CHAPTER 271
FOREIGN EXCHANGE ACT

[SUBSIDIARY LEGISLATION]

INDEX TO SUBSIDIARY LEGISLATION

    ORDERS

        The Foreign Exchange (Gold) (Authorised Dealers and Authorised Depositories) Order

    REGULATIONS

        The Foreign Exchange Regulations

        The Foreign Exchange (Bureaux de Change) Regulations

ORDERS

THE FOREIGN EXCHANGE (GOLD) (AUTHORISED DEALERS AND AUTHORISED DEPOSITORIES) ORDER

(Sections 6 and 7)

G.N. No. 233 of 1995

    1. This Order may be cited as the Foreign Exchange, (Gold) (Authorised Dealers and Authorised Depositories) Order.

    2. Subject to the Gold Trading Act and conditions to be issued by the Bank of Tanzania from time to time persons specified in the First Schedule to this Order are authorised to act for the purposes of the Foreign Exchange Act as authorised dealers in relation to gold and are authorised to purchase, sell, import and export gold in whatever form.

    3. The persons specified in the Second Schedule to this Order are authorised to act for the purposes of the Foreign Exchange Act as authorised dealers in relation to foreign exchange.

    4. The persons specified in the Third Schedule to this Order are authorised for the purposes of the Foreign Exchange Act, as authorised depositories.

    5. [Revokes the Exchange Control (Authorised Dealers and Authorised Depositories) Order *.]

FIRST SCHEDULE

    All branches in Tanzania of the Bank of Tanzania, banks licensed under the Banking and Financial Institutions Act * and Gold Dealers licensed under the Gold Trading Act *.

SECOND SCHEDULE

    All branches in Tanzania of the Bank of Tanzania, banks licensed under the Banking and Financial Institutions Act * and all licensed bureaux de change.

THIRD SCHEDULE

    All branches in Tanzania of the Bank of Tanzania and banks licensed under the Banking and Financial Institutions Act *.

REGULATIONS

THE FOREIGN EXCHANGE REGULATIONS

ARRANGEMENT OF REGULATIONS

    Regulation

Title

PART I
PRELIMINARY PROVISIONS

    1.    Citation.

    2.    Interpretation.

PART II
FOREIGN CURRENCY AND GOLD

    3.    Dealing in foreign currency.

    4.    Declaration of foreign currency.

    5.    Dealing in gold.

    6.    Dealing in raw gold.

    7.    Duty to collect certain debts.

PART III
PAYMENTS

    8.    Payment in Tanzania.

PART IV
SECURITIES

    9.    Acquisition, sale or transfer of securities.

PART V
IMPORT AND EXPORT

    10.    Export of currency notes and gold.

    11.    Time of exportation of goods.

    12.    Import of gold, currency, notes or coins.

    13.    Payment for exports.

    14.    Withholding payment for exports.

    15.    Provisions relating to export documents.

    16.    Payments for imports.

PART VI
GENERAL PROVISIONS

    17.    

    18.    Transfer of policies of assurance.

    19.    Settlement of property.

    20.    Loans.

    21.    Blocked account.

    22.    Persons leaving Tanzania.

    23.    Determination of residence.

    24.    Exemption.

    25.    General powers of Governor.

    26.    Evidence and information.

    27.    [Revocation.]

THE FOREIGN EXCHANGE REGULATIONS

(Sections 6 and 7(1))

[16th October, 1998]

G.N. No. 629 of 1998

PART I
PRELIMINARY PROVISIONS (regs 1-2)

1.    Citation

    These Regulations may be cited as the Foreign Exchange Regulations.

2.    Interpretation

    In these Regulations, unless the context otherwise requires–

    "the Act" means the Foreign Exchange Act *;

    "bearer certificate" means certificate for title to securities the delivery of which, with or without endorsement, the title to the securities is transferable;

    "Bureau de Change" means a business enterprise licenced by the Bank to carry on the business of buying and selling foreign currency as established under Section 5(a) of the Foreign Exchange Act *;

    "certificate of title of securities" means any document of title whereby person recognises the title of another to securities issued or to be issued by the first mentioned person and, in the case of any such document with coupons, whether attached or on separate coupon sheet includes any coupons which have not been detached;

