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Exchange Control Regulations, 1989
In exercise of the powers conferred by section 3 read with section 5
(5) of the Exchange Control Order 1987, I
Evaristus Rets'elisitsoe Sekhonyana
Minister of Finance, make the following regulations.
Citation and Commencement
1. These Regulations may be cited as the Exchange Control
Regulations, 1989, and are deemed to have come into operation on
20th January, 1986.
Definitions
2. In these Regulations, unless the context otherwise requires,
“affected person” means a body corporate, foundation, trust or
partnership operating in the Common Monetary Area, or an estate, in
respect of which –
(a) 100 per cent or more of the capital, assets or earnings thereof
may be utilized for payment to or to the benefit in any manner of,
any person who is not resident in the Common Monetary Area; or
(b) 100 per cent or more of the voting securities, voting power,
power of control, capital, assets or earnings thereof, are directly
or indirectly vested in, or controlled by or on behalf of, any
person who is not resident in the Common Monetary Area;
“appropriate officer” means any officer or Customs and Excise, any
Immigration Officer, any member of the Royal Lesotho Mounted Police
or any person authorised by the Minister to act as such;
“authorised dealer” means, in respect of any transaction in respect
of gold, a person auhtorised by the Minister to deal in gold and in
respect of any transaction in respect of foreign currency, a person
authorised by the Minister to deal in foreign currecy;
“bond” includes any mortgage bond or notarial bond registered or
registrable in any registration office in Lesotho;
"Common Monetary Area" means the Common Monetary Area as defined in
the Trilateral Monetary Agreement;
“Consolidated Fund” means the Consolidated Fund constituted under
section 110 of the Constitution of Lesotho 1993;
“financial assistance” includes the lending of currency, the
granting of credit, the taking up of securities, the conclusion of a
hire purchase or a lease, the financing of sales or stocks,
discounting, factoring, the guaranteeing or acceptance credits, the
guaranteeing or acceptance of any obligation, a suretyship, a
by-back and a lease-back but excluding –
(a) the granting of credit by a seller in respect of any commercial
transaction directly involving the passing of ownership of the goods
sold from seller to purchaser, and
(b) the granting of credit solely in respect of the payment for
services rendered;
“foreign currency” means any currency which is not legal tender in
Lesotho and includes, any bill of exchange, letter of credit, money
order, postal order, promissory note, traveller’s cheque or any
other instrument for the payment of currency payable in a currency
unit which is not legal tender in Lesotho;
“gold” means gold in any form, except in regulations 3 and 5 in
which “gold” means any gold other than wrought gold;
“goods” includes any immovable goods or security;
“local currency” means any currency which is legal tender in
Lesotho;
“money” includes foreign currency or any bill of exchange or other
negotiable instrument;
“owner” in respect of any security includes any person who has the
right dispose of or transfer that security, or who has the custody
thereof, or who receives or has the right to receive, whether on his
own behalf of on behalf of any other person, dividends or interest
thereon, or who has any other interest therein;
“Order” means the Exchange Control Order, 1987;
“securities” means shares, stock, bonds, debentures, debenture
stock, unit certificates and include any letter or other document
conferring or containing any evidence or rights in respect of any
security;
“transfers” includes transfer by any person of loan or security, and
for the purposes of these regulations a person shall be deemed to
transfer securities from Lesotho to elsewhere if he transfers
securities from a register in the Common Monetary Area to a register
outside the Common Monetary Area.
"Trilateral Monetary Agreement" means the Trilateral Monetary
Agreement between the Government of he Kingdom of Lesotho, the
Kingdom of Swaziland and the Republic of South Africa, dated 5
December, 1974.
Restriction on purchase, sale and loan of foreign currency and gold
3. (1) Except with permission granted by the Minister and subject to
such conditions as the Minister may impose, no person other than an
authorised dealer shall buy or borrow foreign currency or gold from,
or sell or lend foreign currency or gold to any person not being an
authorised dealer.
(2) An authorised dealer shall not buy, borrow or receive or sell,
lend or deliver foreign currency or gold except for such purposes or
on such conditions as the Minister may determine.
