Banking (Gold) Regulations

Legislation au C1960L00009 Regulations Not in force Legislative Instrument

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STATUTORY RULES.

1960. No. 9.

 

REGULATIONS UNDER THE BANKING ACT 1959.*

I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Banking Act 1959.

Dated this fourteenth day of January, 1960.

W. J. Slim

Governor-General.

By His Excellency’s Command,

(SGD.) HAROLD HOLT

Treasurer.

 

BANKING (GOLD) REGULATIONS.

Citation.

1. These Regulations may be cited as the Banking (Gold) Regulations.

Definition.

2. In these Regulations, “the Act” means the Banking Act 1959.

Delivery of gold.

3.—(1.) The prescribed amount for the purposes of paragraph (a) of sub-section (1.) of section 42 of the Act is Twenty-five pounds.

(2.) A person who is required, in pursuance of section 42 of the Act, to deliver gold, may deliver that gold to any person specified in the Schedule to these Regulations.

Power to obtain information.

4.—(1.) The Treasurer may, by notice in writing served on any person (including any officer employed in or in connexion with any department of a Government or by a local authority), require that person—

(a) to furnish to the Treasurer, or to such other person as the Treasurer directs, such information as the Treasurer or that other person requires; and

(b) to attend and give evidence before the Treasurer or before such other person as the Treasurer directs,

with respect to any act, transaction, matter or thing prohibited by Part IV. of the Act, or to which any provision of that Part applies, and may require him to produce all books, documents and other papers in his custody or under his control relating to such an act, transaction, matter or thing.

(2.) The Treasurer may require the information or evidence to be given on oath or affirmation and either orally or in writing and for that purpose the Treasurer or person before whom the evidence is given may administer an oath.

 

* Notified in the Commonwealth Gazette on 14th January, 1960.

10618/59.—Price 3d. 15/29.12.1959.


(3.) A person shall not—

(a) refuse or fail to comply with any requirement made in pursuance of either of the last two preceding sub-regulations; or

(b) with intent to evade the provisions of these Regulations, destroy, mutilate, deface, secrete or remove a book, document or other paper.

Penalty: One hundred pounds.

(4.) Where a person is obliged to answer questions orally under this regulation, he shall not refuse to answer any question on the ground that the answer might tend to incriminate him or make him liable to a penalty but the answer given by him shall not be admissible in evidence in any proceedings against him other than proceedings in respect of the falsity of the answer or in respect of the refusal or failure to answer the question.

Travellers taking gold out of Australia.

5.—(1.) In this regulation—

“officer” means a person who is an officer of Customs for the purposes of the Customs Act 1901-1959, an officer of the Department of Immigration or a member of the Police Force of the Commonwealth or of a State or Territory of the Commonwealth, and includes a person authorized by the Treasurer or by the Reserve Bank to act as an officer for the purposes of this regulation;

“traveller” means a person who is about to leave Australia.

(2.) A traveller shall, if requested so to do by an officer—

(a) declare whether or not he has with him any gold; and

(b) produce any gold which he has with him.

Penalty: One hundred pounds.

(3.) An officer, and any person acting under his directions, may search a traveller and examine and search any article which the traveller has with him for the purpose of ascertaining if he has with him any gold and may seize any gold found during the examination or search unless the officer is satisfied that the traveller has not the gold with him for the purpose of being taken or sent out of Australia in contravention of the Act.

(4.) A female shall not be searched in pursuance of the last preceding sub-regulation except by a female.

(5.) An officer, and any person acting under his directions, may go on board any ship or aircraft for the purpose of exercising the powers conferred on him by this regulation, and may examine and search the ship or aircraft and any goods on the ship or aircraft for the purpose of ascertaining whether any gold is on board the ship or aircraft for the purpose of being taken or sent out of Australia in contravention of the Act.

(6.) An officer may seize any gold found during an examination or search referred to in the last preceding sub-regulation which, in the opinion of the officer, is in the possession of a traveller, or on board the ship or aircraft, for the purpose of being taken or sent out of Australia in contravention of the Act.


THE SCHEDULE. Regulation 3.

