Orders and Rules under the Exchange Control Regulations, 1961

Please note that the research on this work is ongoing. Amendment, commencement and repeal information may be missing.
There are outstanding amendments that have not yet been applied. See the History tab for more information.
Jurisdiction
South Africa
Citation
Government Notice R1112 of 1961
Primary work
Currency and Exchanges Act, 1933
Date
1 December 1961
Language
English
Type
Legislation
Download
Download PDF (9.6 MB)
Taxonomies
Related documents
South Africa
Currency and Exchanges Act, 1933

Orders and Rules under the Exchange Control Regulations, 1961

Government Notice R1112 of 1961

  • Published in Government Gazette 123 on 1 December 1961
  • Commenced on 1 December 1961
  • [This is the version of this document as it was from 1 December 1961 to 18 April 2024.]
  • [Please note that the research on this work is ongoing. Amendment, commencement and repeal information may be missing.]

1. Definition of Sterling Area

In addition to the territories, viz. the Republic of South Africa and South-West Africa, mentioned in regulation 1, the following areas are hereby declared to be included in the sterling area:—Any part of the British Commonwealth of Nations, excluding Canada, any Trust Territory administered by a member government of the Commonwealth, any British Protectorate or Protected State, Iceland, Burma, Eire, the Hashemite Kingdom or Jordan, and Libya.

2. Appointment of the South African Reserve Bank to carry out certain functions assigned to the Treasury

The Minister of Finance has appointed the South African Reserve Bank to carry out any power or function assigned to the Treasury by regulations 2, 3(1), 4(2), 5, 6 and 14(1), and has in terms of regulation 19, also authorised the said bank to order any person to furnish information required by it for the purposes of and in connection with its functions under the regulations.

3. Appointment of authorised dealers

(a)The banks specified hereunder have been appointed as authorised dealers for the purposes of the regulations:—
The Accepting Bank for Industry Limited.
Barclays Bank D.C.O.
The Chase Manhattan Bank (South Africa) Limited.
The First National City Bank of New York (South Africa) Limited.
French Bank of Southern Africa Limited.
Netherlands Bank of South Africa Limited.
Philip Hill Acceptance Company Limited.
The South African Bank of Athens, Limited.
The Standard Bank of South Africa, Limited.
Union Acceptances Limited.
Volkskas Limited.
(b)The Minister has, in terms of regulation 19, also authorised the banks referred to in sub-paragraph (a) to order any person to furnish information required by them for the purposes of, and in connection with, their functions under the regulations.

4. Exemption of South-West Africa, Basutoland, Bechuanaland Protectorate and Swaziland from the provisions of Regulation 3

In terms of regulation 3, exemption is hereby granted from the obligation to obtain the permission of the Treasury—
(a)to take or send out of the Republic any bank-notes to the Territory of South-West Africa, Basutoland, Bechuanaland Protectorate and Swaziland;
(b)to draw or negotiate any bill of exchange or promissory note, transfer any security or acknowledge any debt, so that a right (whether actual or contingent) on the part of such person or any other person to receive a payment in the Republic is created or transferred as consideration for—
(i)the receiving by such person or any other person of a payment or the acquisition by such person or any other person of property in the Territory of South-West Africa, Basutoland, Bechuanaland Protectorate and Swaziland; or
(ii)a right (whether actual or contingent) on the part of such person or any other person to receive a payment or acquire property in the Territory of South-West Africa, Basutoland, Bechuanaland Protectorate and Swaziland;
or to make or receive any payment as such consideration.

5. Declaration in regard to foreign exchange proceeds of exports

In terms of sub-regulation (10)(a) of regulation 6, the Treasury hereby prescribes that the declaration to be completed in respect of goods exported shall be in the following form:—[Editorial note: The forms have not been reproduced.]

6. Declaration of foreign assets and liabilities

In terms of sub-regulation (1) of regulation 6 and sub-regulation (1) of regulation 7, the Treasury hereby prescribes that the declaration to be completed in respect of foreign assets and liabilities shall be in the following form:—[Editorial note: The forms have not been reproduced.]

7. Foreign exchange proceeds of exports to the High Commission Territories

Goods exported to Basutoland, Bechuanaland Protectorate and Swaziland are hereby exempted from the provisions of sub-regulation (10)(a) of regulation 6.

8. Restriction on receiving of payments in republic currency for exports

In terms of the powers vested in it by regulation 8, the Treasury hereby prescribes that, except with the permission of a bank authorised under the Exchange Control Regulations to deal in foreign exchange. Republic currency may not be received in payment by any person in respect of goods exported by him from the Republic.

9. Control of capital issues—exemption and issues by local authorities

By virtue of the powers conferred upon him by regulation 16(2), the Minister of Finance has—
(a)exempted all companies and persons, other than municipalities or other local authorities, from the operation of regulation 16(1) until further notice;
(b)in respect of the raising of loans by any local authority, increased to one million rand the aggregate exemption limits prescribed in regulation 16(1).

10. Advice, information, permits or forms relating to exchange control or currency matters under the Regulations

(a)Persons who desire information or advice on exchange or currency matters governed by the regulations or who require approval or permission in respect of exchange, currency or gold transactions so governed, should apply to the Exchange Control through their bankers in the Republic or, if they have no such bankers, through one of the banks referred to in paragraph 3 hereof.
(b)The forms of returns, applications, declarations and permits prescribed by the Treasury for use in connection with transactions governed by such of the regulations as apply to the control, export or import, of exchange, currency or gold are not stocked by the Treasury or the Government Printer but by the banks referred to in paragraph 3 hereof, from whom they may be obtained by applicants.

11. Withdrawal of Orders and Rules

The Orders and Rules made under the regulations published under Government Notice No. 2800 of 2nd November, 1951, as amended, and published under Government Notices Nos. 2801 of the 2nd November, 1951, 3105 of 7th December, 1951, 850 of 18th April, 1952, 5 of 6th January, 1956, 798 of 6th June, 1958, 1612 of 31st October, 1958, 1866 of 12th December, 1958, 195 of 6th February, 1959, 215 of 13th February, 1959, 1115 of 24th July, 1959, 1313 of 21st August, 1959, 1348 of 28th August, 1959, 1532 of 2nd October, 1959, R. 1902 of 25th November, 1960, and 228 of 14th July, 1961, are hereby withdrawn.

Explanatory note

The withdrawal of the Government Notices referred to in paragraph 11 and their substitution by paragraphs 1 to 10 of this Government Notice, has the effect of consolidating and amending all existing Orders and Rules issued under the Exchange Control Regulations.
▲ To the top

History of this document

24 April 2024 amendment not yet applied
19 April 2024 amendment not yet applied
01 December 1961 this version
Commenced

Subsidiary legislation

Title Numbered title
Cancellation of an authorised dealer in foreign exchange, 2024 Government Notice 4747 of 2024