(3) The Minister may, by order, prohibit all authorised dealers or
any one or more of the them –
(a) from selling, lending or delivering to, or buying, borrowing or
receiving from, any specified person, fund or foreign government,
foreign currency or gold; or
(b) from so selling, lending, delivering, buying, borrowing or
receiving foreign currency or gold for any specified purpose or
accept for such purposes or on such conditions as the Minister may
determine.
(4) Every person other than an authorised dealer desiring to buy or
borrow or sell or lend foreign currency or gold shall make
application to an authorised dealer and shall furnish such
information and submit such documents as the authorised dealer may
require for the purpose of ensuring compliance with any conditions
determined under sub-regulations (2) and (3).
(5) No person other than an authorised dealer shall -
(a) use or apply any foreign currency or gold acquired from an
authorised dealer for or to any purpose other than that stated in
his application to be the purpose for which it was required; or
(b) do any act calculated to lead to the use or application of such
foreign currency or gold for or to any purpose other than that so
stated.
(6) If a person has, as a result of an application in terms of
sub-regulation (4), obtained gold or foreign currency from an
authorised dealer and no longer requires all or any part of such
gold or foreign currency for the purpose stated in his application,
he shall forthwith offer for sale to the Minister or to an
authorised dealer that gold or foreign currency which is not so
required, which may be repurchased at the price at which it was sold
to him or such other price as the Minister may determine.
Restriction on the export of currency, gold, securities, etc., and
the import of local currency bank-notes
4. (1) Subject to any exemption which may be granted by the Minister
or a person authorised by the Minister, no person shall, without
permission granted by the Minister or a person authorised by the
Minister and in accordance with such conditions as the Minister or
such authorised person may impose –
(a) take or send out of the Common Monetary Area any gold,
securities of foreign currency or transfer any securities from the
Common Monetary Area, elsewhere;
(b) send, consign or deliver any gold securities or foreign currency
to any person for the purpose of taking, sending or removing such
bank-notes, gold, securities of foreign currency out of the Common
Monetary Area;
(c) take any local currency bank-notes into the Common Monetary Area
or send consign any such notes to the Common Monetary Area;
(c) make any payment to, or in favour or on behalf of a person
resident outside the Common Monetary Area, or place any sum to the
credit of such person;
(d) draw or negotiate any bill of exchange or promissory note,
transfer any security or acknowledge any debt, so that a right
(whether actual or contingent) on the part of such person or any
other person to receive a payment in the Common Monetary Area is
created or transferred as consideration,
(i) for the receiving by such person or any other person of a
payment or the acquisition by such person or any other person of
property, outside the Common Monetary Area;
(ii) for a right (whether actual or contingent) on the part of such
person or any other person to receive a payment or acquire property
outside the Common Monetary Area,
or make or receive any payment as such consideration;
(e) grant any financial assistance to any person in the Common
Monetary Area, where as security for such financial assistance the
person granting the financial assistance in turn relies on any
security, guarantee, undertaking or financial assistance, directly
or indirectly furnished by,
(i) any person resident outside the Common Monetary Area; or
(ii) an affected person; or
(f) grant any financial assistance to any person in the Common
Monetary Area, where such person,
(i) is not resident in the Common Monetary Area; or
(ii) is an affected person.
(2) Nothing contained in sub-regulation (1) shall prohibit the doing
by a person authorised by the Minister of anything within the scope
of his authority.
(3) Every person who is about to leave Lesotho and every person in
any place recognized as a port of departure from Lesotho, who is
requested to do so by the appropriate officer shall -
(a) declare whether or not he has with him any bank-notes, gold,
securities or foreign currency; and
(b) produce any bank-notes, gold, securities or foreign currency
which he has with him,
and the appropriate officer and any person acting under his
directions may search such person and examine or search any article
which such person has with him, for the purpose of ascertaining
whether he has with him any bank-notes, gold, securities or foreign
currency, and may seize any bank-notes, gold, securities or foreign
currency produced or found upon such examination or search unless,
(i) the appropriate officer is satisfied that such person is, in
respect of any bank-notes, gold, securities or foreign currency
which he has with him, exempt from the prohibition imposed by
sub-regulation (1); or
(ii) such person produces to the appropriate officer a certificate
granted by the Minister which shows that the exportation by such
person of any bank-notes, gold, securities or foreign currency,
which he has with him does not involve a contravention of that
sub-regulation.
