Exchange Control Act

Chapter number: 
76

This Cap was repealed by the Foreign Exchange Act with effect from 20 July 2009.  The historical text below is reproduced for reference purposes only.

 

                                                   CHAPTER 76

 

                                     EXCHANGE CONTROL ACT

 

[4th January, 1954]

 

Act 23 of 1952.

Act  7 of 1953.

S.I.1 of 1971.

S.I.12 of 1972.

S.I.44 of 1972.

S.I. 78 of 1974.

S.I.95 of 1975.

S.I.72 of 1976.

Act 23 of 1976.

S.I.115 of 1980.

Act 4 of 2001

 

 

ARRANGEMENT OF SECTIONS         

SECTION                                                       

PART I                                

                                         Gold and Foreign Currency           

 

1.      Dealing in gold and foreign currency.

2.      Surrender of gold and foreign currency.

3.      Bailees of gold and foreign currency.

4.      Travellers' cheques, etc.

 

                                                        PART II

 

                                                       Payments

 

5.      Payments in Seychelles.

6.      Payments outside Seychelles.

7.      Compensation deals.

 

                                                       PART III

 

                                                Import and Export

 

8.      Restrictions on import.

9.      General Restrictions on export.

 

10.    Payment for exports.

 

                                                       PART IV

 

                                                   Miscellaneous

 

11.    Duty to collect certain debts.

12.    Duty not to delay sale or importation of goods.

13.    Property obtained by infringement of Act.

14.    Provisions supplemental to preceding provisions of Part IV.

15.    Transfer of annuities, policies, etc.

16.    Settlements.

 

                                                        PART V

 

                                                    Supplemental

 

17.    Exemptions.

18.    Blocked accounts.

19.    Contracts, legal proceedings, etc.

20.    Enforcement and administration.

21.    Application to Republic.

22.    Minister's orders.

23.    Other powers of Treasury.

24.    Financial provisions.

25.    Branches.

26.    Persons leaving the scheduled territories.

27.    Determination of residence.

27A.Indemnity for acts done in good faith.

28.    General provisions as to interpretation.

29.    Short title.

 

───────────────

 

PART I

 

                                         Gold and Foreign Currency

 

 

Dealing in           1(1)   Except with the permission of the Minister,* no

gold and             persons, other than an authorised dealer, shall, in

foreign               Seychelles, buy or borrow any gold or foreign currency from,

currency.            or sell or lend any gold or foreign currency to any person

S.I.95/1975.       other than an authorised dealer.

S.I.72/1976.

3/23/1976.          (2)Except with the permission of the Minister, no person resident in the scheduled territories, other than an authorised dealer, shall, in Seychelles, do any act which involves, is in association with or is preparatory to buying or borrowing any gold or foreign currency from, or selling or lending any gold or foreign currency to, any person outside Seychelles.

 

 (3)Where a person buys or borrows any gold or foreign currency in Seychelles or, being a person resident in the scheduled territories does any act which involves, is in association with or is preparatory to the buying or borrowing of gold or foreign currency outside Seychelles, he shall comply with such conditions as to the use to which it may be put or the period for which it may be retained as may from time to time be notified to him by the Minister.

 

 

 

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*By section 37(d) of the Central Bank of Seychelles Act (Cap 26) the Central Bank of Seychelles is empowered to administer on behalf of the Government any law relating to exchange control.

 

 

 

 

 (4)In this Act ‑

 

Act 12 of 1995         (a)     the expression "foreign currency" means any currency notes or coins other than those issued or deemed to have been issued by the Central Bank of Seychelles and any reference to foreign currency, except so far as the context otherwise required includes a reference to any right to receive foreign currency in respect of any credit or balance at a bank; and

 

(b)  the expression "the scheduled territories" means territories specified in the First Schedule, so, however, that the Minister may at any time by order amend the said schedule, either by the addition or exclusion of territories or otherwise, and the said expression shall be construed accordingly.

 

Surrender of       2(1)   Every person in Seychelles who is entitled to sell, or

gold and             to procure the sale of, any gold or any foreign currency to

foreign               which this section applies, and is not an authorised dealer,

currency.            shall offer it, or cause it to be offered, for sale to an

S.I.95/1975.       authorised dealer, unless the Minister consents to his

S.I.72/1976.       retention and use thereof or he disposes thereof to any person

3/23/1976.          with the permission of the Minister.

 

The foreign currency to which this section applies is such foreign currency (hereafter in this Act referred to as "specified currency") as may from time to time be specified by order of the Minister.

 

 

 

 (2)If a person who has obtained the consent of the Minister to his retention and use of any gold or specified currency, and has stated in an application for the consent that he requires it for a particular purpose, no longer requires the gold or currency for that purpose, subsection (1) shall thereupon apply to him in relation to that gold or currency as if the Minister had revoked his consent to his retention and use thereof.

 

 (3)A person who requires any gold or specified currency from an authorised dealer shall be treated for the purposes of this section as if the Minister had consented to the retention and use by him of that gold or currency (subject, however, to any conditions notified to him in accordance with subsection (3) of section 1), and as if any statement made by him in an application for that gold or currency as to the purpose for which he requires it had been made by him in an application for the Minister's consent to his retention and use thereof.

 

 (4)Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer, he shall not be deemed to comply with that obligation by any offer made or caused to be made by him, if the offer is an offer to sell at a price exceeding that authorised by the Minister, or without payment of any usual and proper charges of the authorised dealer, or otherwise on any unusual terms.

