S.I. No. 213/1990 - Exchange Control Regulations, 1990.

S.I. No. 213 of 1990.

EXCHANGE CONTROL REGULATIONS, 1990.

I, CHARLES J. HAUGHEY, Acting 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, 1990.

(2) These Regulations shall come into operation on the 10th day of August, 1990.

(3) The Exchange Control Regulations, 1959 to 1988, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1990.

2. The Exchange Control Regulations, 1959 ( S.I. No. 44 of 1959 ), shall have effect subject to the following amendments:

( a ) Article 8 shall not apply where the payment made in cash in the State is to or on behalf of a person resident in Iraq or Kuwait;

( b ) Article 9 shall not apply where the purchase is from a person resident in Iraq or Kuwait or is against payment to a person so resident or where the country of origin of the goods is Iraq or Kuwait;

( c ) Article 10 shall not apply where the purchase is from a person resident in Iraq or Kuwait or where the payment is to a person so resident or where the country of origin of the goods is Iraq or Kuwait;

( d ) Article 13 shall not apply where the supply is by a person resident in Iraq or Kuwait or is against payment to a person so resident;

( e ) Article 14 shall not apply where the payment is made to a person resident in Iraq or Kuwait or is in respect of a supply by a person so resident;

( f ) paragraph (a) of Article 19 shall not apply where the traveller is travelling to Iraq or Kuwait;

( g ) paragraph (g) of Article 19 shall not apply to the exportation of foreign currency by an authorised dealer by post to a bank in Iraq or Kuwait.

GIVEN under my Official Seal, this 10th day of August, 1990.

CHARLES J. HAUGHEY,

Acting Minister for Finance.

EXPLANATORY NOTE.

These regulations amend the Exchange Control Regulations, 1959, by excluding Iraq and Kuwait from the scope of the general exemptions applicable to certain exchange control restrictions. They have the effect of ensuring Central Bank approval will, in future, be required for the transactions concerned, where they involve Iraq and Kuwait, or their residents or currencies.