1Banking (Foreign Exchange) Regulations 1959 - Revocation of Variation of Exemption and Variation of Exemption (subregulation 6(1)) (04/10/2007)

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Banking (Foreign Exchange) Regulations 1959 – Revocation of Variation of Exemption and Variation of Exemption (subregulation 6(1)) (04/10/2007)

as amended

made under subregulation 38 (2) of the

Banking (Foreign Exchange) Regulations 1959

This compilation was prepared on 7 August 2009
taking into account amendments up to Direction relating to foreign currency transactions and to the former Federal Republic of Yugoslavia – Amendment to the Annex and Variation of Exemptions – Amendment to the Annexes (05/06/2009)

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

Revocation of Variation of Exemption and Variation of Exemption

The Reserve Bank of Australia pursuant to sub‑regulation 38(2) of the Banking (Foreign Exchange) Regulations hereby revokes the Variation of Exemption dated 17 October 2001 in the form published in the Commonwealth of Australia Gazette No. GN 42, 24 October 2001, relating to sub-regulation 6(1) of the Regulations.

The 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:

(i) the Embassy of the Federal Republic of Yugoslavia; or [see Note 2]

(ii) the Consulate‑General of the Federal Republic of Yugoslavia; or [see Note 2]

(iii) Narodna Banka Jugoslavije (including Banque Nationale de Yugoslavie); or
[see Note 2]

(iv) any person listed in the Annex to this variation of exemption.

For the persons referred to in paragraphs (i), (ii) and (iii) above, this variation of exemption applies to any transaction or payment which exceeds a value equivalent to A$100,000.

Pursuant to sub-regulation 6(1), all such transactions require the specific prior approval of the Reserve Bank of Australia. Please refer applications for approval to the Senior Manager, Market Analysis, International Department of the Reserve Bank in Sydney.

The revocation and variation contained in this instrument respectively come into operation on 10 October 2007.

Dated at Sydney this fourth day of October 2007.

ANNEX

FEDERAL REPUBLIC OF YUGOSLAVIA

This is the Annex referred to in the Variation of Exemption dated 4 October 2007 relating to sub‑regulation 6(1) of the Banking (Foreign Exchange) Regulations.