 

 

 (5)Where a person has become bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer and has not complied with that obligation, the Minister may direct that that gold or currency shall vest in the Minister and it shall vest in the Minister accordingly free from any mortgage, pledge or charge, and the Minister may deal with it as he thinks fit, but the Minister shall pay to the person who would but for the direction be entitled to the gold or currency such sum as he would have received therefor if he had sold it to an authorised dealer in pursuance of an offer made under this section at the time when the vesting occurred.

 

 (6)In any proceedings in respect of a failure to comply with the provisions of this section, it shall be presumed, until the contrary is shown, that the gold or currency in question has not been offered for sale to an authorised dealer.

 

Bailees of           3(1)   Every person in Seychelles by whom or to whose order

gold and             (whether directly or indirectly) any gold or any specified

foreign               currency in the form of notes is held in Seychelles but who is

currency.            not entitled to sell it or procure its sale shall notify the

S.I.95/1975.       Minister in writing that he so holds that gold or currency.

Act 5/1999

 (2)The Minister may direct any person in Seychelles by whom or to whose order (whether directly or indirectly) any gold or any specified currency in the form of notes is held in Seychelles, whether or not he is entitled to sell it or procure its sale, to cause that gold or currency to be kept at all times in the custody of such officer as may be specified in the direction.

 

Act 4/2001        (3A) Except with the permission of the Minister, no person, other than a bona fide tourist, shall have any foreign currency in his possession unless such foreign currency has been obtained by such person in accordance with subsection (1).

 

(3B) Where a person contravenes the provisions of subsection (3A), without prejudice to any legal proceedings that may be instituted against him, the Minister may require him to offer the foreign currency in question, for sale, to an authorised dealer on usual terms.

 

 

Act 4/2001        (3C) Notwithstanding the Exchange Control (Exemption) Order any authorised dealer who buys or sells foreign currency at a rate above or below the prevailing maximum rate or minimum rate as the case may be, as determined by the Central Bank under section 26(2) of the Central Bank of Seychelles Act shall be guilty of an offence and shall on conviction be liable to a fine of not less than R250,000 and not exceeding R500,00 and to imprisonment for a term of 5 years.

 

(3D) Notwithstanding the Exchange Control (Exemption) Order any person who, without the prior permission of the Minister, exports from Seychelles or imports into Seychelles any Seychelles notes or coins of, or more than, the value of R2000 is guilty of an offence and shall on conviction be liable to a fine of not less than R250,000 and not exceeding R500,000 and to imprisonment for a term of 5 years.

 

 Travellers'         4(1)   This section applied to any document of a kind

cheques, etc.      intended to enable the person to whom the document is issued

S.I.95/1975.       to obtain foreign currency from some other person on the

3/23/1976.          credit of the person issuing it, and in particular to any traveller's cheque or other draft or letter of credit so intended.

 

 (2)For the purposes of this Act, the person issuing a document to which this section applies, and the person to whom it is issued, shall be deemed respectively to sell and buy foreign currency and where foreign currency is obtained by means of the document, to sell and buy that foreign currency.

 

 (3)Any such document not expressed in terms of sterling or rupees shall, if it is of a kind intended to enable the person to whom it is issued to obtain any specified currency, be treated also for the purposes of this Act as itself being specified currency.

 

 

 (4)Every person in Seychelles who holds or to whose order there is held any document to which this section applies, being a document expressed in terms of sterling or rupees, shall encash it or cause it to be encashed in the scheduled territories with the person issuing it or at the Treasury, unless the Minister consents to his retention and use thereof and, where in his application for that consent he has stated that he requires it for a particular purpose, unless also he still requires it for that purpose.

 

 (5)A person who acquires any document to which subsection (4) applies, from an authorised dealer shall be treated for the purposes of that subsection as if the Minister had consented to the retention and use by him of that document (subject, however, to any conditions notified to him in accordance with subsection (3) of section 1), and as if any statement made by him in an application for that document as to the purpsoe for which he requires it had been made by him in an application for the Minister's consent to his retention and use thereof.

 

                                                        PART II

 

                                                       Payments

 

Payments in        5.   Except with the permission of the Minister, no person

Seychelles.         shall do any of the following things in Seychelles, that is to

S.I.95/1975.       say ‑

 

(a)  make any payment to or for the credit of a person resident outside the scheduled territories; or

 

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

 

(c)  place any sum to the credit of any person resident outside the scheduled territories:

 

 

Provided that where a person resident outside the scheduled territories has paid a sum in or towards the satisfaction of a debt due from him, paragraph (c) of this section shall not prohibit the acknowledgment or recording of the payment.

 

Payments            6(1)   Except with the permission of the Minister, no person

outside               in Seychelles shall, subject to the provisions of this

Seychelles.         section, make any payment outside Seychelles to or for the

S.I.95/1975.       credit of a person resident outside the scheduled territories,

3/23/1976.          and no person resident in the scheduled territories shall in Seychelles do any act which involves, is in association with or is preparatory to the making of any such payment.

 

 (2)    Nothing in this section shall prohibit the doing of anything otherwise lawful by any person with any foreign currency obtained by him in accordance with the provisions of Par I of this Act or retained by him in pursuance of  consent of the Minister.

