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

Statutory Rules

1973

No. 197

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 14th January, 1960, 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of sub-section (1) of section 29 of the Banking (Transitional Provisions) Act 1959, those Regulations may be amended or repealed by regulations under the Banking Act 1959-1967: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 of Australia, acting with the advice of the 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, acting with the advice of the Executive Council, hereby make the following Regulations under the Banking Act 1959-1967.

Dated this twenty-fifth day of September, 1973.

PAUL HASLUCK

Governor-General.

By His Excellency’s Command,

FRANK CREAN

Treasurer.

 

* Notified in the Australian Government Gazette on 4 October 1973.

Amendments of the Banking (Foreign Exchange) Regulations*

Definitions.

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

(a) by omitting the definition of “ country included in the sterling area ”;

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

(c) by omitting from paragraph (g) of the definition of “ foreign securities ” the words “ not being a country included in the sterling area ” and substituting the words “ outside Australia ”; and

(d) by omitting from paragraph (h) of the definition of “ foreign securities ” all of the words from and including the word “ other ” to the end of that paragraph and substituting the words “ outside Australia ”.

Offences.

2. Regulation 42 of the Banking (Foreign Exchange) Regulations is amended—

(a) by inserting in sub-regulation (1), after the word “ contravene ”, the words “ or attempt to contravene ”;

(b) by omitting from sub-regulation (1) the words “ Two hundred dollars ” and substituting the words “ One thousand dollars ”;

(c) by omitting from sub-regulation (2) the words “ In addition to any other punishment, a court ” and substituting the words “ Where a person has been convicted by a court of an offence against these Regulations, the court ”; and

(d) by adding at the end thereof the following sub-regulation:—

“ (3) Without limiting the application of sub-regulation (2), a court may, under that sub-regulation, order the forfeiture of gold, Australian currency, foreign currency or securities in respect of which an offence against these Regulations has been committed whether the person who committed the offence or another person is the owner of that gold, Australian currency, foreign currency or securities.”.

Second Schedule.

3. The Second Schedule to the Banking (Foreign Exchange) Regulations is repealed.

 

* 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; 1967, No. 70: 1970, No. 130; and 1973, No. 72.