S.I. No. 121/1967:

EXCHANGE CONTROL REGULATIONS, 1967.

EXCHANGE CONTROL REGULATIONS, 1967.

I, CHARLES J. HAUGHEY, Minister for Finance, in exercise of the powers conferred on me by sections 4 , 30 and 31 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1966 (No. 27 of 1966), hereby make the following regulations :

1. (1) These Regulations may be cited as the Exchange Control Regulations, 1967.

(2) These Regulations shall come into operation on the 18th day of May, 1967.

(3) The Exchange Control Regulations, 1959 to 1966, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1967.

2. (1) All foreign currency shall be specified currency.

(2) Article 4 of, and the Third Schedule to, the Exchange Control Regulations, 1959 ( S.I. No. 44 of 1959 ), are hereby revoked.

3. (1) Notwithstanding anything in Article 20 of the Exchange Control Regulations, 1959, the prescribed manner of payment for the purposes of section 17 of the Exchange Control Act, 1954 --

(a) shall, in respect of exports of goods to a destination in Southern Rhodesia, be payment in any specified currency except Rhodesian pounds, and

(b) shall not, in respect of exports of goods to a destination in any territory outside the scheduled territories other than Southern Rhodesia, include payment in Rhodesian pounds or payment in Irish currency or sterling from the bank account of a person resident in Southern Rhodesia.

(2) Article 2 (h) of the Exchange Control Regulations, 1966 ( S.I. No. 11 of 1966 ), is hereby revoked.

4. The Allied Irish Investment Corporation Limited, 38 Lower Baggot Street, Dublin, is hereby appointed to be an authorised dealer.

5. The following is hereby substituted for the Second Schedule to the Exchange Control Regulations, 1959 (inserted by the Exchange Control Regulations, 1964 ( S.I. No. 51 of 1964 )) :

"SECOND SCHEDULE.

Territories included (in addition to the State, Northern Ireland, Great Britain, the Channel Islands and the Isle of Man) in the Scheduled Territories.

GIVEN under my Official Seal, this 15th day of May, 1967.

CHARLES J. HAUGHEY,

Minister for Finance.

EXPLANATORY NOTE.

These Regulations amend the Exchange Control Regulations, 1959 (1) by providing that all foreign currency shall be specified currency, i.e. currency which must be offered for sale to an authorised dealer and which, apart from Rhodesian pounds, may be accepted in payment for exports to countries outside the Scheduled Territories (Sterling Area)--previously only certain foreign currency was specified currency; (2) by consolidating and re-arranging in alphabetical order the list of Scheduled Territories and including Barbados separately in the list instead of under a general heading for British territories; (3) by appointing the Allied Irish Investment Corporation Ltd. to be an authorised dealer for the purposes of the Exchange Control Acts.