Banking (Foreign Exchange) Regulations 1959 - Exemption (paragraph 8(1)(a)) (29/06/1990)

1 Banking (Foreign Exchange) Regulations 1959 - Exemption (paragraph 8(1)(a)) (29/06/1990)

Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a)) (29/06/1990)

as amended

made under regulation 38 of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 19 October 2011
taking into account amendments up to Variations of Exemption
(subregulation 8(1)(a)) – Libya (04/03/2011) and Syria (16/06/2011) as amended by the Directions relating to foreign currency transactions and to Libya andSyria – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (13/10/2011)

Prepared by the Office of Legislative Drafting and Publishing,
Attorney-General’s Department, Canberra

Note: Exemption (paragraph 8(1)(a)) (29/06/1990)

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby:

1. revokes the exemption dated 21 June 1984 relating to sub-regulation 8(1)(a) of the Regulations;
2. exempts from the application of sub-regulation 8(1)(a) of the Regulations a person who makes any payment in Australia to, by the order of, or on behalf of a person who is not a resident or places any sum in Australia to the credit of any such person.

[see Notes 2, 3, 4, 5, 6, 7 and 8]

This instrument shall come into operation on 1 July 1990.

Dated at Sydney this twenty-ninth day of June 1990.

Notes to the Banking Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a)) (29/06/1990)

Note 1

Note: The Banking (Foreign Exchange) Regulations 1959 – Exemption (paragraph 8(1)(a)) (29/06/1990) (in force under regulation 38 of the Banking (Foreign Exchange) Regulations 1959) as shown in this compilation is amended as indicated in the Tables below.