 

Compensation.   7(1)   Except with the permission of the Minister, no person

S.I.95/1975.       shall in Seychelles make any payment to or for the credit of a

3/23/1976.          person resident in the scheduled territories, and no person resident in the schedules territories shall in Seychelles do any act which involves, is in association with or is preparatory to the making of any such payment outside Seychelles, as consideration for or in association with ‑

 

(a)  the receipt by any person of a payment made outside the scheduled territories, or the acquisition by any person of property which is outside the scheduled territories; or

 

 

(b)  the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether vested or contingent) to receive a payment outside the scheduled territories or to acquire property which is outside the scheduled territories.

 

 (2)Nothing in this section shall prohibit the making of any payment in accordance with the terms of a permission or consent grated under this Act.

 

                                                       PART III

 

                                                Import and Export

 

Restrictions        8(1)   The importation into Seychelles of ‑

on import.

S.I.72/1976.       (a)  any notes of a class which are or have at any time been legal tender in the United Kingdom or any part of the United Kingdom, and

 

(b)  any such notes as may be specified by order of the Minister being notes issued by a bank or notes of a class which are or have at any time been legal tender in any territory, and

 

(c)  any certificate of title to any security, including any such certificate which has been cancelled, and any document certifying the destruction, loss or cancellation of any certificate of title to a security,

 

is hereby prohibited except with the permission of the Minister.

 

 (2)In this section the expression "note" includes part of a note and the expression "security" includes a secondary security.

 

General              9(1)   The exportation from Seychelles of ‑

restrictions

on export.           (a)  any notes of a class which are or have at any time

 

S.I.95/1975.             been legal tender in the United Kingdom or any part of the United Kingdom or in any other territory, and

 

(b)  any postal orders, and

 

(c)  any gold, and

 

(d)  any of the following documents (including any such document which has been cancelled), that is to say ‑

 

(i)      any certificate of title to a security and any coupon, and

 

(ii)     any policy of assurance, and

 

(iii)    any bill of exchange or promissory note expressed in terms of a currency other than that of a Scheduled Territory and payable otherwise than within the Scheduled Territories, and

 

(iv)    any document to which section 4 applies not issued by an authorised dealer or in pursuance of a permission granted by the Minister,

 

and any document certifying the destruction, loss or cancellation of any of the documents aforesaid, and

 

(e)  any such articles exported on the person of a traveller or in a traveller's baggage as may be prescribed,

 

is hereby prohibited except with the permission of the Minister.

 

 (2)In this section, the expression "note" includes part of a note, the expression "security" includes a secondary security and the expression "coupon" shall be construed in accordance with the meaning of "security".

 

Payment for       10(1)The exportation of goods of any class or description

exports.              from Seychelles to a destination in any such territory as may be prescribed is hereby prohibited except with the permission of the Minister, unless the Collector of Customs is satisfied‑

 

(a)  that payment for the goods has been made to a person resident in Seychelles in such manner as may be prescribed in relation to goods of that class or description exported to a destination in that territory, or is to be so made not later than six months after the date of exportation; and

 

(b)  that the amount of the payment that has been made or is to be made is such as to represent a return for the goods which is in all the circumstances satisfactory in the national interest:

 

Provided that the Minister may direct that, in cases to which the direction applies, paragraph (a) of this subsection shall have effect as if for the reference to six months there were substituted a reference to such longer or shorter period as may be specified in the direction, or as if the words "or is to be so made not later than six months after the date of exportation" were omitted.

 

  (2)   For the purpose of satisfying himself in the case of any goods as to the matters specified in subsection (1), the Collector of Customs may require the person making entry of the goods for export to deliver to the proper officer together with the entry such declarations signed by such persons as he may require, and where any such declaration has been so required the goods shall not be exported until it has been delivered as aforesaid.

 

 

  (3)   Where the Collector of Customs is not satisfied in the case of any goods as to the matter specified in paragraph (b) of subsection (1), he shall give his reasons to the person making entry of the goods for export and shall take into consideration any representation made by him.

 

  (4)   Any reference in this section to the destination of any goods includes a reference to the ultimate destination thereof.

 

                                                       PART IV

 

                                                   Miscellaneous

 

Duty to               11(1)Except with the permission of the Minister, no person

collect                resident in Seychelles who has a right (whether present or

certain debts.      future and whether vested or contingent) to receive any

S.I.95/1975.       specified currency or to receive from a person resident outside scheduled territories a payment in sterling or rupees shall do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing ‑

 

(a)  that the receipt by him of the whole or part of that currency or, as the case may be, of that payment in sterling or rupees, is delayed; or

 

(b)  that the currency or payment ceases, in whole or part, to be receivable by him:

 

Provided that nothing in this subsection ‑

 

(i)      shall, unless the Minister otherwise directs, impose on any person any obligation, in relation to any debt arising in the carrying on of any trade or business, to procure the payment thereof at an earlier time than is customary in the course of that trade or business; or

 

 

(ii)     shall, unless the Minister, otherwise directs, prohibit any transfer to a person resident in Seychelles, and not elsewhere of any right to receive any specified currency or payment in sterling or rupees.

 

  (2)   Where a person has contravened the provisions of sub‑ section (1) in relation to any specified currency or payment in sterling or rupees the Minister may give to him or to any other person who appears to the Minister to be in a position to give effect thereto (being a person in or resident in Seychelles) such directions as appear to the Minister to be expedient for the purpose of obtaining or expediting the receipt of the currency or payment in question, and, without prejudice to the generality of the preceding provisions of this subsection, may direct that there shall be assigned to the Minister or to such person as may be specified in the directions, the right to receive the currency or payment or enforce any security for the receipt thereof.

