Currency and Exchanges Act, 1933 (Act No. 9 of 1933)RegulationsExchange Control Regulations, 19617. Declaration of foreign assets and liabilities |
| (1) | Every person resident in the Republic who is, or becomes, entitled to sell or to procure the sale of any foreign asset, shall within thirty days after becoming so entitled, make or cause to be made, a declaration in writing in the form prescribed by the Treasury of such foreign asset to the Treasury or to an authorised dealer. Such declaration shall state when and how such foreign asset was acquired, where it is held and whether and to what extent it is held in cover for or in respect of any foreign liability. |
| (2) | Any foreign asset in respect of which a declaration has been made in terms of sub regulation (1) of this regulation shall not be sold, transferred or otherwise disposed of without the permission of the Treasury, and in accordance with such conditions as the Treasury may impose. |
| (3) | The provisions of subregulation (2) of this regulation shall not impose upon any person an obligation in respect of any foreign asset if he is, in respect of that asset, exempted from this regulation by the Treasury. |
| (4) | The Treasury may withdraw any exemption granted in terms of subregulation (3) of this regulation. |
| (5) | For the purposes of this regulation any person who has at any time since the date of publication thereof been in the Republic shall be deemed, until the contrary is proved, to have been and still to be resident in the Republic. |