced

Note: Date of commencement of whole Act, except section 8(5) (see section 11)

Cited documents 0

Documents citing this one 741

Gazette 707
1. South Africa Government Gazette dated 1933-06-26 number 2126
2. South Africa Government Gazette dated 1939-09-16 number 2681
3. South Africa Government Gazette dated 1939-10-11 number 2688
4. South Africa Government Gazette dated 1940-05-16 number 2762
5. South Africa Government Gazette dated 1953-10-09 number 5162
6. South Africa Government Gazette dated 1956-04-20 number 5663
7. South Africa Government Gazette dated 1959-06-03 number 6232
8. South Africa Government Gazette dated 1959-07-06 number 6255
9. South Africa Government Gazette dated 1977-02-11 number 5401
10. South Africa Government Gazette dated 1980-08-01 number 7154
Judgment 31
1. South African Reserve Bank and Another v Shuttleworth and Another [2015] ZACC 17 (18 June 2015) 14 citations
2. Van Der Merwe and Another v Taylor NO and Others [2007] ZACC 16 (14 September 2007) 11 citations
3. South African Reserve Bank v Khumalo and Another (235/2009) [2010] ZASCA 53 (31 March 2010) 6 citations
4. Hubbard v Cool Ideas 1186 CC (580/2012) [2013] ZASCA 71 (28 May 2013) 4 citations
5. Armbruster and Another v Minister of Finance and Others [2007] ZACC 17 (25 September 2007) 3 citations
6. Francis George Hill Family Trust v South African Reserve Bank and Others (259/1990) [1992] ZASCA 50 (30 March 1992) 3 citations
7. Pratt v Firstrand Bank Limited (696/2013) [2014] ZASCA 110 (11 September 2014) 3 citations
8. SAR Investments (Pty) Ltd Ltd and Others v Standard Bank of South Africa (16344/21) [2023] ZAGPJHC 837 (27 July 2023) 3 citations
9. South African Reserve Bank v Leathern NO and Others (854/2020) [2021] ZASCA 102 (20 July 2021) 3 citations
10. Vereins-Und Westbank AG v Veren Investments and Others (433/2000) [2002] ZASCA 36 (2 April 2002) 3 citations
Act 3
1. Post Office Act, 1958 442 citations
2. Finance and Financial Adjustments Acts Consolidation Act, 1977 72 citations
3. Precious Metals Act, 2005 15 citations

Subsidiary legislation

Title Numbered title
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Exchange Control Regulations, 1961 Government Notice R1111 of 1961
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Exchange Control Regulations: Amendment Government Notice R872 of 1966
Exchange Control Regulations: Amendment Government Notice R650 of 1968
Exchange Control Regulations: Amendment Government Notice R355 of 1976
Exchange Control Regulations: Amendment Government Notice R357 of 1981
Exchange Control Regulations: Amendment Government Notice R157 of 1985
Exchange Control Regulations: Amendment Government Notice R2868 of 1985
Exchange Control Regulations: Amendment Government Notice R1416 of 1987
Exchange Control Regulations: Amendment Government Notice R957 of 1987
Exchange Control Regulations: Amendment Government Notice R1472 of 1988
Exchange Control Regulations: Amendment Government Notice R224 of 1988
Exchange Control Regulations: Amendment Government Notice R881 of 1988
Exchange Control Regulations: Amendment Government Notice R1022 of 1997
Exchange Control Regulations: Amendment Government Notice R885 of 1999
Exchange Control Regulations: Amendment Government Notice R8 of 2011
Exchange Control Regulations: Amendment Government Notice R445 of 2012
Orders and Rules under the Exchange Control Regulations, 1961 Government Notice R1112 of 1961