    "coupon" means a coupon representing dividends or interest on a security;

    "currency of Tanzania" means currency issued in terms of the Bank of Tanzania Act *;

    "debt conversion" means debt conversion as administered by the Bank;

    "foreign currency account" means any account credited with foreign currency only, maintained with a bank which is an authorised dealer;

    "goods" means all kinds of movable property including animals;

    "nominee" means a person who is not entitled to exercise any rights in relation to any security, coupon or policy of assurance except in accordance with instructions given by some other person;

    "note" includes part of a note;

    "order" means an order made by the Governor under section 7 of the Foreign Exchange Act *;

    "policy of assurance" means any policy securing the payment of a capital sum or annuity on the occurrence of a specified event which is certain to happen and includes–

    (a)    any policy by which the payment of money is assured on death, except death by accident only, or the happening of any contingency dependent on human life; and

    (b)    any policy securing the payment of an immediate annuity,

and the reference in this definition to the occurrence of a specified event which is certain to happen shall include the occurrence, which is certain to happen, or one of the specified events, none of which by itself is certain to happen;

    "unit" means, in relation to a unit trust scheme, a right or interest, whether described as a unit or a sub-unit or otherwise, which may be acquired under the scheme;

    "unit trust scheme" means any arrangement made for the purpose, or having the effect, of providing for persons having funds available for investment, facilities for the participation by them as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any property whatsoever.

PART II
FOREIGN CURRENCY AND GOLD (regs 3-7)

3.    Dealing in foreign currency

    (1) Any person whether a resident or a non resident of Tanzania may within Tanzania–

    (a)    hold any amount of foreign currency;

    (b)    sell any amount of foreign currency to an authorised dealer or a Bureau de Change;

    (c)    open and maintain a foreign currency account with a bank which is an authorised dealer.

    (2) Subject to such direction as may be issued by the Bank any person who is a resident of Tanzania travelling outside Tanzania may for the purpose of general travel and upon production of documentary proof of being a resident purchase from a Bureau de Change or a Commercial Banks foreign currency in any amount.

    (3) Subject to such directions as may be issued by the Bank, any person who is a resident of Tanzania may for purposes other than general travel–

    (a)    remit through commercial banks such amount of foreign currency as shall be prescribed by the Bank from time to time for specified purposes;

    (b)    import into or export from Tanzania any amount of currencies of contiguous countries.

    (4) Subregulation 3(b) shall apply to residents of countries contiguous to Tanzania for purposes of facilitating border trade.

    (5) Any person maintaining a Foreign Currency Account may at any time and without any restrictions, draw any amount of foreign currency for the purpose of making payment within or outside Tanzania.

4.    Declaration of foreign currency

    Subject to such directions as may be issued by the Bank any person whether a resident or a non-resident of Tanzania shall not upon entering Tanzania be required to declare any foreign currency in his possession:

    Provided that any non-resident entering Tanzania and intending to leave Tanzania with any foreign currency exceeding the equivalent of five thousand United States dollars shall declare to the Customs authorities the amount of foreign currency in his possession at the point of entering Tanzania.

5.    Dealing in gold

    Except with the permission of the governor, no person other than the person so authorised shall buy, borrow, sell, lend, hold or otherwise deal in gold coins or gold bullion.

6.    Dealing in raw gold

    Any person may within Tanzania sell, or hold with intent to sell to an authorised dealer, raw gold.

7.    Duty to collect certain debts

    (1) Except with the permission of the Governor, no person resident in Tanzania who has a right, whether present or future and whether vested or contingent, to receive foreign currency, or to receive a payment in the currency or to receive a payment in the currency of Tanzania, from a person resident outside Tanzania shall, do or refrain from doing, any act with intent to secure–

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    (a)    that receipt by such person in Tanzanian of the whole or part of such foreign currency or, as the case may be, of such payment in the currency of Tanzania is delayed; or

    (b)    that such foreign currency or payment ceases in whole or in part, to be receivable by him in Tanzania.

    (2) Any person resident in Tanzanian who has a right to receive any foreign currency, from a person resident outside Tanzania, shall comply with any direction given by the Governor to ensure the receipt by such person within a reasonable period of time, of such foreign currency or such payment.

