S.I. No. 129/1955 - Exchange Control Regulations, 1955.

S.I. No. 129 of 1955.

EXCHANGE CONTROL REGULATIONS, 1955.

ARRANGEMENT OF ARTICLES.

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).

FIRST SCHEDULE :

THE AMERICAN ACCOUNT 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. 129 of 1955.

EXCHANGE CONTROL REGULATIONS, 1955.

I, GERARD SWEETMAN, 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), and of every and any other power me in this behalf enabling, 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, 1955.

(2) These Regulations shall come into operation on the 1st day of July, 1955.

2 Interpretation.

2. In these Regulations—

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

" the American Account 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 payment in 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 and the next Article, payment in an approved manner shall be payment through the agency of an authorised dealer as follows :

(a) in the case of payments in respect of the purchase of goodsoriginating in a country within the American Account Area or in Canada—

(i) payment in Irish currency or sterling to the bank account of a person resident in the American Account Area or Canada, or

(ii) payment in United States dollars or Canadian dollars to a person resident in the American Account Area or Canada ;

(b) in the case of payments in respect of the purchase of goods originating in any other country outside the scheduled territories—

(i) payment in Irish currency or sterling to the bank account of a person resident in any country outside the scheduled territories, not being a country in the American Account Area or Canada, or

(ii) payment in specified currency of any country not being a country in the American Account Area or Canada, to a person resident in any country outside the scheduled territories, not being a country in the American Account Area or Canada.

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) 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 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,

(v) where the goods have been cleared through Customs in the State—

(I) the relative settlement invoice issued by the person to whom the payment is to be made or the relative account sales, as appropriate, showing the particulars, quantity and cost of the goods,

(II) where the value of the goods exceeds £25 and the goods have been entered to Customs in the State, a copy of the relative Customs Entry certified by an officer of Customs and Excise to be a copy of the Entry made in respect of the goods for Customs purposes,

(III) where the value of the goods exceeds £25 and the goods have been imported by parcel post, the portion of the wrapper of the parcel bearing the sender's Customs declaration and the address label of the parcel,

(vi) where the goods have not been cleared through Customs in the State—

(I) evidence of the value of the goods,

(II) an undertaking in writing signed by the person resident in the State that he will furnish to the Minister not later than one month after the date on which the goods are cleared through Customs—

(A) the relative settlement invoice if such document is not produced at the time of payment, or the relative account sales, as appropriate,

(B) where the value of the goods exceeds £25 and the goods are required to be entered to Customs, a copy of the relative Entry certified by an officer of Customs and Excise to be a copy of the Entry made in respect of the goods for Customs purposes,

(C) where the value of the goods exceeds £25 and the goods are imported by parcel post, the portion of the wrapper of the parcel bearing the sender's Customs declaration and the address label of the parcel,

(c) where an undertaking referred to in the immediately preceding subparagraph is furnished, the undertaking is complied with or, in the case of failure to comply, the person furnishing the undertaking shows to the satisfaction of the Minister that the failure was due to no, default on his part ;

(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. (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 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.

(2) For the purposes of this and the next Article, payment in an approved manner shall be payment through the agency of an authorised dealer as follows :

(a) in the case of payments in respect of services or goods supplied by a person resident in the American Account Area or Canada—

(i) payment in Irish currency or sterling to the bank account of a person resident in the American Account Area or Canada, or

(ii) payment in United States dollars or Canadian dollars to a person resident in the American Account Area or Canada ;

(b) in the case of payments in respect of services or goods supplied by a person resident in any other country outside the scheduled territories—

(i) payment in Irish currency or sterling to the bank account of a person resident in any country outside the scheduled territories, not being a country in the American Account Area or Canada, or

(ii) payment in specified currency of any country not being a country in the American Account Area or Canada, to a person resident in any country outside the scheduled territories, not being a country in the American Account Area or Canada.

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 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 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 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. There shall be exempted from the provisions of subsection (2) of section 15 of the act—

(a) the importation on the person or in the baggage of a traveller entering the State of notes to which that subsection applies not exceeding £10 in total value, provided that the traveller is not employed or engaged inany capacity on board the ship or aircraft in which he is arriving in the State ;

(b) the importation by post, the addressee being an authorised dealer, of—

(i) any note of the Bank of England for £10 sterling or more than £10 sterling,

(ii) any note of the Bank of England for £5 sterling bearing a date prior to the 2nd day of September, 1944.

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 value and, in addition thereto, of foreign currency notes not exceeding £25 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 either—

(a) in the case of goods exported to a destination in the American Account Area or Canada—

(i) Irish currency from the bank account of a person resident in the American Account Area or Canada,

(ii) sterling from such an account, or

(iii) United States dollars or Canadian dollars ; or

(b) in the case of goods exported to a destination in any other territory outside the scheduled territories—

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

(ii) sterling from such an account, or

(iii) 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 subparagraph (i) of paragraph (a) of subsection (1) and of subsection (3) of section 17 of the act any consignment of goods not exceeding £250 in value provided that there is furnished to the Revenue Commissioners before the goods are exported either—

(a) 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

(b) 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.

FIRST SCHEDULE.

Article 2.

THE AMERICAN ACCOUNT 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.

SECOND SCHEDULE.

Article 3.

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.

THIRD SCHEDULE.

Article 4.

SPECIFIED CURRENCY.

Belgian francs.

Canadian dollars.

Congolese francs.

Kroner of Denmark and the Faroe Islands.

Deutschemarks.

Francs of the following territories:

Metropolitan France (including Corsica).

The Principality of Monaco.

The Saar Territory.

Algeria.

The French Overseas Departments (Guadeloupe, Martinique, French Guiana, Reunion).

The Protectorates of Morocco and Tunisia.

French West Africa.

French Equatorial Africa.

The French Trust Territories of Cameroon and Togo

Madagascar and its dependencies.

Comoro Islands.

St. Pierre and Miquelon.

New Caledonia and its dependencies.

French establishments in Oceania.

Condominium of the New Hebrides.

Francs of the French Somali Coast (Djibouti francs).

Indo-Chinese piastres.

Luxembourg francs.

Guilders of the Netherlands, Surinam and the Netherlands Antilles.

Norwegian kroner.

Panamanian dollars.

Philippine pesos.

Portuguese escudos.

Swedish kronor.

Swiss francs.

United States dollars

FOURTH SCHEDULE.

Articles 9-16.

GOODS, SERVICES AND GOODS (EXEMPTIONS—SECTIONS 5 AND 6).

PART I.

Goods.

1. Any goods (except precious metals, precious stones and goods containing a precious metal or a precious stone) of a country of origin outside the scheduled territories, not being a country in the American Account Area or Canada.

2. Any goods (except precious metals, precious stones and goods containing a precious metal or a precious stone) originating in a country in the American Account Area or Canada, subject to a limit of £250 in respect of any particular commodity in any period of three 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.

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.

FIFTH SCHEDULE.

Article 22.

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, and

(c) the exporter surrenders to the Revenue Commissioners any copy of the Customs Entry held by him in relation to the goods which has been certified by an officer of Customs and Excise to be a copy of the Entry made in respect of the goods for Customs purposes.

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 other consignment of goods not exceeding £25 in value.

GIVEN under my Official Seal, this 28th day of June, 1955.

GERARD SWEETMAN,

Minister for Finance