Commonwealth legislation

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 8(3)) (21/06/1984)

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This Act has been repealed and is no longer in force. It is retained for historical reference.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

4/10 complexity

This instrument exempts certain international commercial transactions from needing Reserve Bank approval under the Banking (Foreign Exchange) Regulations. It covers payments to Australian residents and creation or transfer of rights to receive money or property (including bills of exchange, promissory notes and securities) tied to overseas receipts or property dealings.

By removing the approval requirement, it streamlines routine cross‑border payments and transfers—reducing delay and paperwork for businesses and individuals.

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Current sections

Direct links to the current provisions in Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 8(3)) (21/06/1984).

Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 8(3)) (21/06/1984)

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 sub-regulation 8(3) of the Regulations:

(a) any person who makes any payment to any resident as consideration for, or in association with:

(i) the receipt by any person of a payment, or the acquisition by any person of any property, outside Australia; or

(ii) the creation or transfer, in favour of any person, of a right (whether actual or contingent) to receive a payment or acquire property outside Australia; and

(b) any person who draws, issues, or negotiates any bill of exchange or promissory note, who enters into any contract or agreement (not being a contract or agreement for the purchase of goods), who allots or transfers any security, or who acknowledge any debt, so that a right (whether actual or contingent) to receive a payment in Australia is created or transferred in favour of a resident as consideration for, or in association with, any matter referred to in sub-paragraph (i) or (ii) of the last preceding paragraph.

This instrument shall come into operation on 25 June 1984.

Dated at Sydney this 21st day of June 1984.

For and on behalf of the Reserve Bank of Australia.

D. N. SANDERS
Deputy Governor

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

1 Banking (Foreign Exchange) Regulations 1959 - Exemption (subregulation 8(3)) (21/06/1984)