(4) No female shall be searched in pursuance of sub-regulation (3)
except by a female.
(5) The appropriate officer and any person acting under his
directions may examine or search any goods consigned or letters or
parcels sent from Lesotho to a destination outside Lesotho, for the
purpose of ascertaining whether there are being sent therewith any
bank-notes, gold, securities or foreign currency and may seize any
bank-notes, gold, securities, or foreign currency found upon such
examination or search, unless the appropriate officer is satisfied
that the Minister has granted a certificate which shows that the
sending as aforesaid of the bank-notes, gold, securities or foreign
currency does not involve a contravention of sub-regulation (1), and
that such certificate was not granted in reliance on any incorrect
statement.
(6) All bank-notes, gold, securities and foreign currency seized
under sub-regulation (3) or (5) shall be forfeited for the benefit
of the Consolidated Fund:
Provided that the Minister may direct that any bank-notes, gold,
securities or foreign currency so seized, be refunded or returned,
in whole or in part, to the person from whom they were taken, or who
was entitled to have the custody or possession of them at the time
when they were seized.
(7) Every person who is about to enter Lesotho and every person in
any place recognized as a port of entry in Lesotho, who is requested
to do so by the appropriate officer shall-
(a) declare whether or not he has with him any local currency
bank-notes; and
(b) produce any bank-notes which he has with him; and the
appropriate officer and any person acting under his directions may
search such person and examine or search any article which such
person has with him, for the purpose of ascertaining whether he has
with him any local currency bank-notes and may seize and such
bank-notes produced or found upon such examination or search unless,
(i) the appropriate officer is satisfied that such person is, in
respect of any local currency bank-notes which he has with him,
exempt from the prohibition imposed by sub-regulation (1) ©; or
(ii) such person produces to the appropriate officer a certificate
granted by the Minister which shows that the importation by such
person of any local currency bank-notes which he has with him does
not involve a contravention of that sub-regulation.
(9) The appropriate officer and any person acting under his
directions may examine or search any goods consigned or letters or
parcels sent to Lesotho from a place outside Lesotho for the purpose
of ascertaining whether there are being sent therewith any
bank-notes and may seize any such bank-notes found upon such
examination or search, unless the appropriate officer is satisfied
that he Minister has granted the certificate which shows that he
sending as aforesaid of such bank-notes does not involve a
contravention of sub-regulation (1), ©, and that such certificate
was not granted in reliance on any incorrect statement.
(10) All local currency bank-notes seized under sub-regulation (7)
or (9) shall be forfeited for the benefit of the Consolidated Fund:
Provided that the Minister may direct that any notes so seized be
refunded or returned, in whole or in part, to the person from whom
they were taken, or who was entitled to have the custody or
possession of them at the time when they were seized.
(7) No female shall be searched in pursuance of sub-regulation (3)
except by a female.
(8) For the purpose of sub-regulation (1) (a), documents of title
relating to securities shall be deemed to be securities, and any
reference to securities in sub-regulations (3), (5) and (6) shall be
construed as including references to such documents of title.
Controlled accounts
5. (1) In this regulation “controlled account” means an account
opened with an authorised dealer for the purpose specified in the
succeeding sub-regulations.
(2) Whether a person in Lesotho is under a legal obligation to make
a payment to a person outside the Common Monetary Area but is
precluded from effecting the payment as a result of any restrictions
imposed by or under these regulations, the Minister may order such
person to make the payment into a blocked account.
(3) The Minister may, by notice in the gazette, direct in respect of
-
(a) persons resident in a particular country; or
(b) any particular person whom the Minister has reasonable grounds
to suspect of having contravened any provision of these regulations
relating to foreign currency,
that all sums due by any other persons to persons referred to in
this sub-regulation, (hereinafter referred to as a “creditor”) shall
be paid into a controlled account.