PART III
PAYMENTS (reg 8)

8.    Payment in Tanzania

    Except with the permission of the Governor, no person shall–

    (a)    make any payment in Tanzanian currency to or for the credit of a person resident outside Tanzania; or

    (b)    make any payment in Tanzanian currency to or for the credit of a person resident in Tanzania by order or on behalf of a person resident outside Tanzania; or

    (c)    place any sum in Tanzania currency to the credit of any person resident outside Tanzania:

    Provided that where a person resident outside Tanzania has paid a sum in or towards the satisfaction of a debt owed by that person, paragraph (c) shall not prohibit the acknowledgement or recording of the payment in Tanzanian currency.

PART IV
SECURITIES (reg 9)

9.    Acquisition, sale or transfer of securities

    (1) Any person may acquire, sell or transfer any security or coupon within Tanzania subject to the provisions of the Tanzania Investment Act * and the Companies Act * in Mainland Tanzania or any relevant law applicable in Tanzania Zanzibar, provided that the acquisition of such security or coupon by a non-resident shall be effected in foreign currency.

    (2) Any Tanzania resident may acquire, sell or transfer to any person within or outside Tanzania, any security or coupon on which capital moneys, dividends or interest are payable or expressed to be payable in foreign currency or in respect of which the holder has an option to require payment of any capital moneys, dividends or interests in foreign currency:

    Provided that the security or coupon to be sold or transferred outside Tanzania on which capital moneys, dividends or interest are payable or expressed to be payable in foreign currency have been funded exclusively by externally acquired funds and the acquisition, sale or transfer shall be notified to the Bank for statistical purposes.

PART V
IMPORT AND EXPORT (regs 10-17)

10.    Export of currency notes and gold

    Except with the permission of the Governor no person shall export or cause to be exported from Tanzania–

    (a)    any notes or coins which are or have been at any time legal tender in Tanzania; or

    (b)    any gold.

11.    Time of exportation of goods

    (1) With the, exception of goods exported from Tanzania by post, the time of exportation shall be deemed to be the time–

    (a)    when a declaration is made to an authorised officer in terms of customs regulations; or

    (b)    when a bill of lading, airway bill, consignment note or any other relevant document is delivered to an authorised customs officer.

    (2) Where goods are exported from Tanzania by post, the time of exportation shall be the time when the relevant documents are delivered to an authorised Customs Officer.

12.    Import of gold currency notes or coins

    Any person whether a resident or a non-resident of Tanzania may import any amount of gold, raw gold or any foreign currency whether in the form of currency notes, coins, travellers' cheques, bank drafts or in any such other form.

13.    Payment for exports

    (1) Export of goods of any class or description outside Tanzania, shall only be made after the Bank is satisfied that–

    (a)    payment for the goods have been made to a bank account in Tanzania in such manner as the Bank may approve in relation to the goods of that class or description, or that such payment will be made within such time as the Bank shall specify; or

    (b)    the amount of the payment that has been made or is to be made is such as to represent a fair price for the goods.

    (2) For the purposes of this regulation "export" does not include the taking out of anything from Tanzania by any person travelling to any destination outside Tanzania which in the opinion of the Bank such person may reasonably require for personal use.

    (3) The Governor may be writing under his hand, delegate to a public officer all or any of the functions of the Bank under this regulation subject to such limitations as the Governor may specify.

    (4) If payment for any goods exported from Tanzania is not made within the period of time within which it ought to be made under subregulation (1) of this regulation, the Governor may give such directions to any person as he may deem expedient for the purpose of obtaining or expediting the receipt of the payment in question.

    (5) For the purpose of paragraph (a) of subregulation (1) of this regulation, payment for goods of any class or description shall be made in foreign currency or such other mode as shall be approved by the Bank.

14.    Withholding payment for exports

    (1) No person resident in Tanzania shall do any act which involves or is in association with or is preparatory to, delay or the withholding of any payment by a person resident outside Tanzania to a bank which is an authorised dealer, which payment is due in respect of the exportation of goods for a period exceeding the period specified by the Bank from time to time.

    (2) No authorised dealer shall–

    (a)    aid, abet or do any act which involves or is in association with or is preparatory to the contravention of or contravenes any provisions of these regulations; or

    (b)    delay or withhold collection of payments for exports.

