S.I. No. 44/1959 - Exchange Control Regulations, 1959.

S.I. No. 44 of 1959.

EXCHANGE CONTROL REGULATIONS, 1959.

ARRANGEMENT OF ARTICLES.

Article.

1. Short title and commencement.

2. Interpretation.

3. Inclusion in scheduled territories.

4. Specified currency.

5. Determination of price (section 4).

6. Delegation to Central Bank and exemption (section 4).

7. Exemption (section 4 (3) ).

8. Exemption (section 5—cash payment).

9. Exemption (section 5—commitment in relation to purchase of goods).

10. Exemption (section 5—payment in approved manner in relation to purchase of goods).

11. Exemption (section 6—commitment).

12. Exemption (section 6—payment in Irish currency or sterling in relation to purchase of goods).

13. Exemption (section 5—commitment in relation to supply of services or goods).

14. Exemption (section 5—payment in approved manner in relation to supply of services or goods).

15. Exemption (section 6—commitment).

16. Exemption (section 6—payment in Irish currency or sterling in relation to supply of services or goods).

17. Evidence (section 13).

18. Exemption (section 15).

19. Exemption (section 16).

20. Manners of payment (section 17).

21. Evidence (section 17).

22. Exemptions (section 17).

23. Revocation.

FIRST SCHEDULE.

The U.S. Dollar Area.

SECOND SCHEDULE.

Territories included (in addition to the State, Northern Ireland, Great Britain, the Channel Islands and the Isle of Man) in the Scheduled Territories.

THIRD SCHEDULE.

Specified Currency.

FOURTH SCHEDULE.

Goods, Services and Goods (Exemptions—Sections 5 and 6).

FIFTH SCHEDULE.

Goods (Exemption—Section 17).

S.I. No. 44 of 1959.

EXCHANGE CONTROL REGULATIONS, 1959.

I, SÉAMAS Ó RIAIN, Minister for Finance, in exercise of the powers conferred on me by sections 4 , 27 , 28 and 30 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1958 (No. 30 of 1958), hereby make the following regulations and the determinations and delegations included therein :

1 Short title and commencement.

1. (1) These Regulations may be cited as the Exchange Control Regulations, 1959.

(2) These Regulations shall come into operation on the 23rd day of March, 1959.

2 Interpretation

2. In these Regulations—

" the Act " means the Exchange Control Act, 1954 (No. 30 of 1954) ;

" the U.S. Dollar Area " means the area comprising the territories specified in the First Schedule to these Regulations.

3 Inclusion in scheduled territories.

3. The territories specified in the Second Schedule to these Regulations shall (in addition to the State, Northern Ireland, Great Britain, the Channel Islands and the Isle of Man) be included in the scheduled territories.

4 Specified currency.

4. The foreign currency specified in the Third Schedule to these Regulations shall be specified currency.

5 Determination of price (Section 4).

5. For the purposes of section 4 of the Act, the price at which every person who is entitled to sell, or procure the sale of, any specified currency shall offer it, or cause it to be offered, for sale to an authorised dealer shall be the current buying price for such currency in the London Foreign Exchange Market, adjusted for normal Irish bank charges.

6 Delegation to Central Bank and exemption (section 4).

6. (1) The powers exercisable by the Minister—

(a) under section 4 of the Act to grant permission for the buying, borrowing, selling or lending of gold,

(b) under section 16 of the Act to grant permission for the exportation of gold, and

(c) under section 26 of the Act to give directions to authorised dealers in relation to transactions in gold,

are hereby delegated to the Central Bank of Ireland.

(2) Where a person in the State offers gold for sale to a person permitted by the Central Bank of Ireland to buy gold, the sale shall be exempted from the provisions of section 4 of the Act.

7 Exemption (section 4 (3) ).

7. There shall be exempted from the obligations imposed by subsection (3) of section 4 of the Act any person in the State who is not resident in the State.

8 Exemption (section 5—cash payment).

8. There shall be exempted from the provisions of section 5 of the Act

(a) any payment made in cash in the State to or on behalf of a person resident outside the scheduled territories by a person resident outside the scheduled territories if that payment is made out of any notes which are or have been at any time legal tender in—

(i) the State, or

(ii) Northern Ireland, Great Britain, the Channel Islands and the Isle of Man, or any part thereof ;

(b) any payment made in cash in the State to or on behalf of a person resident outside the scheduled territories by a person resident outside the scheduled territories if that payment is made out of any foreign currency and is not made in consideration for or in association with the receipt by any person of Irish currency or sterling ;

(c) any payment made in cash in the State to or on behalf of a person resident outside the scheduled territories by a person resident in the scheduled territories if that payment—

(i) does not exceed £10 in value, and

(ii) does not form part of a transaction or series of transactions wherein the aggregate value of the payments exceeds £10 in value.