Note: > Note: Table of Instruments

<table cellspacing="0" cellpadding="0" style="width:491.6pt; margin-right:auto; margin-left:auto; margin-bottom:0pt; border-collapse:collapse"><thead><tr style="height:51.95pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="3" style="width:156.25pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead" style="margin-right:0.6pt"><span>Title</span></p></td><td colspan="4" style="width:93.1pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead" style="margin-right:0.6pt"><span>Date of FRLI registration/ notification in</span><br><span style="font-style:italic">Gazette</span></p></td><td colspan="3" style="width:76.8pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead" style="margin-right:0.6pt"><span>Date of</span><br><span>commencement</span></p></td><td colspan="4" style="width:75.4pt; border-bottom:0.75pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableColHead" style="margin-right:0.6pt"><span>Application, saving or</span><br><span>transitional provisions</span></p></td><td style="vertical-align:top"></td></tr></thead><tbody><tr><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="4" style="width:157.1pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:9.4pt; text-indent:-9pt"><span>Exemption (paragraph 8(1)(a)) (</span><span>29/06/1990</span><span>)</span><br><span>(F2006B11727)</span></p></td><td colspan="3" style="width:90.85pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>11 </span><span>July</span><span> </span><span>1990</span><span> </span><span>(</span><span style="font-style:italic">see Gazette</span><span> </span><span>1990, </span><span>No.</span><span> </span><span>GN</span><span>27</span><span>)</span></p></td><td colspan="5" style="width:79.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>1 July 1990</span></p></td><td colspan="4" style="width:75.55pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-right:0.6pt; margin-left:7.1pt; text-indent:-7.1pt"><span></span></p></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:9.4pt; text-indent:-9pt"><span>Revocation of Variation of </span><span>Exemption and</span><span> Variation of Exem</span><span>ption (paragraph 8(1)(a)) (</span><span>17/10/2001</span><span>) (F2006B11734</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>24 Oct 2001</span><span> (</span><span style="font-style:italic">see Gazette</span><span> 2001, No.</span><span> </span><span>GN42)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>17 Oct 2001</span><span> (</span><span style="font-style:italic">see</span><span> Note 2)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:21.25pt; text-indent:-9.05pt"><span style="font-weight:bold">as amended by</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:21.25pt; text-indent:-9.05pt"><span>Direction relating to foreign currency transactions and to the Federal Republic of Yugoslavia</span><span> </span><span>–</span><span> Amendment to the Annex and Variation of Exemption</span><span> </span><span>–</span><span> Amendment to the Annex (04/10/2007)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-bottom:3pt"><span>10 Oct 2007</span><span> (</span><span style="font-style:italic">see </span><span>F2007L04036)</span></p><p class="TableOfStatRules"><span>10 Oct 2007</span><span> (</span><span style="font-style:italic">see</span><span> </span><span style="font-style:italic">Gazette</span><span> 2007, No.</span><span> </span><span>GN40)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>10 Oct 2007</span><span> (</span><span style="font-style:italic">see</span><span> Note 2)</span><span></span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:9.4pt; text-indent:-9pt"><span>Variat</span><span>ion of Exemption (paragraph 8</span><span>(1)</span><span>(a))</span><span> - Zimbabwe</span><span> (</span><span>25/11/2002</span><span>)</span><br><span>(F2006B11729</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>11 Dec 2002</span><span> (</span><span style="font-style:italic">see Gazette</span><span> 2002, No.</span><span> </span><span>GN49)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>25 Nov 2002</span><span> (</span><span style="font-style:italic">see</span><span> Note 3)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:21.25pt; text-indent:-9.05pt"><span style="font-family:Helvetica, sans-serif; font-weight:bold">as amended by</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span></span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:20.4pt; text-indent:-8.2pt"><span>Direction relating to foreign currency transactions and to </span><span>Zimbabwe</span><span> </span><span>–</span><span> Amendment to the Annex and Variation of Exemptions</span><span> </span><span>–</span><span> Amendm</span><span>ent to the Annexes (</span><span>24/11/2005</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-bottom:3pt"><span>28 Nov 2005</span><span> (</span><span style="font-style:italic">see</span><span> F2005L03697)</span></p><p class="TableOfStatRules"><span>30 Nov 2005</span><span> (</span><span style="font-style:italic">see Gazette</span><span> 2005, No.</span><span> </span><span>GN47)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>30 Nov 2005</span><span> (</span><span style="font-style:italic">see</span><span> Note 3)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:20.4pt; text-indent:-8.2pt"><span>Direction relating to foreign currency transactions and to </span><span>Zimbabwe</span><span> </span><span>–</span><span> Amendment to the Annex and Variation of Exemptions</span><span> </span><span>–</span><span> Amendm</span><span>ent to the Annexes (</span><span>31/03/2006</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-bottom:3pt"><span>4 Apr 2006</span><span> (</span><span style="font-style:italic">see</span><span> </span><span>F2006L00918)</span></p><p class="TableOfStatRules"><span>5 Apr 2006</span><span> (</span><span style="font-style:italic">see Gazette</span><span> 2006, No.</span><span> </span><span>GN13)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>5 Apr 2006</span><span> (</span><span style="font-style:italic">see</span><span> Note 3)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:20.4pt; text-indent:-8.2pt"><span>Direction relating to foreign currency transactions and to </span><span>Zimbabwe</span><span> </span><span>–</span><span> Amendment to the Annex and Variation of Exemptions</span><span> </span><span>–</span><span> Amendment to the Annexes (</span><span>15/06/2007</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-bottom:3pt"><span>19 June 2007</span><span> (</span><span style="font-style:italic">see</span><span> </span><span>F2007L01784)</span><span></span></p><p class="TableOfStatRules"><span>20 June 2007</span><span> (</span><span style="font-style:italic">see</span><span style="font-style:italic"> </span><span style="font-style:italic">Gazette </span><span>2007</span><span>,</span><span> No.</span><span> </span><span>GN24)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>20 June 2007</span><span>(</span><span style="font-style:italic">see</span><span> Note 3)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td style="vertical-align:top"></td><td colspan="4" style="width:157.05pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:20.4pt; text-indent:-8.2pt"><span>Direction relating to </span><span>f</span><span>oreign </span><span>c</span><span>urrency </span><span>t</span><span>ransactions and to </span><span>Zimbab</span><span>w</span><span>e</span><span> </span><span>– Amendment to the Annex; </span><span>Variation of Exemptions</span><span> </span><span>–</span><span> Amendment to the Annexes (</span><span>23/12/2008</span><span>)</span></p></td><td colspan="3" style="width:91pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-bottom:3pt; text-indent:0.4pt"><span>23 Dec 2008</span><span> (</span><span style="font-style:italic">see </span><span>F2008L04786)</span></p><p class="TableOfStatRules"><span>24 Dec 2008</span><span> (</span><span style="font-style:italic">see Gazette </span><span>2008, No.</span><span> </span><span>S288)</span></p></td><td colspan="4" style="width:79.2pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>24 Dec 2008</span><span> (</span><span style="font-style:italic">see </span><span>Note 3)</span></p></td><td colspan="4" style="width:75.4pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules"><span>—</span></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr><td colspan="4" style="width:156.95pt; padding-right:5.4pt; padding-left:5.4pt; vertical-align:top"><p class="TableOfStatRules" style="margin-left:20.2pt; text-indent:-8.1pt"><span>Direction relating to </span><span>f</span><span>oreign </span><