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S.I. No. 307/1987 - Exchange Control Regulations, 1987.

S.I. No. 307 of 1987.

EXCHANGE CONTROL REGULATIONS, 1987.

I, RAY MACSHARRY, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1986 (No. 38 of 1986), hereby make the following Regulations:

1. (1) These Regulations may be cited as the Exchange Control Regulations, 1987.

(2) These Regulations shall come into operation on the 1st day of January, 1988.

(3) The Exchange Control Regulations, 1959 to 1986, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1987.

2. In these Regulations "the Regulations of 1978" means the Exchange Control Regulations, 1978 ( S.I. No. 14 of 1978 ).

3. Article 19 (a) of the Exchange Control Regulations, 1959 ( S.I. No. 44 of 1959 ), is hereby amended—

( a ) by the substitution for "£100" (inserted by the Regulations of 1978) of "£150", and

( b ) by the substitution for "£500" (inserted by the Regulations of 1978) of "£1,200",

and the said Article 19 (a), as so amended, is set out in the Table to this Article.

TABLE

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 £150 in total and, in addition thereto, of foreign currency notes not exceeding £1,200 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.

GIVEN under my Official Seal, this 3rd day of December, 1987.

RAY MACSHARRY,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations amend the Exchange Control Regulations, 1959 by increasing from £100 to £150 the exempted amount of Irish Pound notes and from £500 to £1,200 the exempted amount of foreign currency notes, which may be exported by travellers.