Banking (Foreign Exchange) Regulations (Amendment) (Cth)

STATUTORY RULES

1970

No. 130

REGULATIONS UNDER THE BANKING ACT 1959-1967.*

WHEREAS, by instrument under sub-section (1.) of section 29 of the Banking (Transitional Provisions) Act 1959 published in the Gazette on the fourteenth day of January, One thousand nine hundred and sixty, the Governor-General declared that, notwithstanding the repeal effected by section 4 of the Banking Act 1959, the Banking (Foreign Exchange) Regulations in force under the Banking Act 1945-1953 immediately before the commencement of Part VII. of the Banking (Transitional Provisions) Act 1959 should continue in force as if they were made under the Banking Act 1959:

AND WHEREAS, by virtue of paragraph (a) of sub-section (1.) of section 29 of the Banking (Transitional Provisions) Act 1959, those Regulations may be amended or replaced by regulations under the Banking Act 1959-1967:

AND WHEREAS, by section 39 of the Banking Act 1959-1967, it is provided that, where the Governor-General is satisfied that it is expedient so to do, for the protection of the currency or of the public credit of the Commonwealth, or in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, he may make regulations, not inconsistent with that Act, making provision for or in relation to the control of foreign exchange and, in particular, but without limiting the generality of the foregoing, for or in relation to certain matters specified in that section:

AND WHEREAS I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, am satisfied that it is expedient, for the protection of the currency and of the public credit of the Commonwealth, and in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, to make the following Regulations:

NOW THEREFORE I, the Governor-General aforesaid, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959-1967.

Dated this eleventh day of September, 1970.

Paul Hasluck

Governor-General.

By His Excellency’s Command,

Treasurer.

* Notified in the Commonwealth Gazette on 1970.

14051/69—Price 5c 10/7.7.1970

 

Amendments of the Banking (Foreign Exchange) Regulations*

Definitions.

1. Regulation 4 of the Banking (Foreign Exchange) Regulations is amended—

(a) by inserting after the definition of “ agent of the Bank ” the following definition:—

“ ‘country included in the sterling area’ means a country the territory of which constitutes or forms part of—

(a) a Country specified in the Second Schedule to these Regulations;

(b)a colony, overseas territory or protectorate of a Country so specified; or

(c) a territory for the international relations of which a Country so specified is responsible,

but does not include the territory that constitutes Southern Rhodesia;”;

(b) by omitting from paragraph (f) of the definition of “ foreign securities ” the words “ outside the sterling area ” and inserting in their stead the words “ not being a country included in the sterling area ”;

(c) by omitting paragraph (h)of the definition of “ foreign securities” and inserting in its stead the following paragraph:—

“ (h)any right to receive payment of any amount of money of a country other than—

(i) a Country specified in the Second Schedule to these Regulations;

(ii) a colony, overseas territory or protectorate of a Country so specified, or

(iii) a territory for the international relations of which a Country so specified is responsible,

or of Southern Rhodesia;”; and

(d)by omitting the definition of “ sterling area ”.

Second Schedule.

2. The Banking (Foreign Exchange) Regulations are amended by adding at the end thereof the following Schedule:—

SECOND SCHEDULE Regulation 4.

List of Countries Included in the Sterling Area

 

Commonwealth of Australia	Malta
Barbados	Mauritius
Republic of Botswana	New Zealand
Ceylon	Federal Republic of Nigeria
Republic of Cyprus	Pakistan
The Gambia	Sierra Leone
Republic of Ghana	Republic of Singapore
Guyana	Republic of South Africa
Republic of Iceland	People’s Republic of Southern Yemen
Republic of India	Kingdom of Swaziland
Republic of Ireland	United Republic of Tanzania
Jamaica	Kingdom of Tonga
Hashemite Kingdom of Jordan	Trinidad and Tobago
Republic of Kenya	Republic of Uganda
State of Kuwait,	United Kingdom of Great Britain and Northern Ireland
Kingdom of Lesotho
Libyan Arab Republic	Independent State of Western Samoa
Republic of Malawi	Republic of Zambia
Malaysia

* Statutory Rules 1946, No. 191, as amended by Statutory Rules 1947, Nos. 65 and 102; 1948, Nos. 39 and 165; 1950, No. 46; 1952, Nos. 15 and 80; 1953, No. 24; 1954, No. 96; 1960, No. 8; 1965, No. 168; and 1967, No. 70.

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