15.    Provisions relating to export documents

    The documents of title to the goods exported outside Tanzania shall be made to the order of an authorised dealer who shall be assigned the right to receive payment and the documents shall be deposited with the authorised dealer who is a party to the declaration made to the commissioner of Customs and Excise and is entitled to receive foreign currency on behalf of the person exporting the goods.

16.    Payments for imports

    Notwithstanding any law to the contrary, it shall be a condition for the importation of goods into Tanzania that–

    (a)    the price paid or to be paid for the goods by the importer as indicated in the relevant import document shall represent a fair and reasonable return for the goods and shall be the best price available in the market taking into account the quality and quantity of the goods in the country of origin; and

    (b)    the quality of the goods corresponds with the description indicated in the relevant import document and recognised international standards.

17.    Written recourse to Governor

    (1) Any person by whom any foreign currency has been remitted from Tanzania on the faith of an application stating an intention that any goods should be imported shall, if the goods are not so imported within six months of the date of such application or the Date of remittance of the currency, as the case may be, notify the Governor in writing of all the material particulars with respect to such goods, and such notification shall be made within twenty-one days immediately following the expiry of the six months.

    (2) The Governor may be writing under his hand, delegate to a public officer his functions under this regulation.

PART V
GENERAL PROVISIONS (regs 18-27)

18.    Transfer of policies of assurance

    Any person may transfer into or from Tanzania any right to the sums assured by any policy of assurance acquired outside Tanzania provided that servicing of such assurance policy is realised by externally acquired funds

19.    Settlement of property

    Any person who owns immovable property in Tanzania may assign or transfer such property to beneficiaries abroad provided that the property was acquired through external resources subject to any laws in force in Tanzania.

20.    Loans

    Any institution authorised to lend, may lend any amount of money in Tanzania shillings or foreign currency or assign treasury bibs, or securities denominated in Tanzania shillings to any individual or body corporate resident in Tanzania whether the body corporate is foreign controlled or otherwise.

21.    Blocked account

    (1) Where under any provision of these Regulations the permission of the Governor is required for the making of any payment or the placing of any sum to the credit of any person resident outside Tanzania, the Governor may direct that the sum payable or to be paid or credited shall be paid or credited to a non-interest bearing blocked account.

    (2) No sum standing to the credit or a non-interest bearing blocked account shall be dealt with except with the permission of the Governor.

22.    Persons leaving Tanzania

    (1) Where any person resident in Tanzania leaves the country the Governor may, before, at or after the time he leaves Tanzania direct that, for such period as may be specified in the direction, payments by him or on his behalf and to him or to his credit and transactions in or in relation to securities in which he is in any way concerned shall, whether or not he continues to be resident in Tanzania, be subject to such restrictions as may be specified in the direction.

    (2) The Government may direct that all or any of the assets in Tanzania of a former resident of Tanzania are to be held to the order of or by a person specified by him and shall not be dealt with except with the permission of the Governor.

23.    Determination of residence

    The Governor may direct that for all or any purposes of these Regulations a person is to be treated as a resident or a non-resident Tanzania as may be specified in the direction.

24.    Exemption

    Any provision of these Regulations imposing any obligations or prohibition, shall have effect subject to such exemption as may be granted by the Governor and any such exemption may be either absolute or conditional, general or special.

25.    General powers of Governor

    (1) Any order, permission, consent or authority granted by the Governor under these Regulations shall be published in newspapers of general circulation in such a way as in the opinion of the Governor, may give to any person entitled to the benefit of such order, permission, consent or authority an adequate opportunity of getting to know of the same.

    (2) Any order, direction, permission, consent or authority given by the Governor under provisions of the Act and these Regulations–

    (a)    may be either general or special; and

    (b)    may be revoked or varied by a subsequent direction, permission, consent, or authority; and

    (c)    shall be given to such person and in such manner as the Governor thinks appropriate and if so given shall be valid for all purposes.

    (3) Notwithstanding paragraph (c) of subregulation (2) of this regulation a person shall not, by virtue of any direction given by the Governor under these Regulations not being a direction published in turns of section 26 of the Interpretation of Laws and General Clauses Act * for Mainland Tanzania or the relevant law applicable in Tanzania Zanzibar be convicted of an offence under these Regulations, unless the direction was served on that person or that person knew or avoided getting to know of the giving thereof:

    Provided that, where reasonable steps were taken for the purpose of bringing the purport of the direction to the notice of that person, it shall be for him to show that he neither knew nor avoided getting to know of the giving thereof.