Australia and New Zealand Bank Limited

The Bank of Adelaide

Bank of China

Bank of New South Wales

Bank of New Zealand

The Commercial Bank of Australia Limited

The Commercial Banking Company of Sydney Limited

Commonwealth Trading Bank of Australia

Comptoir National d’Escompte de Paris

The Deputy Master of the Branch of the Royal Mint at Melbourne

The Deputy Master of the Branch of the Royal Mint at Perth

Electrolytic Refining and Smelting Company of Australia Proprietary Limited

The English, Scottish and Australian Bank, Limited

Garrett, Davidson & Matthey Pty. Limited

The National Bank of Australasia Limited

The Rural and Industries Bank of Western Australia

Rural Bank of New South Wales

The State Bank of South Australia

 

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

Overview

The Banking (Gold) Regulations 1960 were made under the Banking Act 1959 by the Governor-General in accordance with the advice of the Federal Executive Council. The purpose of these Regulations is to provide detailed rules concerning the handling of gold under the Act, particularly in relation to the delivery, search, and seizure of gold to prevent its illegal export from Australia. The Regulations mandate the delivery of a specified amount of gold to authorised financial institutions and empower the Treasurer to obtain necessary information from individuals regarding prohibited activities under Part IV of the Act. Additionally, they outline procedures for officers to search travellers and inspect vessels to detect and prevent the illegal export of gold. The penalty for non-compliance with these Regulations is set at one hundred pounds. These Regulations were notified in the Commonwealth Gazette on 14th January 1960.

Scope and Application

The Banking (Gold) Regulations 1960, made under the Banking Act 1959, establish guidelines and requirements for the delivery of gold, the power to obtain information, and the handling of gold by travellers leaving Australia. These regulations apply to individuals and entities, including banks and financial institutions, as specified in the Schedule, and are enforceable across the Commonwealth of Australia. The Regulations mandate the delivery of a prescribed amount of gold to specified individuals or entities and grant the Treasurer the authority to request information and documents related to transactions prohibited by the Act. Furthermore, travellers are obligated to declare and produce any gold they possess when requested by an authorised officer, and officers are authorised to conduct searches to ascertain compliance with these provisions. The Act also imposes penalties for non-compliance, including fines and restrictions on the admissibility of answers in legal proceedings. The scope of these regulations is further extended through subordinate instruments, ensuring their comprehensive application and enforcement within the Commonwealth.

Key Provisions

The Banking (Gold) Regulations, made under the Banking Act 1959, set out specific requirements and procedures concerning the handling and movement of gold. Section 3(1) specifies that the prescribed amount of gold that must be delivered to certain authorised persons is twenty-five pounds, as per section 42 of the Act. Section 3(2) allows a person mandated to deliver gold to do so to any person listed in the Schedule to these Regulations. Section 4 of the Regulations grants the Treasurer the authority to request information from individuals, including officers of government departments or local authorities, related to prohibited activities under Part IV of the Act. This includes requiring individuals to furnish information, attend and give evidence, and produce relevant documents. Sub-section 4(3) explicitly prohibits refusal to comply with these requirements or the destruction of documents to evade the Regulations, with a penalty of one hundred pounds for non-compliance or document destruction. The Regulations impose specific obligations on individuals and entities to comply with the requirements set forth. Under section 4(1), any person served with a notice by the Treasurer must furnish the required information and evidence, which may be administered under oath or affirmation. The Regulations also mandate that travellers declare and produce any gold they possess if requested by an authorised officer, as outlined in section 5(2). Failure to comply with these obligations can result in a penalty of one hundred pounds, as stipulated in section 4(3) and section 5(2). Breaches of the Banking (Gold) Regulations can lead to civil consequences, with specific penalties outlined in the Regulations. For instance, section 4(3) imposes a penalty of one hundred pounds for failure to comply with the requirement to furnish information or produce documents. Similarly, section 5(2) imposes the same penalty for travellers who do not declare or produce gold when requested by an authorised officer. These penalties underscore the importance of compliance with the Regulations to avoid financial repercussions.

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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.