S.I. No. 134/1992:

EXCHANGE CONTROL REGULATIONS, 1992.

EXCHANGE CONTROL REGULATIONS, 1992.

I, BERTIE AHERN, Minister for Finance, in exercise of the powers conferred on me by section 27 of the Exchange Control Act, 1954 (No. 30 of 1954), as continued by the Exchange Control (Continuance) Act, 1990 (No. 35 of 1990), hereby make the following regulations:

1. (1) These regulations may be cited as the Exchange Control Regulations, 1992.

(2) These Regulations shall come into operation on the 4th day of June, 1992.

(3) The Exchange Control Regulations, 1959 to 1991, and these Regulations may be cited together as the Exchange Control Regulations, 1959 to 1992.

2. The Exchange Control Regulations, 1959 ( S.I. No. 44 of 1959 ), shall have effect subject to the following amendments:

( a ) Article 8 shall not apply where the payment made in cash in the State is to or on behalf of a person resident in the Federal Republic of Yugoslavia (Serbia and Montenegro);

( b ) Article 9 shall not apply where the purchase is from a person resident in the Federal Republic of Yugoslavia (Serbia and Montenegro) or is against payment to a person so resident or where the country of origin of the goods is the Federal Republic of Yugoslavia (Serbia and Montenegro);

( c ) Article 10 shall not apply where the purchase is from a person resident in the Federal Republic of Yugoslavia (Serbia and Montenegro) or where the payment is to a person so resident or where the country of origin of the goods is the Federal Republic of Yugoslavia (Serbia and Montenegro);

( d ) Article 13 shall not apply where the supply is by a person resident in the Federal Republic of Yugoslavia (Serbia and Montenegro) or is against payment to a person so resident;

( e ) Article 14 shall not apply where the payment is made to a person resident in the Federal Republic of Yugoslavia (Serbia and Montenegro) or is in respect of a supply by a person so resident;

( f ) paragraph (a) of Article 19 shall not apply where the traveller is travelling to the Federal Republic of Yugoslavia (Serbia and Montenegro);

( g ) paragraph (g) of Article 19 shall not apply to the exportation of foreign currency by an authorised dealer by post to a bank in the Federal Republic of Yugoslavia (Serbia and Montenegro).

GIVEN under my Official Seal, this 4th day of June, 1992.

BERTIE AHERN,

Minister for Finance.

EXPLANATORY NOTE.

These regulations amend the Exchange Control Regulations, 1959, by excluding the Federal Republic of Yugoslavia (Serbia and Montenegro) from the scope of the general exemptions applicable to certain exchange control restrictions. They have the effect of ensuring Central Bank approval will, in future, be required for the transactions concerned, where they involve the Federal Republic of Yugoslavia (Serbia and Montenegro), or their residents.