    (4) The Governor may, to such extent and subject to such restrictions and conditions as he deems fit, delegate or authorise the delegation of any or all of his powers under these Regulations to a bank officer or any other agency and reference in these Regulations to the Governor shall be construed accordingly.

26.    Evidence and information

    (1) The Governor may give to any person directions requiring such person, within such time and in such manner as may be specified in the directions, to furnish the Governor or to any person designated in the directions, any information in his possession or control which in the opinion of the Governor is required for the purposes of securing compliance with or detecting evasion of these Regulations.

    (2) A person required to furnish information shall also produce such books of accounts or other documents in his possession or control as may be required for the said purpose by the Governor or by the person designated by the Governor.

    (3) No person shall with intent to evade the provisions of these Regulations–

    (a)    destroy, mutilate, deface, secrete or remove any books of accounts or other documents; or

    (b)    obstruct any person in the exercise of any power conferred on him by virtue of these Regulations.

27.    Revocation

    [Revokes the Foreign Exchange Regulations, 1992.]

THE FOREIGN EXCHANGE (BUREAUX DE CHANGE) REGULATIONS

ARRANGEMENT OF REGULATIONS

    Regulation

Title

PART I
PRELIMINARY PROVISIONS

    1.    Citation.

    2.    Interpretation.

PART II
LICENSING

    3.    Dealing in foreign currency.

    4.    Application.

    5.    Mode of application.

    6.    Processing of application.

    7.    Effect and duration of licence.

    8.    Opening of a foreign currency account.

    9.    Revocation of licence.

PART III
MODE OF OPERATION

    10.    Display of exchange rates and dealing.

    11.    Prohibition of dealings other than spot transaction.

    12.    Refusal to sell.

    13.    Inter-Bureaux clearance of excess foreign exchange.

    14.    Visitors to Tanzania.

PART IV
FOREIGN CURRENCIES FOR TRAVEL PURPOSES

    15.    Travel allowance.

PART V
GENERAL PROVISIONS

    16.    Transaction to be confidential.

    17.    Submission of returns.

    18.    Change of ownership.

    19.    Audited accounts

    20.    Powers of inspection.

    21.    [Revocation].

SCHEDULES

FOREIGN EXCHANGE (BUREAUX DE CHANGE) REGULATIONS

(Sections 6(a) and 7(1))

G.N. No. 86 of 1999

PART I
PRELIMINARY PROVISIONS(regs 1-2)

1.    Citation

    These Regulations may be cited as the Foreign Exchange (Bureaux de Change) Regulations.

2.    Interpretation

    (1) In these Regulations, unless the context requires otherwise–

    "Act" means the Foreign Exchange Act *;

    "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 the Foreign Exchange 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 operating under the Bank of Tanzania Act *;

    "Bureau de Change" means a business enterprise licensed under regulation 6(3) to carry on the business of buying and selling foreign currency;

    "foreign currency" means any currency other than the currency of Tanzania;

    "foreign currency account" is any account credited with foreign currency only, maintained with a bank which is an authorised dealer;

    "Governor" means the Governor of the Bank of Tanzania;

    "licence" means a licence issued under regulation 6(3) of these Regulations to carry on the business of a Bureau de Change.

    (2) In these Regulations, a reference to any amount in United State dollars shall unless the context requires otherwise, include reference to an equivalent amount in any foreign currency or combination thereof.

PART II
LICENSING (regs 3-9)

3.    Dealing in foreign currency

    Subject to the Act and to these Regulations, any Bureau de Change established in accordance with these regulations may carry on the business of on the spot buying and selling of foreign currency.

4.    Application

    Any person intending to carry on the business of a Bureau de Change shall apply in writing to the Bank for a licence.

5.    Mode of application

    (1) An application for a licence shall be in the form prescribed by the Bank from time to time and shall state among other things, the name in which the Bureau de Change is proposed to be registered.