9 Exemption (section 5—commitment in relation to purchase of goods).

9. (1) There shall be exempted from the provisions of section 5 of the Act any commitment entered into by a person resident in the State for the purchase from a person resident outside the scheduled territories for use in the State of goods as described in Part I of the Fourth Schedule to these Regulations against paymentin an approved manner, provided that it is a condition of the commitment that the goods shall be despatched to the State not later than nine months after the date thereof.

(2) For the purposes of this Article and of Articles 10, 13 and 14, payment in an approved manner shall be payment through the agency of an authorised dealer in any foreign currency to a person resident outside the scheduled territories or in Irish currency or sterling to the bank account of a person so resident.

10 Exemption (section 5—payment in approved manner in relation to purchase of goods).

10. There shall be exempted from the provisions of section 5 of the Act any payment in an approved manner by a person resident in the State, being a payment in respect of the purchase from a person resident outside the scheduled territories for use in the State of goods as described in Part I of the Fourth Schedule to these Regulations, provided that—

(a) it is a condition of any prior commitment for the purchase of the goods, or, in the absence of any such commitment, of the payment, that the goods, if not already despatched to the State, shall be so despatched not later than nine months after the date of the commitment or of the payment, as the case may be ;

(b) the person resident in the State furnishes to the authorised dealer through whose agency the payment is to be made, before the payment is made, the relative settlement invoice issued by the person to whom payment is to be made or the relative account sales, as appropriate, or other evidence of the value of the goods ;

(c) where the value of the goods exceeds £250, the person resident in the State furnishes to the authorised dealer through whose agency the payment is to be made, before the payment is made—

(i) the date of any prior commitment for the purchase of the goods and the period within which the goods are required to be despatched to the State thereunder or under the terms of the payment,

(ii) the full name and address of the person to whom payment is to be made in respect of the goods,

(iii) particulars of the goods and of the quantity and country of origin thereof,

(iv) a declaration that the goods are for use in the State ;

(d) the amount of the payment to be made does not exceed the amount shown in the relative settlement invoice or account sales or the cost of the goods calculated in accordance with the evidence of the value of the goods, as appropriate.

11 Exemption (section 6—commitment).

11. There shall be exempted from the provisions of section 6 of the Act any commitment entered into by a person resident in the State for the purchase, from a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man, for use in the State, of goods as described in Part I of the Fourth Schedule to these Regulations against payment in Irish currency or sterling to a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man, provided that it is a condition of the commitment that the goods shall be despatched to the State not later than nine months after the date thereof.

12 Exemption (section 6—payment in Irish currency or sterling in relation to purchase of goods).

12. There shall be exempted from the provisions of section 6 of the Act any payment in Irish currency or sterling by a person resident in the State to a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man, being a payment in respect of the purchase from a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man for use in the State of goods as described in Part I of the Fourth Schedule to these Regulations, provided that it is a condition of any prior commitment for the purchase of the goods, or, in the absence of any such commitment, of the payment, that the goods, if not already despatched to the State, shall be so despatched not later than nine months after the date of the commitment or of the payment, as the case may be.

13 Exemption (section 5—commitment in relation to supply of services or goods).

13. There shall be exempted from the provisions of section 5 of the Act any commitment entered into by a person resident in the State for the supply by a person resident outside the scheduled territories of services or goods as described in Part II of the Fourth Schedule to these Regulations against payment in an approved manner to a person resident outside the scheduled territories.

14 Exemption (section 5—payment in approved manner in relation to supply of services or goods).

14. There shall be exempted from the provisions of section 5 of the Act any payment in an approved manner by a person resident in the State to a person resident outside the scheduled territories, being a payment in respect of the supply by a person resident outside the the scheduled territories of services or goods as described in Part II of the Fourth Schedule to these Regulations, provided that—

(a) before the payment is made, the person resident in the State furnishes to the authorised dealer through whose agency the payment is to be made—

(i) the full name and address of the person to whom the payment is to be made,

(ii) the country of residence of the person by whom the services or goods were supplied,

(iii) particulars of the services or goods to which the payment relates,

(iv) a statement issued by the person to whom the payment is to be made showing particulars of the services or goods to which the payment relates and the amount of the payment ;

(b) the amount of the payment to be made does not exceed the amount shown in the relative statement.

15 Exemption (section 6—commitment).

15. There shall be exempted from the provisions of section 6 of the Act any commitment entered into by a person resident in the State for the supply by a person resident outside the scheduled territories of services or goods as described in Part II of the Fourth Schedule to these Regulations against payment in Irish currency or sterling to a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man.

