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S.I. No. 288/1971 - Exchange Control Regulations, 1971.

S.I. No. 288 of 1971.

EXCHANGE CONTROL REGULATIONS, 1971.

I, SEOIRSE Ó COLLA, Minister for Finance, in exercise of the powers conferred on me by sections 27 , 30 and 31 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1970 (No. 23 of 1970), hereby make the following regulations:

1. (1) These Regulations may be cited as the Exchange Control Regulations, 1971.

(2) The Exchange Control Regulations, 1959 to 1970, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1971.

2. Allied Irish Banks, Limited, Lansdowne House, Ballsbridge, Dublin 4, is hereby appointed to be an authorised dealer.

3. There shall be exempted from the provisions of section 4 of the Exchange Control Act, 1954 (No. 30 of 1954), the buying, borrowing, selling or lending of gold coin by a person in the State.

4. The Second Schedule to the Exchange Control Regulations, 1959 (inserted by the Exchange Control Regulations, 1967 ( S.I. No. 121 of 1967 )), is hereby amended by—

(a) the insertion of "Bahrain, the State of" "Fiji" "Qatar, the State of" and "Tonga" and

(b) the substitution for "Southern Yemen, the People's Republic of" (inserted by the Exchange Control Regulations, 1968 ( S.I. No. 253 of 1968 )) of "Yemen, the People's Democratic Republic of ".

GIVEN under my Official Seal, this 19th day of October, 1971.

SEOIRSE Ó COLLA,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations amend the Exchange Control Regulations, 1959, by appointing Allied Irish Banks Limited, Lansdowne House, Balls-Bridge, Dublin 4, to be an authorised dealer for the purposes of the Exchange Control Acts.

The Regulations have the effect of permitting transactions in gold coin in the State. However the present restrictions on the export of gold coin without the prior permission of the Central Bank will continue.

The list of scheduled territories is also amended by the addition of Bahrain, Fiji, Qatar and Tonga, which are now independent and by the substitution for the People's Republic of Southern Yemen of the People's Democratic Republic of Yemen to take account of a recent change of name by that country.