    (2) Applications for a "Bureau de Change" licence, change of name and premises shall be accompanied with a non refundable application fee of two hundred and fifty thousand shillings or its equivalent in United States dollars.

6.    Processing of application

    (1) The Bank shall, within twenty-one days after receipt of an application for a licence, consider the application and approve or reject it.

    (2) The Bank shall, within seven days after the expiry of the period prescribed by paragraph (1) of this regulation inform the applicant of its decision.

    (3) Where an application is approved by the Bank, the applicant shall upon payment to the Bank of a registration fee of four hundred thousand shillings or its equivalent in United States dollars be issued with a Bureau de Change licence in the form prescribed in the Second Schedule of these Regulations.

7.    Effect and duration of licence

    (1) Any person who holds a Bureau de Change licence issued under these Regulations shall carry on the business of a Bureau de Change subject to provisions of these Regulations.

    (2) No Person, financial institution or its Bureau de Change or any other Bureau de Change shall operate or manage a Bureau de Change on behalf of another person or another Bureau de Change.

    (3) A Bureau de Change licence shall be valid for one year and may be renewed upon the Bank being satisfied that the operations of the Bureau de Change have been carried out in compliance with the Act, the Regulations and directions issued by the Bank from time to time.

    (4) Where a licensed Bureau de Change fails to commence operations within a period of three months from the date licence was granted or suspends or closes down its operations for a period of three months, the Bank may revoke its licence.

8.    Opening of foreign currency account

    A Bureau de Change shall open and maintain a foreign currency account for the Bureau de Change with a bank which is an authorised dealer and the foreign currency account shall be used solely for the day to day operations of the Bureau de Change.

9.    Revocation of licence

    (1) A Bureau de Change licence shall not be revoked except as provided for in these Regulations.

    (2) Where a licence has been issued and it is subsequently found that it was issued as a result of a materially false or fraudulent representation supplied to the Bank by the proprietor of a Bureau de Change, the Bank shall give written notice to that Bureau requesting the Bureau de Change to show cause within seven working days as to why the licence of the Bureau should not be revoked.

    (3) Where a Bureau de Change is in breach of any provision of these Regulations, the Bank shall give written notice to that Bureau de Change requiring it to show cause within seven working days as to why the licence of the Bureau de Change should not be revoked.

    (4) If a Bureau de Change fails to comply with a notice given under this subregulation or the Bank is not satisfied with the cause shown, the Bank may revoke the licence.

    (5) The Bank's action to revoke a licence shall be final and shall not be subject to any appeal.

PART III
MODE OF OPERATION (regs 10-14)

10.    Display of exchange rates and dealing

    A Bureau de Change shall–

    (a)    quote its foreign exchange buying and selling rates which shall be displayed prominently in the premises of the Bureau de Change;

    (b)    display at all times in a conspicuous place on its premises, a notice informing customers that they are entitled to be issued with a receipt for any purchase or sale of foreign currency made by them;

    (c)    for every sale or purchase of foreign currency, issue receipt for the purchase or sale of foreign currency in the form prescribed by the Bank from time to time.

11.    Prohibition of dealings other than spot transaction

    (1) A Bureau de Change shall, in the carrying out of the business, only engage in spot transactions.

    (2) No officer or staff member of a Bureau de Change shall–

    (a)    deposit or accept Tanzania shillings with intent to obtain or supply the foreign currency equivalent either wholly or in part at a future date; or

    (b)    deposit or accept foreign currency with the intent of obtaining or supplying the Tanzania shillings equivalent of it either wholly or in part at a future date; or

    (c)    fail or refuse to issue an accurate official receipt to cover any purchase or sale of foreign currency; or

    (d)    issue an official Bureau de Change receipt for any purpose other than to cover an actual purchase or sale of foreign exchange.

    (3) Subject to proper identification of the individuals and verification of the instruments involved, Bureaux de Change may accept cheques, bank drafts and other payment instruments in their normal business dealings.

12.    Refusal to sell

    (1) A Bureau de Change shall not refuse to sell foreign currency to any customer as provided for under these Regulations, if the foreign currency required by the customer is available at the Bureau de Change.

    (2) The refusal to sell foreign currency in the circumstances specified in subregulation (1) of this regulation shall constitute non-compliance with terms of the Bureau de Change licence issued under the provisions of these Regulations and shall be a good cause for the revocation of the licence in the exercise of the powers conferred upon the Bank by regulation 9 of these Regulations.

