{"id":"F2006B11730","name":"Banking (Foreign Exchange) Regulations 1959 - Revocation of Variation of Exemption and Variation of Exemption (subregulation 6(1)) (17/10/2001)","slug":"banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":57782,"registerId":"commonwealth-F2006B11730-current","compilationNumber":null,"startDate":"2026-04-02","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Banking (Foreign Exchange) Regulations 1959 - Revocation of Variation of Exemption and Variation of Exemption (subregulation 6(1)) (17/10/2001)","content":"BANKING (FOREIGN EXCHANGE) REGULATIONS\n\nREVOCATION OF VARIATION OF EXEMPTION AND  \nVARIATION OF EXEMPTION\n\nThe Reserve Bank of Australia pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby revokes the Variation of Exemption dated 22 December 1995 in the form published in the Commonwealth of Australia Gazette No. GN 1, 10 January 1996, relating to sub-regulation 6(1) of the Regulations.\n\nThe Reserve Bank of Australia pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby varies the Exemption dated 29 June 1990 relating to sub‑regulation 6(1) of the Regulations so that the Exemption does not apply to the taking or sending out of Australia by a person of any Australian currency derived or generated from property, securities or funds owned or controlled directly or indirectly by, or otherwise relating to payments by or on behalf of:\n\n(i) the Embassy of the Federal Republic of Yugoslavia; or\n\n(ii) the Consulate‑General of the Federal Republic of Yugoslavia; or\n\n(iii) Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie)\n\nand which exceeds a value of A$100,000.\n\nAll such transactions require the specific prior approval of the Reserve Bank of Australia. Please refer applications for approval to the Manager, Market Analysis, International Department of the Reserve Bank in Sydney.\n\nThe revocation and variation contained in this instrument respectively come into operation on 17 October 2001.\n\nDated at Sydney this seventeenth day of October 2001.\n\nFor and on behalf of the Reserve Bank of Australia,\n\nSTEPHEN GRENVILLE\n\nDeputy Governor","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":2438},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument exercises existing exemption variation powers under the Banking (Foreign Exchange) Regulations 1959 to apply specific restrictions to particular foreign entities. It does not expand the regulatory framework beyond its original purpose of controlling foreign exchange movements."},"complexity_factors":["Requires cross-referencing to three separate historical instruments (1990 exemption, 1995 variation, and parent 1959 Regulations)","Specific monetary threshold ($100,000) combined with targeted entity definitions","Dependent on external knowledge of sub-regulation 6(1) content (prohibition on exporting currency)"],"plain_english_summary":"This instrument tightens Australian foreign-exchange controls on the Yugoslav government and its central bank by revoking a prior exemption and requiring Reserve Bank approval for taking or sending more than $100,000 in Australian currency offshore. It affects Yugoslav diplomatic missions, Narodna Banka Jugoslavije and entities it controls, and Australian banks/currency dealers — preventing substantial government-controlled funds leaving Australia without RBA scrutiny while permitting routine smaller transfers."}},"importantCases":[],"_links":{"self":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem","history":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem/history","analysis":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem/analysis","conflicts":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem/conflicts","importantCases":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem/important-cases","documents":"/api/acts/banking-foreign-exchange-regulations-1959-revocation-of-variation-of-exemption-and-variation-of-exem/documents"}}