Exchange Control (Continuance and Amendment) Act, 1978

Amendment of section 16 of Principal Act.

5.—(1) Section 16 of the Principal Act is hereby amended by the substitution of the following subsection for subsection (2):

“(2) The exportation of—

(a) any notes issued by any bank in, or which are or have been legal tender in, any part of the scheduled territories,

(b) any foreign currency or 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,

(c) any policy of assurance, or

(d) any postal order,

is hereby prohibited except with the permission of the Minister.”.

(2) Subsection (1) of this section shall come into operation on such day or days as, by order or orders made by the Minister, may be fixed therefor, either generally or with reference to any particular purpose or provision, and different days may be so fixed for different purposes and different provisions.