13.    Inter-Bureaux clearance of excess foreign exchange

    (1) A Bureau de Change may sell out to other Bureaux de Change the excess foreign exchange above its maximum balance required for its day to day business operations at an exchange rate to be determined by the Bureau de Change selling the foreign exchange.

    (2) The buying and selling of excess foreign exchange between the Bureaux de Change shall be carried out by the Bureaux de Change through their foreign currency accounts or on cash basis at a Bureau de Change counter.

14.    Visitors to Tanzania

    All foreign visitors to Tanzania who are residing in hotels, guest houses or any other means of paid-for temporary accommodation, shall settle their lodging and boarding expenses either in foreign currency or Tanzania shillings obtained from a Bureau de Change or commercial bank.

PART IV
FOREIGN CURRENCIES FOR TRAVEL PURPOSES (reg 15)

15.    Travel allowance

    (1) A person resident in Tanzania who wishes to travel outside Tanzania may purchase from a Bureau de Change at any one time for each trip up to ten thousand United States dollars upon presentation of a confirmed travel ticket and documentary proof of being a resident.

    (2) At the exit point, purchase of the foreign currency will be evidenced by the relevant sale receipt in respect of the foreign currency purchased.

    (3) Purchase of foreign exchange for travel purpose in excess of amount specified in subregulation (1) shall be subject to such directions as shall be issued by the Bank from time to time.

PART V
GENERAL PROVISIONS (regs 16-21)

16.    Transaction to be confidential

    A proprietor of a Bureau de Change together with his staff shall ensure that all transactions conducted by a Bureau de Change are done and maintained in strict confidence.

17.    Submission of returns

    (1) Every Bureau de Change shall submit to the Bank's Head Office–

    (a)    not later than Monday following the week under review, a weekly return of foreign exchange selling and buying rates in accordance with the Bank's prescribed format;

    (b)    not later than the first week of the following month, a monthly return of the Bureau de Change sales and purchases of the foreign currencies in accordance with the Bank's prescribed format;

    (c)    not later than the first week of the following month, a monthly exception report of foreign exchange sold for travelling purposes, where purchased foreign currency equals the prescribed limit of ten thousand United States dollars or above.

    (2) Every Bureau de Change shall put in place an accounting system, which at the minimum will include the following:

    (a)    daily foreign exchange register and summary according to the prescribed format;

    (b)    cash book which at minimum shall contain columns for date, particulars, folio, amount on hand and amount in bank, and the record shall be kept to reflect total daily transactions;

    (c)    general ledger, which at minimum shall contain purchase account, sales account and expenses account and shall be updated on a monthly basis.

18.    Change of ownership

    Every Bureau de Change shall be required to report to the Bank any change of ownership of its licence.

19.    Audited accounts

    Every Bureau de Change shall prepare and submit to the Bank audited accounts (balance sheet and income statement) duly certified by the auditors and signed by the owner or director within three months after the end of a financial year.

20.    Powers of inspection

    (1) The Governor in accordance with the powers conferred upon him under section 7(1) of the Act, or any officer of the Bank duly authorised by him, may at any time cause an inspection to be made, on the premises of a Bureau de Change, of its books of accounts and any other records.

    (2) It shall be the duty of every officer or staff of a Bureau de Change to produce to the officer making an inspection under subregulation (1) of this regulation within a reasonable time, all such books of accounts and other documents in the Bureau de Change custody or power and to furnish that officer with such statements or information relating to the affairs of the Bureau de Change as that officer may require.

21.    Revocation

    [Revokes the Foreign Exchange (Bureaux de Change) Regulations *.]

FIRST SCHEDULE

BANK OF TANZANIA

(Regulation 5)

FORM BCA
APPLICATION FOR BUREAU DE CHANGE LICENCE

SECOND SCHEDULE

FOREIGN EXCHANGE ACT, 1992

(Regulation 6(3))

FORM BCL
BUREAU DE CHANGE REGISTRATION CERTIFICATE

THIRD SCHEDULE

(Regulation 9(3))

FORM BCR
NOTICE OF REVOCATION OF LICENCE

{/mprestriction}