 

Duty not to         12(1)Where ‑

delay sale or

importation         (a)  any permission or consent has been granted under this

of goods.                  Act, or under any corresponding provision of the law

S.I.95/1975.             in force in any territory comprised in the scheduled

3/23/1976.                territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be sold outside the scheduled territories, or

 

(b)  any statement or declaration has been made under any provision of this Act or any such corresponding provision as aforesaid that any goods are to be sold outside the scheduled territories, or

 

(c)  any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be sold outside the scheduled territories,

 

then, except with the permission of the Minister, no person resident in Seychelles who is entitled to sell or procure the sale of the said goods shall do, or refrain from doing, any act with intent to secure or shall do any act which involves, is in association with or is preparatory to any transaction securing.

 

(i)      that the said sale is delayed to an extent which is unreasonable having regard to the ordinary course of trade; or

 

(ii)     that, on the said sale, any payment made for the goods is not made in the manner indicated by the condition, statement, or declaration, as the case may be.

 

  (2)   Where ‑

 

(a)  any permission or consent has been granted under this Act, or under any corresponding provisions  of the law in force in any territory comprised in the scheduled territories, subject to a condition providing that, or on the faith of an application stating an intention that, any goods should be imported from outside the scheduled territories into any part of the scheduled territories, or

 

(b)  any currency has been obtained in, or by any person resident in, the scheduled territories on the faith of an application stating an intention that any goods should be so imported,

 

then, except with the permission of the Minister, no person resident in Seychelles who is entitled to procure importation of the said good shall do, or refrain from doing, any act with intent to secure that the importation thereof is delayed to an extent which is unreasonable having regard to the ordinary course of trade.

 

 

  (3)   Where in any such case as is specified in paragraph (a), (b) or (c) of subsection (1), or paragraph (a) or (b) of subsection (2) ‑

 

(a)  the goods have not been sold or imported as indicated by the condition, statement or declaration within the time thereby indicated or, if no time is thereby indicated, a reasonable time, or (in either case) within such further time as may be allowed by the Minister; or

 

(b)  it appears to the Minister that the goods cannot be sold or imported as indicated by the condition, statement or declaration,

 

the Minister may give to any person resident in Seychelles who appears to the Minister to be in a position to give effect thereto such directions as appear to him to be expedient as to the manner in which the goods are to be dealt with.

 

  (4)   Without prejudice to the generality of the provisions of subsection (3), the power conferred thereby on the Minister to give directions shall extend to the giving of directions that the goods shall be assigned to the Minister or to a person specified in the directions.

 

  (5)   The powers conferred by subsections (3) and (4) in relation to any goods shall extend to the giving of directions with respect to any goods produced or manufactured therefrom, and, where goods to be sold outside the scheduled territories or to be imported were to be produced or manufactured from other goods, to the giving of directions with respect to those other goods and any goods produced or manufactured from those other goods.

 

Property             13(1)Where a person ‑

obtained by

infringement       (a)  has made any payment which is prohibited by this Act;

 

of Act.                      or

S.I.95/1975.

3/23/1976.          (b)  being bound under this Act to offer or cause to be offered any specified currency to an authorised dealer, has otherwise disposed of that currency,

 

the Minister may direct him to sell or procure the sale of any property which he is entitled to sell or of which he is entitled to procure the sale, being property which represents, whether directly or indirectly, that payment or that specified currency, as the case may be, and may by the same or a subsequent direction specify the manner in which, the persons to whom and the terms on which the property is to be sold.

 

  (2)   Without prejudice to the generality of the provisions of subsection (1) the power conferred thereby on the Minister to give directions shall extend to the giving of directions that the property shall be assigned to the Minister or to a person specified in the directions.

 

Provisions          14(1)Where, under the preceding provisions of this part of

supplementary    this Act, the Minister has power to give directions that any

to preceding       right to receive any currency or payment in sterling or rupees

provisions of      or to enforce any security for the receipt thereof, any goods,

Part IV.               or any other property shall be assigned to the Minister, the

S.I.95/1975.       Minister shall also have power to direct that the right, goods

3/23/1976.          or property shall vest in the Minister and it or they shall vest in the Minister accordingly free from any mortgage, pledge or charge, and the Minister may deal with it or them as he thinks fit.

 

 

 (2)Where, in pursuance of directions under the said provisions, any right, goods or property is or are assigned to the Minister or to a person specified in the directions or any right, goods or property vests or vest in the Minister, in pursuance of directions given under subsection (1), the Minister shall pay the net sum recovered by him in respect of the right, goods or property to the person making the assignment or, in the case of any right, goods or property vested in the Minister under subsection (1), to the person who, but for the directions, would be entitled to the right, goods or property.

 

Transfer of         15.Except with the permission of the Minister, no person

annuities,            resident in Seychelles shall transfer to a person resident

policies, etc.       outside the scheduled territories, or who is to be a nominee

S.I.95/1975.       for a person resident outside the scheduled territories, any right to the sums assured by any policy of assurance, so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in the scheduled territories and not elsewhere, or makes, with the permission of the Minister, any payment thereof to any other person.

