Banking (Foreign Exchange) Regulations (Amendment)

Administered by Department of the Treasury

Legislation au F1996B01486 Regulations Not in force Legislative Instrument

Legislation content

STATUTORY RULES

1967 No. 70

 

REGULATIONS UNDER THE BANKING ACT 1959-1966.*

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 of section 29 of the Banking (Transitional Provisions) Act 1959, those Regulations may be amended or repealed by regulations under the Banking Act 1959-1966:

AND WHEREAS, by section 39 of the Banking Act 1959-1966, 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 it is provided by section 16a of the Acts Interpretation Act 1901-1966 that where, in an Act, the Governor-General is referred to, the reference shall, unless the contrary intention appears, be deemed to include the person for the time being administering the Government of the Commonwealth and shall, unless the contrary intention appears, be read as referring to a person so deemed to be included in the reference acting with the advice of the Federal Executive Council:

AND WHEREAS I, the Administrator of the Government of 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 Administrator aforesaid, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959-1966.

Dated this thirty-first day of May, 1967.

EDRIC BASTYAN

Administrator.

By His Excellency’s Command,

(SGD) WILLIAM McMAHON

Treasurer.

 

* Notified in the Commonwealth Gazette on , 1967.

1819/67—Price 5c 9/27.4.1967


Amendments of the Banking (Foreign Exchange) Regulations*

Definitions.

1. Regulation 4 of the Banking (Foreign Exchange) Regulations is amended by omitting the definition of “sterling area” and inserting in its stead the following definition:—

“ ‘sterling area’ means—

(a) Australia, Barbados, Botswana, Ceylon, the Republic of Cyprus, The Gambia, Ghana, Guyana, Iceland, India, the Republic of Ireland, Jamaica, The Hashemite Kingdom of Jordan, Kenya, Kuwait, Lesotho, Libya, Malawi, Malaysia, Malta, New Zealand, the Federal Republic of Nigeria, Pakistan, Sierra Leone, the Republic of Singapore, the Republic of South Africa, the United Republic of Tanzania, Trinidad and Tobago, Uganda, the United Kingdom of Great Britain and Northern Ireland, Western Samoa and Zambia;

(b) a colony, overseas territory or protectorate of a country specified in the last preceding paragraph; and

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

but does not include Southern Rhodesia;”.

Control of money orders.

2. Regulation 7 of the Banking (Foreign Exchange) Regulations is amended by omitting from sub-regulation (4.) the words “Ten pounds” and inserting in their stead the words “Fifty dollars”.

Classes of licence.

3. Regulation 18 of the Banking (Foreign Exchange) Regulations is amended by omitting from sub-regulation (3.) the words “to a date specified therein” and inserting in their stead the words “until a date specified in the licence or, if a date is not so specified, until the licence is revoked”.

Offences.

4. Regulation 42 of the Banking (Foreign Exchange) Regulations is amended by omitting from sub-regulation (1.) the words “One hundred pounds” and “Five thousand pounds” and inserting in their stead the words “Two hundred dollars” and “Ten thousand dollars”, respectively.

First Schedule.

5. The First Schedule to the Banking (Foreign Exchange) Regulations is amended by omitting from Form C the word “pounds” and inserting in its stead the word “dollars”.

 

* 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: and 1965, No. 168.

 

By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra

Overview

The Statutory Rules 1967 No. 70, enacted under the Banking Act 1959-1966, address the need to amend the Banking (Foreign Exchange) Regulations to reflect changes in the banking sector and economic circumstances following the repeal of the Banking Act 1945-1953. This legislative instrument was introduced to ensure continuity and effectiveness in the control of foreign exchange, a critical component for protecting the currency and public credit of the Commonwealth, as well as conserving foreign exchange resources. The regulations were made by the Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, in accordance with section 39 of the Banking Act 1959-1966. The overarching policy objective of these amendments was to update the regulatory framework to align with contemporary economic conditions and to safeguard national financial interests.

Scope and Application

The Banking (Foreign Exchange) Regulations under the Banking Act 1959-1966 apply to authorised banking institutions and other entities engaged in foreign exchange transactions within Australia. These regulations aim to provide control over foreign exchange transactions for the protection of the currency and public credit of the Commonwealth, and to conserve the nation's foreign exchange resources. The Regulations extend nationally across the Commonwealth of Australia and are applicable to all authorised banking institutions, regardless of their location within the country. There are no specific exclusions mentioned in the text, but the scope of the Act may be extended or restricted through subordinate instruments made by the Governor-General or the Administrator of the Government of the Commonwealth, acting with the advice of the Federal Executive Council. The Regulations include amendments to definitions, control of money orders, classes of licences, and penalties for offences, reflecting the evolving nature of foreign exchange regulation and its adaptation to economic and geopolitical changes.

Key Provisions

The Banking (Foreign Exchange) Regulations under the Banking Act 1959-1966 are designed to provide detailed controls over foreign exchange transactions. Regulation 4 amends the definition of "sterling area" to include several countries and territories, excluding Southern Rhodesia. Regulation 7 updates the monetary threshold for money orders, changing it from Ten pounds to Fifty dollars. Regulation 18 modifies the duration for which foreign exchange licences are valid, allowing them to be effective until a specified date or until revoked. Regulation 42 revises the penalties for breaches, increasing the fines from One hundred pounds to Two hundred dollars and from Five thousand pounds to Ten thousand dollars. Lastly, the First Schedule updates the monetary unit from pounds to dollars in Form C. The Act imposes specific obligations on entities engaged in foreign exchange transactions. These include adherence to the updated definitions and thresholds set out in the Regulations, such as the revised definition of "sterling area" and the updated monetary limit for money orders. Licence holders must ensure their activities comply with the new validity period for licences, and all parties must be aware of and adhere to the increased penalties for breaches. These obligations are intended to maintain control over foreign exchange and protect the national currency and credit. Violations of the Banking (Foreign Exchange) Regulations can result in significant penalties. Regulation 42 specifies that individuals or entities found guilty of an offence under the Regulations face fines of up to Two hundred dollars for minor breaches and Ten thousand dollars for more serious breaches. These penalties reflect the seriousness of non-compliance with foreign exchange controls and are intended to deter breaches that could compromise the national currency or foreign exchange resources.

Legal classification tags

Area of Law
Finance & Banking Law
Instrument
Regulation
Concepts
Definitions & Interpretation
Regulatory Standards
Offence Provisions

Interactions

Authorises

All Versions

Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.