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

STATUTORY RULES.

1952. No. 80.

 

REGULATION UNDER SECTION 29 OF THE BANKING ACT 1945.*

WHEREAS by section 29 of the Banking Act 1945 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 and 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 including the taking or sending out of Australia of Australian currency, including money orders:

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, in order to conserve, in the national interest, the foreign exchange resources of the Commonwealth, to make the following Regulation:

Now therefore I, the Governor-General aforesaid, acting with the advice of the Federal Executive Council, hereby make the following Regulation under section 29 of the Banking Act 1945.

Dated this eighteenth day of September, 1952.

W. J. McKELL

Governor-General.

By His Excellency’s Command,

Treasurer.

 

Amendment of the Banking (Foreign Exchange) Regulations.

Regulation 7 of the Banking (Foreign Exchange) Regulations is repealed and the following regulation inserted in its stead:—

Control of money orders.

“7.—(1.) A person shall not take or send money out of Australia by means of a money order issued in Australia and payable out of Australia otherwise than in accordance with the provisions of this regulation.

 

* Notified in the Commonwealth Gazette on 1952.

  Statutory Rules 1946, No. 191, as amended by Statutory Rules 1947, Nos. 65 and 102; 1948, Nos. 39 and 165; 1950, No. 46; and 1952, No. 15.

2642.—Price 3d. 9/25.7.1952.

“(2.) The amount of money taken or sent by any one person—

(a) to a person or persons in a country or countries included in the sterling area shall not exceed in the aggregate Five pounds in any week; and

(b)to a person or persons in any other country or countries shall not exceed in the aggregate Five pounds in any month.

“(3.) The amount of money taken or sent for the purposes specified in paragraphs (a) and (b) of sub-regulation (4) of this regulation, or for either of those purposes—

(a) to a payee in a country in the sterling area shall not exceed in the aggregate Five pounds in any week; and

(b) to a payee in any other country shall not exceed in the aggregate Five pounds in any month.

“(4.) The purpose for which the money may be taken or sent shall be—

(a) the payment of sustenance to a person permanently resident out of Australia;

(b) the making of a gift or donation to a person permanently resident out of Australia;

(c) the payment of a subscription to a journal or periodical, the importation of which, into Australia is not prohibited;

(d) the payment for the issue of a birth, marriage or death certificate;

(e) the payment of fees payable to the Government or an authority established by the Government of any country, or the payment of Court fees;

(f) the payment of taxes;

(g) the payment of rents; or

(h) the payment of contributions to an insurance fund established by the Government of any country by persons formerly resident in that country, who, when so resident, were contributors to that fund.

“(5.) An application for the issue of each money order payable out of Australia shall be made in accordance with a form approved by the Postmaster-General.

“(6.) For the purposes of paragraph (b) of sub-regulation (4) of this regulation, ‘person permanently resident out of Australia’ includes—

(a) an association of persons each of whom is permanently resident out of Australia; and

(b) a body corporate incorporated out of Australia,

but does not include any other association of persons or body corporate.”.

 

By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.