 

(a)  he shall not be bound to inquire as to the residence of any person other than the person to whom, and (if it is not the same person) the person to whose order the payment is made; and

 

(b)  the payment shall, to the extent of the sum paid, discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.

 

Settlements.        16(1)Except with the permission of the Minister, no person

S.I.95/1975.       resident in Seychelles shall settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside the scheduled territories, or shall exercise, otherwise than by will, any power of appointment, whether created by will or otherwise, in favour of a person who, at the time of the exercise of the power, is resident outside the scheduled territories.

 

  (2)   A settlement or exercise of a power of appointment shall not be invalid by reason that it is prohibited by this section, except so far as it purports to confer any interest on any person who, at the time of the settlement or the exercise of the power, is resident outside the scheduled territories.

 

  (3)   For the purpose of this section ‑

 

(a)  any reference to settling property includes a reference to the making of any disposition, by covenant, agreement or arrangement whereby the property is transferred by donation inter vivos;

 

(b)  a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future, and whether vested or contingent; and

 

(c)  the expression "will" includes any testamentary disposition.

 

  (4)   No person resident in the scheduled Territories shall in Seychelles do any act which involves, is in association with or is preparatory to any such transaction outside Seychelles as is referred to in this section.

 

                                                        PART V

 

                                                    Supplemental

 

Exemptions.       17.Any provision of this Act imposing any obligation or

3/7/1953.            prohibition shall have effect subject to such exemptions as

S.I.72/1976.       may be granted by order of the Minister, and any such

3/23/1976.          exemption may be either absolute or conditional.

 

Blocked              18(1)Where, under any provision contained in Part II, the

 

accounts.            permission of the Minister is required for the making of a

S.I.95/1975.       payment or the placing of any sum to the credit of any person resident outside the Scheduled Territories, the Minister may direct that the sum payable or to be credited shall be paid or credited to a blocked account only, and any sum so paid or credited shall not be dealt with except with the permission of the Minister.

 

  (2)   Where ‑

 

(a)  a sum is due from any person to any other person but the Minister directs that is shall be paid or credited to a blocked account only, and

 

(b)  the person to whom the sum is due nominates such an account to the person from whom the sum is due,

 

the last mentioned person is under a duty to the person to whom the sum is due to cause the sum to be paid or credited to that blocked account and the crediting of any sum to a blocked account in pursuance of a direction of the Minister shall, to the extent of the sum credited, be a good discharge to the person from whom the sum is due:

 

Provided that in the case of a sum due under a contract this subsection shall not apply in so far as it is shown to be inconsistent with the intention of the parties  that it should apply.

 

Contracts            19(1)It shall be an implied condition in any contract that,

legal proceed‑     where, by virtue of this Act, the permission or consent of the

ings etc.              Minister is at the time of the contract required for the

S.I.95/1975.       performance of any term thereof, that term shall not be

3/23/1976.          performed except in so far as the permission or consent is given or is not required:

 

 

Provided that this subsection shall not apply in so far as it is shown to be inconsistent with the intention of the parties that it should apply, whether by reason of their having contemplated the performance of that term in despite of the provisions of this Act or for any other reason.

 

  (2)   Notwithstanding anything in any law neither the provisions of this Act, nor any condition, whether express or to be implied having regard to those provisions, that any payment shall not be made without the permission of the Minister under this Act, shall be deemed to prevent any instrument being a bill of exchange or promissory note.

 

Enforcement      20.The provisions of the Second Schedule shall have

and adminis‑      effect for the purpose of the enforcement of this Act.

tration.

3/23/1976.

 

Application to    21.This Act shall bind the Republic and shall apply to

Republic.            transactions by a Government department or other person acting

S.I.72/1976.       on behalf of the Republic.

3/23/1976.

 

Minister's            22.The Minister may by order make such transitional

orders.                provisions as appear to him necessary or expedient in

S.I.72/1976.       consequence of the exercise by him of any other power to make

3/23/1976.          orders under this Act.

 

Other                  23(1)Any permission, consent or authority granted under

powers.              this Act ‑

3/23/1976.

(a)  may be either general or special; and

 

(b)  may be revoked by the competent authority; and

 

(c)  may be absolute or conditional; and

 

(d)  may be limited so as to expire on a specified date, unless renewed; and

 

(e)  shall be published in such a way as, in the opinion of the competent authority, to give any person entitled to the benefit of it an adequate opportunity of getting to know of it, unless in the opinion of the competent authority publication is not necessary for that purpose.

 

  (2)   Any directions given under any provision of this Act ‑

 

(a)  may be either general or special; and

 

(b)  may be revoked or varied by subsequent directions; and

 

(c)  shall be given to such persons and in such manner as the competent authority thinks appropriate, and if so given shall be valid for all purposes.

 

  (3)   Notwithstanding paragraph (c) of subsection (2), a person shall not by virtue of any direction given by the competent authority under this Act, be convicted of an offence against this Act, unless the direction was served on him or he 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 his notice, it shall be for him to show that he neither knew nor avoided getting to know of the giving thereof.

 

 

  (4)   The competent authority may, to such extent and subject to such restrictions and conditions as he may think proper, delegate or authorise the delegation of any of his powers (other than any power to make any orders or to give authority to apply for a search warrant) to any person or class or description of persons, approved by him, and references in this Act shall be construed accordingly.

 

  (5)   Any document stating that any permission, consent, authority or direction is given under any of the provisions of this Act by the competent authority, and purporting to be signed on his behalf, shall be evidence of the facts stated in the document.