16 Exemption (section 6—payment in Irish currency or sterling in relation to supply of services or goods).

16. There shall be exempted from the provisions of section 6 of the Act any payment in Irish currency or sterling to a person resident in Northern Ireland, Great Britain, the Channel Islands or the Isle of Man, being a payment in respect of the supply by a person resident outside the scheduled territories of services or goods as described in Part II of the Fourth Schedule to these Regulations.

17 Evidence (section 13).

17. For the purposes of paragraph (a) of section 13 of the Act, the prescribed evidence that the entry in a register of the name of any person does not form part of a transaction involving a contravention of any of the provisions of the Act shall be either—

(a) in the case of the issue of a security, a declaration in writing signed by or on behalf of the person to whom the security is to be issued that such person is not resident outside the scheduled territories and from facts known to the person signing the declaration or from inquiries made by that person is not to the best of his belief acquiring the security as the nominee of any person resident outside the scheduled territories ; or

(b) in the case of the transfer of a security, a declaration in writing signed by an authorised dealer on behalf of each party to the transaction that such party is notresident outside the scheduled territories and from facts known to the person signing the declaration or from inquiries made by that person is not holding or acquiring, as the case may be, the security as the nominee of any person resident outside the scheduled territories.

18 Exemption (section 15).

18. Exemption is hereby granted from compliance with the provisions of subsection (2) of section 15 of the Act.

19 Exemption (section 16.)

19. There shall be exempted from the provisions of subsection (2) of section 16 of the Act—

(a) the exportation on the person or in the baggage of a traveller leaving the State of notes to which paragraph (a) of that subsection applies not exceeding £10 in total and, in addition thereto, of foreign currency notes not exceeding £100 in total value, provided that the traveller is not employed or engaged in any capacity on board the ship or aircraft in which he is departing from the State ;

(b) the exportation in any manner, other than on the person or in the baggage of a traveller, to any of the scheduled territories of notes to any amount expressed in the currency of the territory to which the notes are exported ;

(c) the exportation in any manner, other than on the person or in the baggage of a traveller, to any of the scheduled territories of postal orders ;

(d) the exportation in any manner, other than on the person or in the baggage of a traveller, to any of the scheduled territories of any policy of assurance expressed in terms of the currency of any of the scheduled territories ;

(e) the exportation of any document of a kind intended to enable the person to whom it is issued to obtain foreign currency from some other person on the credit of the person issuing it, provided that the document is issued not earlier than three months before the date of exportation by an authorised dealer or in pursuance of a permission granted by the Minister ;

(f) the exportation by any traveller not resident in the State on his person or in his baggage of any traveller's cheque or letter of credit which has been imported by that traveller ;

(g) the exportation of foreign currency despatched by an authorised dealer by post, the addressee being a bank in the monetary area to which the currency relates.

20 Manners of payment (section 17).

20. For the purposes of section 17 of the Act, the prescribed manners of payment for all classes and descriptions of goods exported to a destination in any territory outside the scheduled territories shall be—

(a) Irish currency from the bank account of a person resident outside the scheduled territories, or

(b) sterling from such an account, or

(c) any specified currency.

21 Evidence (section 17).

21. For the purposes of section 17 of the Act, the prescribed evidence of the receipt of payment for goods exported to a destination in a territory outside the scheduled territories shall be a certificate by an authorised dealer certifying the manner and amount of such payment.

22 Exemptions (section 17).

22. (1) There shall be exempted from the provisions of section 17 of the Act such goods as are shown to the satisfaction of the Revenue Commissioners to qualify for inclusion in any of the categories of goods set out in the Fifth Schedule to these Regulations.

(2) There shall be exempted from the provisions of section 17 of the Act any consignment of goods provided that—

(a) the exporter has received payment for the goods in a manner appropriate in accordance with Article 20 of these Regulations or will so receive payment within six months after the date of exportation,

(b) the exporter, if so required by the Revenue Commissioners, produces to them within one month after the date of such requirement—

(i) the evidence prescribed in Article 21 of these Regulations of receipt of payment for the goods, or

(ii) where the requirement is made within six months after the date of exportation and before the exporter has received payment for the goods, a statement in writing signed by the exporter stating that he has not received payment and indicating when he expects to receive payment, and

(c) where the value of the goods exceeds £500, there is furnished to the Revenue Commissioners before the goods are exported either—

(i) a statement in writing signed by the exporter that payment for the goods has been made to him in a manner appropriate in accordance with Article 20 of these Regulations, or

(ii) an undertaking in writing signed by the exporter that payment for the goods will be so made to him not later than six months after the date of the export.

