Financial Institutions Duty (Bill of Exchange Exemption) Regulations 1996 (Vic)

Financial Institutions Duty (Bill of Exchange

Exemption) Regulations 1996

S.R. No. 105/1996

TABLE OF PROVISIONS

Regulation Page

1.	Objective	1
2.	Authorising provisions	1
3.	Bill of exchange exemption	1

i

STATUTORY RULES 1996

S.R. No. 105/1996

Financial Institutions Duty Act 1982

Financial Institutions Duty (Bill of Exchange

Exemption) Regulations 1996

The Governor in Council makes the following Regulations:
Dated: 8 October 1996

Responsible Minister:

ALAN R. STOCKDALE

Treasurer

A. WILTSHIRE

Acting Clerk of the Executive Council

1. Objective

The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to exempt indemnification payments received by a registered financial institution in respect of certain bills of exchange from financial institutions duty.

2. Authorising provisions

These Regulations are made under sections
18(3)(o) and 86 of the Financial Institutions

Duty Act 1982.

3. Bill of exchange exemption

After regulation 8(1)(p) of the Financial
Institutions Duty Regulations 19921 insert�

"(q) A receipt of money by a registered financial institution from, or on behalf of, a person for whose benefit the financial institution has

Financial Institutions Duty (Bill of Exchange Exemption)
Regulations 1996

r. 3 S.R. No. 105/1996

drawn, accepted or endorsed a bill of
exchange, being a receipt to satisfy the
amount of the financial institution's
engagement on the bill of exchange, if—

(i)  the term of the bill of exchange is not more than 185 days; and

(ii)  the face or nominal value of the bill of exchange is not less than $50 000.".

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Financial Institutions Duty (Bill of Exchange Exemption)

Regulations 1996

S.R. No. 105/1996 Notes

NOTES

1 S.R. No. 342/1992. Reprinted to S.R. No. 128/1994 and subsequently

amended by S.R. Nos 112/1995, 4/1996, 28/1996, 61/1996 and 84/1996.