 

Financial            24.Any expenses incurred under or by virtue of this Act

provisions.         by any Government department shall be paid out of moneys

3/23/1976.          provided by the People's Assembly, and any sums received under

2/Dec.31/1979.  or by virtue of this Act by any Government department shall be paid into the Treasury.

 

Branches.           25(1)The Minister may by order or direction provide that,

S.I.72/1976.       for such of the purposes of this Act as may be specified in

3/23/1976.          the order or direction ‑

 

(a)  any transaction with or by a branch of any business, whether carried on by a body corporate or otherwise, shall be treated in all respects as if the branch were a body corporate resident where the branch is situated; and

 

(b)  the making of any book entry or other statement recording a debit against a branch of any business in favour of any other branch of that business, shall be treated as a payment to that other branch; and

 

(c)  any property held by or on behalf of the person carrying on the business shall be deemed to be held by such of the branches of the business as may be determined in accordance with the order or direction.

 

Any such order or direction which makes such provision as is mentioned in paragraph (c) of this subsection may contain provisions declaring the circumstances in which a branch is to be treated as nominee for any other branch.

 

  (2)   Any reference in subsection (1) to branch of a business shall be deemed to include a reference to the head office of that business.

 

  (3)   Subsections (1) and (2) shall apply in relation to any body of persons (whether corporate or unincorporated) carrying on any activity, whether for the purpose of profit or not, as they apply in relation to a business.

 

Persons               26.Where a person resident in Seychelles leaves the

leaving the          scheduled territories, the Minister may, before, at or after

scheduled           the time he leaves the scheduled territories, direct that, for

territories.           such period as may be specified in the direction, payments by

S.I.95/1975.       him or on his behalf and to him or to his credit and transactions in or in relation to securities or secondary securities in which he is in any way concerned shall, whether or not he continues to be resident in Seychelles, be subject to such restrictions as may be specified in the direction.

 

 

 

 

Determination    27(1)For the purposes of this Act, a personal representa‑

of residence.      tive of a deceased person shall, unless the Minister otherwise

S.I.95/1975.       directs, be treated as resident in the territory where the

3/23/1976.          deceased person was resident for the purposes in question at the time of his death and as not resident elsewhere, so far as relates to any matters in which the personal representative is concerned solely in his capacity as such.

 

 

  (2)   The Minister may give directions declaring that for all or any of the purposes of this Act a person is to be treated as resident or not resident in such territories as may be specified in the directions.

 

Indemnity           27A.  No person shall be liable in any suit or other legal

for acts done      proceedings for any act done or purported to be done, in good faith

in good faith       in pursuance of the powers conferred by or under this Act, or for the

Act 5/1999         purpose of carrying out the provisions of this Act.

 

General              28(1)In this Act, except so far as the contrary is

provisions as      expressly provided or the context otherwise requires, the

to inter                following expressions have the meanings hereby assigned to

pretation.            him, that is to say:‑

S.I.72/1976.

3/23/1976.          "authorised dealer" means, in relation to gold or any foreign currency, a person for the time being authorised by an order of the Minister to act for the purposes of this Act as an authorised dealer in relation to gold, or, as the cas may be, that foreign currency;

 

"bearer certificate" means a certificate of title to securities by the delivery of which (with or without endorsement) the title to the securities is transferable;

 

"certificate of title to securities" means any document of title whereby a 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 sheets) includes any coupons which have not been detached;

 

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

 

"foreign currency" has the meaning ascribed to it by section 1;

 

 

"gold" means gold coin or gold bullion;

 

"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, of one of specified events none of which by itself is certain to happen;

 

"prescribed" means prescribed, for the purposes of the provision in question, by order of the competent authority;

 

"scheduled territories" has the meaning ascribed to it by section 1;

 

"securities" means shares, stock, bonds, notes (other than promissory notes), debentures, debenture stock, units under a unit trust scheme and shares in an oil royalty;

 

"specified currency" has the meaning ascribed to it by section 2 as extended by section 4;

 

 

"unit trust scheme" means any arrangements 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 any property whatever;

 

 

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

 

  (2)   Any provision of this Act (however worded), the effect of which is to prohibit the doing of any act where a person to or by whom the act is to be done or who stands in a specified relation to any property possesses any specified attribute as to residence or otherwise shall, where the act is done to or by two or more persons or, as the case may be, where two or more persons stand jointly in that relation to the property, operate to prohibit the doing of that act if any of those persons possess that attribute; and any provision of this Act imposing an obligation on any person to do an act if he possesses any specified attribute as to residence or otherwise shall, in relation to any act which can only be done by two or more persons jointly ‑

 

(a)  where all those persons possess that attribute, operate to impose a joint obligation on all of them to do the act; and

 

(b)  where some only of them possess that attribute, operate to impose a separate obligation on each one of them who possess that attribute to do all he can to secure the doing of the act.

 

  (3)   Any power conferred by this Act to prescribe the declaration which are to be furnished on any occasion shall include a power to require that the declarations shall be made by specified persons and shall be verified in a specified manner.

 

 

  (4)   Nothing in this Act shall be construed as requiring the Minister to pay any sum otherwise than in sterling or rupees or otherwise than in Seychelles, and any provision of this Act requiring the Minister to pay any sum to any person shall, where that sum is in a specified currency, be construed as a provision that the Minister shall pay to that person the amount in sterling or rupees which he would have received for the specified currency if he had sold it to an authorised dealer in pursuance of an offer made under section 2 of this Act at the time when the said sum is paid.