23 Revocation.

23. The Exchange Control Regulations, 1955 to 1958, are hereby revoked.

Article 2.

FIRST SCHEDULE.

The U.S. Dollar Area.

The United States of America and any territory under the sovereignty of the United States of America.

Pacific Islands formerly under the Japanese administration but now under the administration of the United States of America.

The Philippine Islands.

Bolivia.

Colombia.

Costa Rica.

Cuba.

The Dominican Republic.

Ecuador.

Guatemala.

Haiti.

The Republic of Honduras.

Liberia.

Mexico.

Nicaragua.

Panama.

El Salvador.

Venezuela.

Article 3.

SECOND SCHEDULE.

Territories included (in addition to the State, Northern Ireland, Great Britain, the Channel Islands and the Isle of Man) in the Scheduled Territories.

British colonial possessions and trusteeship territories.

British protectorates and protected states.

The Commonwealth of Australia and its dependent, including trusteeship, territories.

New Zealand and its dependent, including trusteeship, territories.

The Union of South Africa and South-West Africa.

India.

Pakistan.

Ceylon.

The Federation of Rhodesia and Nyasaland.

Burma.

Iraq.

Jordan.

Libya.

Iceland.

Ghana.

Malaya.

Article 4.

THIRD SCHEDULE.

Specified Currency.

Austrian schillings.

Belgian francs.

Canadian dollars.

Danish kroner.

Deutschemarks.

French francs.

Italian lire.

Netherlands guilders.

Norwegian kroner.

Portuguese escudos.

Swedish kronor.

Swiss francs.

United States dollars.

Articles 9-16.

FOURTH SCHEDULE.

Goods, Services and Goods (Exemptions—Sections 5 and 6).

PART I.

Goods.

1. Any goods of a country of origin outside the scheduled territories, not being a country in the U.S. Dollar Area or Canada.

2. Any goods originating in a country in the U.S. Dollar Area or Canada, subject to a limit of £5,000 in respect of any particular commodity in any period of twelve months, except the following commodities to which the limit does not apply.

cereals, cereal products, animal feeding-stuffs, animal oils, animal fats, vegetable oils, vegetable fats, oil seeds, oil nuts, seeds for sowing, raw cotton, yarns, fibres, leather, hides, skins, timber, canned fish, fresh fruit, dried fruit, sugar, coffee, unmanufactured tobacco, coal, machinery, textile piece goods, synthetic rubber, pulp, paper and cardboard, chemicals, dyes and colours, medical and pharmaceutical products.

PART II.

Services and Goods.

1. Transport, insurance and handling of goods being imported into or exported from the State by a person resident in the State.

2. Services incidental to the operation for commercial purposes of a ship or aircraft by a person resident in the State.

3. Goods for use as stores on a ship or aircraft being operated for commercial purposes by a person resident in the State.

Article 22.

FIFTH SCHEDULE.

Goods (Exemption—Section 17).

1. The personal baggage of travellers.

2. Any goods for use as stores on board the ship or aircraft on which they are to be exported.

3. Any goods remaining on board a ship or aircraft for re-exportation.

4. Any trade sample.

5. Any advertising or publicity material for which no payment has been or will be made to the exporter.

6. Any goods as respects which the following requirements are satisfied :

(a) the goods are being returned to the supplier thereof,

(b) no payment has been or will be made for the goods,

7. Any goods being exported temporarily for repair or further manufacture.

8. Any empty container in which goods have been imported and which is being returned to the supplier of such goods.

9. Any empty container which is to be used for the importation of goods and which is being exported to the supplier of such goods.

10. Any goods which are the used personal effects of the person to whom they are consigned.

11. Household and personal effects to a value not exceeding £1,000 which are the property of a person who has left or is about to leave the State for the purpose of taking up permanent residence in the country to which the goods are being exported.

12. Any motor vehicle which is being re-exported in accordance with regulations relating to the temporary importation of motor cars or temporarily exported under cover of a Customs pass.

13. Any horse being exported temporarily.

14. Any other consignment of goods not exceeding £100 in value.

GIVEN under my Official Seal, this 19th day of March, 1959.

SÉAMAS Ó RIAIN,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations consolidate the Exchange Control Regulations, 1955 to 1958, and amend them by widening the scope of the statutory exemptions covering the purchase of goods originating in the U.S. dollar area and Canada, by altering the prescribed manners of payment for goods exported to outside the Scheduled Territories, by simplifying the procedure required to be followed by persons exporting goods to or importing goods from outside the Scheduled Territories and by reducing the number of specified currencies, i.e., currencies which must be offered for sale to an Authorised Dealer.