(4) Whenever such direction has been given -
(a) any person who holds or may thereafter hold moneys of any
creditor as defined in sub-regulation (3), or who is or may
thereafter become indebted to such creditor, shall forthwith, or as
the case may be, on the date upon which such moneys become due, or
such debt becomes payable, pay the said moneys or the sum
representing such debt into the said blocked account;
(b) no person shall, without permission of the Minister and in
accordance with such conditions as the Minister may impose, make any
payment on behalf of any creditor as defined in sub-regulation (3);
(c) any person who owes money to such creditor but is not under a
legal obligation to make a payment unless called upon by his
creditor to do so, shall forthwith report to the Minister in
writing, the amount of his indebtedness to the said creditor and the
conditions on which the amount will become payable. The Minister may
thereupon, if the amount is payable at call, order him to pay the
amount forthwith into a blocked account, or, if the amount is
payable within a specified period after a notice, order him to pay
the amount into a blocked account within such period;
(d) no person shall, without the permission of the Minister and in
accordance with such conditions as the Minister may impose,
undertake any transaction in respect of property or assets belonging
to or directly in sub-regulation (3), or take any action whereby any
moneys which would otherwise have accrued to such creditor, cease to
become due to him or whereby any obligation resting upon such person
to pay any moneys due or payable to creditor into a blocked account
would otherwise be evaded.
(5) Any payment made to a blocked account in terms of this
regulation shall, to the extent of the sum paid, operate as a valid
discharge to the person making payment.
(6) Where the liability to make the payment is a liability to make
the payment in foreign currency, the amount of the liability in
local currency and the extent of the discharge shall be ascertained
by converting the amount into local currency at a rate fixed by the
Minister.
(7) No sum standing to the credit of a blocked account shall be
dealt with in any way except with permission granted by the Minister
or a person authorised by the Minister and in accordance with such
conditions as the Minister or such authorised person may impose.
(8) The Minister may grant exemptions from the provisions of this
regulation and may authorize the refund to any person of moneys paid
by him into a blocked account. To the extent of such refund no
payment shall be deemed to have been made for the purpose of
sub-regulation (5).
Acquisition of gold by the Minister
6. (1) Every person resident in Lesotho who becomes entitled to sell
or to procure the sale of any gold shall, within thirty days after
becoming so entitled, offer that gold or cause it to be offered for
sale to the Minister or to a person authorised by the Minister to
act under this regulation; and the Minister or a person so
authorised may purchase that gold at such price as the Minister may
fix, being a price which, in the opinion of the Minister is not less
than the market value of the gold on the day of purchase.
(2) The provisions of sub-regulation (1) shall not impose upon any
person an obligation to offer any gold for sale or to cause any gold
to be offered for sale, if he is, in respect of that gold, exempted
from this regulation by the Minister or by a person so authorised.
(3) The Minister or a person so authorised may withdraw any
exemption granted in terms of sub-regulation (2).
(4) In any criminal proceedings against any person for failure to
comply with sub-regulation (1) -
(a) if it is produced to the court any document of which such person
is proved or has admitted himself to be the author and which
contains a statement by such person from which it may reasonably be
inferred that any gold is held by him or on his behalf or in his
name, it shall be presumed, until the contrary is proved, that such
person is entitled to sell or to procure the sale of gold in
question;
(b) if it is proved that such person is entitled to sell or to
procure the sale of any gold it shall be presumed, until the
contrary is proved, that the gold in question has not been offered
for sale to the Minister or to a person authorised by the Minister
within the period required by sub-regulation (1).
Acquisition of foreign currency by the Minister
7. (1) Every person resident in Lesotho who becomes entitled to sell
or to procure the sale of any foreign currency shall, within thirty
days after becoming so entitled, make or cause to be made a
declaration in writing of such foreign currency to the Minister or
to an authorised dealer.
(2) Every person resident in Lesotho who becomes entitled to assign
or to procure the assignment of any right to receive outside the
Common Monetary Area in respect of any credit or of any balance at a
bank, payment of any amount in a foreign currency shall, within
thirty days after becoming so entitled, make or cause to be made, a
declaration in writing of such right to the Minister or to an
authorised dealer.
(3) Any person who has, in terms of sub-regulation (1) or (2), made
a declaration in writing to the Minister or to an authorised dealer,
shall be deemed to have offered such foreign currency or such right,
as the case may be, for sale to the Minister or such authorised
dealer and the Minister or such authorised dealer may purchase such
foreign currency or such right at a price which, in the case of
foreign currency, shall not be less than the market value of that
currency on the day of purchase and, in the case of a right, shall
be such as the Minister may fix.
