Currency Amendment Determination 1999 (No. 1)

Overview

The Currency Amendment Determination 1999 (No. 1) was enacted on 11 August 1999 by Joe Hockey, the Minister for Financial Services and Regulation, under the authority granted by subsection 13A(1) of the Currency Act 1965. This determination was introduced to amend the Currency Determination 1999 (No. 1), primarily focusing on updating and refining the legal framework governing the importation and exportation of Australian currency. The objective behind this amendment was to ensure that the regulations remain current and effective in addressing any evolving issues related to the handling and movement of currency within and outside Australia. The amendment, which commenced on 17 February 1999, includes specific changes such as updating the list of items that can be imported or exported alongside currency, as illustrated by the substitution of a new category under Schedule 1, Part 2, item 221, subparagraph (c)(vi).

Scope and Application

The Currency Amendment Determination 1999 (No. 1) applies to persons who are involved in the production or distribution of currency in Australia, as well as to those who hold or possess currency. This includes individuals, entities, and businesses that engage in the minting, printing, distribution, or possession of Australian currency. The Determination was made under the Currency Act 1965 by the Minister for Financial Services and Regulation, and it amends the Currency Determination 1999 (No. 1) to include a person holding a guitar in the definition of a person who may possess currency. The Determination has a national jurisdictional reach, as it applies to the entire Commonwealth of Australia. There are no stated exclusions or exemptions, and the Determination extends or restricts application through subordinate instruments as necessary. The Determination came into effect on 17 February 1999, and was notified in the Commonwealth of Australia Gazette on the same date.

Key Provisions

The Currency Amendment Determination 1999 (No. 1) introduces specific amendments to the Currency Determination 1999 (No. 1) under subsection 13A(1) of the Currency Act 1965. The primary amendment, detailed in Schedule 1, Part 2, item 221, subparagraph (c)(vi), adds a new category of persons who are exempt from the requirement to declare currency or monetary instruments exceeding certain thresholds when entering or leaving Australia. Specifically, subparagraph (c)(vi) now includes "a person holding a guitar" as an exempted individual (Schedule 1, item 221). This amendment, made by the Minister for Financial Services and Regulation on 4 February 1999 and notified in the Commonwealth of Australia Gazette on 17 February 1999, aims to update the list of exemptions to include individuals carrying guitars, likely in response to the unique cultural and economic activities involving musical instruments. The Determination imposes specific obligations on individuals who fall under the exemption categories. For those holding a guitar, this exemption means they do not need to declare their currency or monetary instruments if they exceed the prescribed amounts, provided they are not engaged in any other activities that would require such declarations. The obligation remains on individuals to ensure they are aware of their exemptions and to comply with other relevant sections of the Currency Act 1965 that might apply to them. This includes understanding the threshold amounts and the types of currency or monetary instruments that need to be declared if they fall outside the exempted categories or if their activities change. Breaches of the Currency Act 1965, including non-compliance with the exemptions outlined in the Currency Amendment Determination 1999 (No. 1), can result in both civil and criminal consequences. Under the Currency Act, individuals who fail to declare currency or monetary instruments when required can be subject to penalties. The specific penalties for such breaches are not detailed in the Determination but are generally severe, potentially including fines and imprisonment. The exact penalties can vary based on the nature and extent of the breach, with maximum penalties available under the relevant sections of the Currency Act 1965. It is important for individuals to adhere strictly to the requirements set out in the Act and the Determination to avoid these potential consequences.