 

  (5)   The obligations and prohibition imposed by this Act shall, subject to the express limitations contained therein, apply to all persons, notwithstanding that they are not citizens of Seychelles.

 

Short title,           *29   This Act may be cited as the Exchange Control Act.

3/23/1976.

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*S.I.78 of 1974 as amended by S.I.115/1980 exempted persons and concerns in or resident in Seychelles from the provisions of the Act, subject to certain conditions.

 

                                                   SCHEDULES                       S.I. 12 of 1971.

S.I. 1 of 1972.

                                               FIRST SCHEDULE                  S.I. 44 of 1972.

                                       SCHEDULED TERRITORIES          S.I. 78 of 1974.

                                                   SEYCHELLES                      S.I. 115 of 1980.

                                            SECOND SCHEDULE                S.I.95/1975.

3/23/1976.

                                                ENFORCEMENT

 

                                                        PART I

 

[General provisions as to evidence and information]

 

1(1)   Without prejudice to any other provisions of this Act, the Minister may give to any person in or resident in Seychelles directions requiring him, within such time and in such manner as may be specified in the directions, to furnish to the Minister, or to any person designated in the directions as a person authorised to require it, any information in his possession or control which the Minister or the person so authorised, as the case may be, may require for the purpose of securing compliance with or detecting evasion of this Act.

 

(1A) If the Governor or the General Manager of the Central Bank is satisfied on information received by him -

 

(a)          that there is reasonable grounds for suspecting that an offence against this Act has been, or is being, or is about to be committed and that evidence of the commission of the offence is to be found at any premises specified in the information, or in any vehicle, vessel or aircraft so specified; or

 

 

(b)         that documents which ought to have been produced under the preceding paragraph and have not been produced are to be found at any such premises or in any such vehicle, vessel or aircraft; and

 

(c)          that it is necessary to cause a search to be carried out immediately,

 

he may grant a written authority to any police officer, together with any other person named in such authority and any other police officers to enter the premises specified in the authority or, as the case may be, vehicle, vessel or aircraft so specified, at any time within one week from the date of the authority and to search the premises or, as the case may be, the vehicle, vessel or aircraft.

 

 (2)A person required by any such directions as aforesaid to furnish information shall also produce such books, accounts or other documents (hereafter in this part of this schedule referred to as "documents") in his possession or control as may be required for the said purpose by the Minister or by the person authorised to require the information, as the case may be.

 

Nothing in the preceding provisions of this paragraph shall be taken to require any person who has acted as barrister or attorney for any person to disclose any privileged communication made to him in that capacity.

 

  (4)   Where a person is convicted for failing to give information or produce documents when required so to do under this paragraph, the court may make an order requiring the offender, within such period as may be specified in the order, to comply with the requirement to give the information or produce the documents.

 

 

2(1)   If a Judge or a Magistrate or a justice of the peace is satisfied by information on oath given by a person authorised by the Minister to act for the purposes of this paragraph either ‑

 

(a)  that there is reasonable ground for suspecting that an offence against this Act has been or is being committed and that evidence of the commission of the offence is to be found at any premises specified, in the information, or in any vehicle, vessel or aircraft so specified; or

 

(b)  that any documents which ought to have been produced under the preceding paragraph and have not been produced are to be found at any such premises or in any such vehicle, vessel or aircraft,

 

he may grant a search warrant authorising any police officer, together with any other persons named in the warrant or authority and any other police officers, to enter the premises specified in the information or, as the case may be, any premises upon which the vehicle, vessel or aircraft so specified may be, at any time within one month from the date of the warrant or authority, and to search the premises, or, as the case may be, the vehicle, vessel or aircraft.

 

 (2)A person authorised by any such warrant or authority as aforesaid to search any premises or any vehicle, vessel or aircraft, may search every person who is found in, or whom he has reasonable ground to believe to have recently left or to be about to enter, those premises or that vehicle, vessel or aircraft as the case may be, and may seize any article found in the premises or in the vehicle, vessel or aircraft which he has reasonable ground for believing to be evidence of the commission of any offences against this Act or any documents which he has reasonable ground for believing ought to have been produced under the preceding paragraph:

 

 

Provided that no female shall, in pursuance of any warrant or authority issued under this paragraph, be searched except by a female.

 

 (3)Where, by virtue of this paragraph, a person has any power to enter any premises, he may use such force as is reasonably necessary for the purpose of exercising that power.

 

3(1)   Any article coming into the possession of an executive authority (whether in consequence of the seizure of the article under or by virtue of this Act or otherwise) which the authority has reasonable ground for believing to be evidence of the commission of an offence against this Act may be retained for a period of three months or, if within that period there are commenced proceedings in respect of such an offence in which the article is, or can properly be, adduced in evidence, until the final determination of those proceedings.

 

 (2)For the purposes of this paragraph, any person to whom any powers of the competent authority under this Act are delegated or on whom any functions are conferred by or by virtue of this Act, including any police officer, shall be deemed to be an executive authority.

 

 (3)For the purposes of this paragraph, any proceedings shall be deemed not to have been finally determined so long as there is pending any appeal in the matter of the proceedings, and an appeal in that matter shall be deemed to be pending during the ordinary time within which such an appeal may be lodged, and, if such an appeal is duly lodged, the appeal shall be deemed to be pending until it is decided or withdrawn.

