Commonwealth legislation

Banking (Foreign Exchange) Regulations 1959 - Exemption (regulation 7) (12/12/1983)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This is a 1983 exemption from Australia's foreign exchange controls.

Under the Banking (Foreign Exchange) Regulations, Regulation 7 normally restricted how people could take or send money out of Australia (requiring approval or reporting). This exemption removes those restrictions for one specific payment method: money orders issued in Australia but payable overseas.

What it means:

If you bought a money order in Australia that could be cashed overseas, you did not need to seek special approval or comply with other requirements under Regulation 7
This allowed people to send money abroad through post offices or banks using money orders without navigating foreign exchange controls
The Reserve Bank Governor issued this exemption using powers under Regulation 38 of the same Regulations

Who it affects: Anyone using Australian-issued money orders to transfer funds overseas during the period this exemption was in force.

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Current sections

Direct links to the current provisions in Banking (Foreign Exchange) Regulations 1959 - Exemption (regulation 7) (12/12/1983).

Banking (Foreign Exchange) Regulations 1959 - Exemption (regulation 7) (12/12/1983)

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BANKING (FOREIGN EXCHANGE) REGULATIONS EXEMPTION

Reserve Bank of Australia in pursuance of Regulation 38 of the Banking (Foreign Exchange) Regulations hereby exempts from the application of Regulation 7 of those Regulations any person taking or sending money out of Australia by means of a money order issued in Australia and payable out of Australia.

Dated at Sydney this twelfth day of December 1983.

For and on behalf of the Reserve Bank of Australia.

R. A. JOHNSTON Governor

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