Exchange Control Regulations, 1955

• Jurisdiction: Ireland
• Citation: IR SI 129/1955
• Year: 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...