 

 (4)The powers conferred by this paragraph in relation to any article shall be in addition to, and not in derogation of, any powers otherwise exercisable in relation thereto.

 

4.   No person in or resident in Seychelles shall ‑

 

(a)  with intent to evade the provisions of this Act, destroy, mutilate, deface, secrete or remove any documents;

 

(b)  in furnishing any information for any of the purposes of this Act, make any statement which he knows to be false in a material particular, or recklessly make any statement which is false in a material particular;

 

(c)  obstruct any person in the exercise of any powers conferred on him by virtue of this part of this schedule.

 

Burden of          5.  In any prosecution of a person for any offence against this Act,

proof                  the burden of proving that the person -

 

(a)    had bought any foreign currency from a authorised dealer; or

 

(b)   had obtained the permission of the Minister for doing the act or making the omission which constitutes the offence shall be on that person.

 

                                                       PART II

 

                                  [General provisions as to offences]

 

1(1)   Any person in or resident in Seychelles who contravenes any restriction or requirement imposed by or under this Act, and any such person who conspires or attempts, or aids, abets, counsels or procures any other person, to contravene any such restriction or requirement as aforesaid, shall be guilty of an offence punishable under this part of this schedule:

 

 

Provided that an offence punishable by virtue of Part III of this schedule shall not be punishable under this part of this schedule.

 

 (2)Where an offence punishable under this part of this schedule has been committed by a body corporate, any person who at the time of the commission of the offence was a director, general manager, secretary or other similar officer of the body corporate, or was purporting to act in any such capacity, shall be deemed to be guilty of that offence, unless he proves that the contravention was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and to all the circumstances.

 

 (3)Any person who commits an offence punishable under this part of this schedule shall be liable to imprisonment for not more than five years or to a fine or to both; and where the offence is concerned with any currency, any security, any gold, any goods or any other property, the court may, if they think fit so to do, order the currency, security, gold, goods or property to be forfeited.

 

Act 4/2001         (4)The fine which may be imposed for an offence punishable under this Part of this Schedule shall be not less than R250,000 and not exceeding R500,000.

 

2(1)   No proceedings for an offence punishable under this part of this schedule shall be instituted, except by or with the consent of the Attorney General:

 

Provided that this subparagraph shall not prevent the issue or execution of a warrant for the arrest of any person in respect of such an offence, or the remanding in custody or on bail of any person charged with such an offence.

 

 

 (2)Proceedings against any person in respect of an offence punishable under this part of this schedule will be taken before the Supreme Court.

 

Act 4/2001           3(1)  If the Minister is satisfied that an offence has been committed by any person and if that person admits the commission of the offence and agrees in writing to its being dealt with under this paragraph, the Minister  -

 

(a)          may compound the offence by accepting the sum of money equivalent to the maximum fine specified for the offence;

 

(b)         shall deal with the sum of money received under this paragraph as though it were a fine imposed by the Court.

 

(2) Where an offence committed by any person is compounded under this paragraph, no proceedings shall be brought against that person in respect of that offence.

 

                                                      PART III

 

                                              [Import and export]

 

1(1)   The enactments relating to customs shall, subject to such modifications, if any, as may be prescribed to adapt them to this Act apply in relation to anything prohibited to be imported or exported by any of the provisions of Part III of this Act except with the permission of the Minister as they apply in relation to goods prohibited to be imported or exported by or under any of the said enactments and any reference in the said enactments to goods shall be construed as including a reference to anything prohibited to be imported or exported by any of the provisions of the said Part III except with the permission of the Minister.

 

 (2)References in this paragraph to the enactments relating to customs shall be taken as including references to section 18 of the

Cap. 175             Post Office Act.

 

2.   Any declaration required to be given under Part III of this Act shall, for the purposes of section 185 of the Customs

Cap. 56              Management Decree, be deemed to be a declaration in a matter relating to customs.

 

3.   If anything prohibited to be exported by any provision of the said Part III is exported in contravention thereof, or is brought to a quay or other place, or water‑borne, for the purpose of being so exported, the exporter or his agent shall be liable to the same penalty to which a person is liable for

Cap. 56              an offence under section 183 of the Customs Management Decree.

 

4.   Without prejudice to any of the preceding provisions of this part of this schedule, any person who, on any occasion, is about to leave Seychelles or arrives in Seychelles (which person is hereafter in this paragraph referred to as "the traveller") shall, if on that occasion he is required so to do by an officer of customs, an immigration officer or a police officer ‑

 

(a)  declare whether or not he has with him anything prohibited to be imported or exported by any of the provisions of the said Part III except with the permission of the Minister; and

 

(b)  produce any such thing as aforesaid which he has with him.

 

 

The officer may examine or search any article which the traveller has with him for the purpose of ascertaining whether he is conveying or has in his possession in such thing, and, if the officer has reasonable grounds for suspecting that the traveller has about his person any such thing, search him, and may seize anything produced as aforesaid or found upon such examination or search as aforesaid as to which the officer has reasonable ground for suspecting that it is prohibited to be imported or exported by any of the provisions of the said Part III except with permission of the Minister:

 

Provided that no female shall be searched in pursuance of this paragraph except by a female.

 

5.   Subparagraph (2) of paragraph 1 of Part II of this schedule shall apply also to offences punishable by virtue of this part of this schedule.

 

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