1. HomeBaile
  2. ActsAchtanna
  3. 1954
  4. Exchange Control Act, 1954

Exchange Control Act, 1954

PART II.

Dealings in Gold and Foreign Currency.

Dealings in gold and foreign currency.

4.—(1) Except with the permission of the Minister, a person, other than an authorised dealer, shall not buy or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.

(2) The buying, borrowing, selling or lending of gold or foreign currency by an authorised dealer shall be subject to such directions as may be given by the Minister under section 26.

(3) (a) Every person who is entitled to sell, or procure the sale of, any foreign currency to which this subsection applies, and is not an authorised dealer, shall offer it, or cause it to be offered, for sale to an authorised dealer at such price as may for the time being be determined by the Minister, unless the Minister permits his retention and use thereof or he disposes thereof to any other person with the permission of the Minister.

(b) The foreign currency to which this subsection applies is such foreign currency (in this Act referred to as “specified currency”) as may be prescribed.