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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