Exchange Control Regulations, 1959

• Jurisdiction: Ireland

S.I. No. 44 of 1959.
EXCHANGE CONTROL REGULATIONS, 1959.
ARRANGEMENT OF ARTICLES.
Article.
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).
23. Revocation.
FIRST SCHEDULE.
The U.S. Dollar 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. 44 of 1959.
EXCHANGE CONTROL REGULATIONS, 1959.
I, SÉAMAS Ó RIAIN, 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), as continued by the Exchange Control (Continuance) Act, 1958 (No. 30 of 1958), 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, 1959.
(2) These Regulations shall come into operation on the 23rd day of March, 1959.
	2 Interpretation	2. In these Regulations—
" the Act " means the Exchange Control Act, 1954 (No. 30 of 1954) ;
" the U.S. Dollar 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 paymentin 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 Article and of Articles 10, 13 and 14, payment in an approved manner shall be payment through the agency of an authorised dealer in any foreign currency to a person resident outside the scheduled territories or in Irish currency or sterling to the bank account of a person so resident.
	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) the person resident in the State furnishes to the authorised dealer through whose agency the payment is to be made, before the payment is made, the relative settlement invoice issued by the person to whom payment is to be made or the relative account sales, as appropriate, or other evidence of the value of the goods ;
(c) where the value of the goods exceeds £250, the person resident in the State furnishes to the authorised dealer through whose agency the payment is to be made, before the payment is 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 ;
(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. There shall be exempted from the provisions of section 5 of the Act any commitment entered into by a...