CHAPTER 271
FOREIGN EXCHANGE ACT

[PRINCIPAL LEGISLATION]

ARRANGEMENT OF SECTIONS

   Section

Title

PART I
PRELIMINARY PROVISIONS

   1.   Short title.

   2.   Application.

   3.   Interpretation.

PART II
FOREIGN EXCHANGE ADMINISTRATION

   4.   Dealings in foreign currency and raw gold.

   5.   Vesting of foreign exchange administration.

   6.   Power to make regulations.

   7.   Secrecy.

PART III
OFFENCES, PENALTIES AND MISCELLANEOUS PROVISIONS

   8.   Offences in relation to payments in Tanzania.

   9.   Prohibition to export gold.

   10.   Offences in relation to importation of currency notes, coins or gold.

   11.   Withholding payment for exports.

   12.   General provisions in relation to offences and penalties.

   13.   Liability of directors, officers, etc.

   14.   Consent of Director of Public Prosecutions.

   15.   Power of the Governor to compound offences.

PART IV
REPEAL AND TRANSITIONAL PROVISIONS

   16.   [Repeal of R.L. Cap. 294.]

   17.   [Transitional provisions.]

CHAPTER 271
THE FOREIGN EXCHANGE ACT

An Act to make provisions for the more efficient administration and management of dealings and other acts in relation to gold, foreign currency, securities, payments, debts, imports, exports, transfer or settlement of property and for related matters.

[16th March, 1992]
[G.N. No. 37 of 1992]

Acts Nos.
1 of 1992
31 of 1997

PART I
PRELIMINARY PROVISIONS (ss 1-3)

1.   Short title

   This Act may be cited as the Foreign Exchange Act.

2.   Application

   (1) This Act applies to Tanzania Zanzibar as well as to Mainland Tanzania.

   (2) This Act shall bind the Government of United Republic as well as the branches or agencies of all foreign organisations registered or incorporated in the United Republic.

[s. 3]

3.   Interpretation Act No. 31 of 1997 Sch.">

   In this Act, unless the context requires otherwise–

   "authorised dealer" means in relation to gold or any foreign currency, a person for the time being authorised by the bank, to act, for the purposes of this Act, as an authorised dealer in relation to gold or as the case may be, to foreign currency;

   "bank" means a bank within the meaning of section 3 of the Banking and Financial Institutions Act *;

   "the Bank" means the Bank of Tanzania established by the Bank of Tanzania Act, 1995;

   "bureau de change" means a business enterprise licensed by the Bank to carry on the business of buying and selling foreign currency;

   "foreign currency" means any currency other than the currency of the United Republic;

   "foreign currency" means any currency which is recognised by the Bank as being convertible;

   "foreign currency account" means an account for the purpose of being credited exclusively with foreign currency and maintained with a bank which is an authorised dealer, or with any person authorised by the Bank to maintain a foreign currency account;

   "gold" means gold coins and gold bullion;

   "Governor" means the Governor of the Bank of Tanzania, appointed in accordance with the provisions of the Bank of Tanzania Act;

   "Minister" means the Minister responsible for finance;

   "property" includes both real and personal property of whatever kind or description;

   "raw gold" means raw gold as defined in the Mining Act *;

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