(4) Any person from whom the Minister or an authorised dealer
purchases foreign currency or a right in terms of this regulation
shall do all things necessary for the purpose of transferring that
foreign currency or assigning that right to the Minister or to such
authorised dealer.
(5) No person who is entitled (whether actually or contingently) to
receive a payment in a foreign currency shall, except with
permission granted by or on behalf of the Minister and in accordance
with such conditions as may be imposed by the Minister or on his
behalf, do, or refrain from doing, any act with intent to secure
that -
(a) the receipt by him of the whole or any part of the payment in
such currency is delayed;
(b) the payment ceases, in whole or in part, to receivable by him or
receivable in that currency;
(c) the contingency on which the right to receive payment as
aforesaid is dependent (including the declaration of a divident or
profit by a company in which such person has an interest), does not
eventuate.
(6) Any foreign currency or an right in respect of which a
declaration has been made in terms of sub-regulation (1) or (2) but
which has not been purchased by the Minister or by a person
authorised by the Minister to act under this regulation shall not be
sold, transferred or otherwise disposed of without the permission of
the Minister and in accordance with such conditions as the Minister
may impose.
(7) The provisions of sub-regulations (3), (4) and (6) shall not
impose upon any person an obligation in respect of any foreign
currency or any right if he is, in respect of that currency or that
right, as the case may be, exempted from this regulation by the
Minister.
(8) The Minister may withdraw any exemption granted in terms of
sub-regulation (7).
(9) For the purposes of this regulation any person who has at any
time since the commencement of these regulations been in Lesotho
shall be deemed, until the contrary is proved, to have been and
still to be resident in Lesotho, provided that the Minister may make
such rules for temporary residents as he deems fit.
(10) Subject to any exemption which may be granted by the bank, no
person shall export from the Common Monetary Area goods which exceed
in value twenty Maloti or such greater amount as the Minister may
determine, unless the relative bill of entry export in respect of
such goods is accompanied by a declaration in such form as may be
prescribed by the Minister, duly authorised by him and attested by
an authorised dealer; provided that -
(a) where the goods are forwarded through the post, a declaration in
the said form so completed, signed and attested, shall be furnished
to the postmaster at the time the parcel is handed in at the post
office;
(b) where goods are exported to countries outside the Common
Monetary Area from stations where there are no Customs officers, a
copy of the relative declaration shall be handed to the attesting
authorised dealer for submission to the Minister.
(11) The Minister may direct that the said declaration shall be
completed in respect of any commodity, or article, irrespective of
its value.
(12) For the purposes of sub-regulation (11) “value” shall mean –
(a)
for customs purposes, the value as defined in section 67 of the
Customs and Excise Act, 1982; and A. 10 of 1982
(b) for purposes of an authorised dealer, the full
proceeds of the goods exported.
(13) If in any criminal proceedings against any person for a
contravention of sub-regulation (1) there is produced to the court
any document of which such person is proved or has admitted himself
to be the author of which has been seized from the possession or
control of that person and which contains a statement from which it
may reasonably be inferred that any foreign currency is held by him
or in his name or on his behalf, it shall be presumed, until the
contrary is proved, that such person is entitled to sell or to
procure the sale of the foreign currency in question.
(14) If in any criminal proceedings against any person for a
contravention of sub-regulation (2) there is produced to the court
any document of which such person is proved or has admitted himself
to be the author and which contains a statement by such person from
which it may reasonably be inferred that any amount is standing to
his credit outside the Common Monetary Area, or that he has any
balance at a bank outside the Common Monetary Area, it shall be
presumed, until the contrary is proved, that such person is entitled
to assign or to procure the assignment of such a right as is
referred to in the said sub-regulation (2).
(15) If any criminal proceedings against any person for a
contravention of sub-regulation (1) or (2), it is proved that assign
or to procure the assignment of any foreign currency, it shall be
presumed, until the contrary is proved, that a declaration in
writing has not been made to the Minister or to an authorised dealer
within the period required by sub-regulation (1) or (2) as the case
may be.
Declaration of foreign assets and liabilities
8. (1) Every person resident in Lesotho 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 forms prescribed
by the Minister of such foreign asset to the Minister 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) shall not be sold,
transferred or otherwise disposed of without the permission of the
Minister and in accordance with such conditions as the Minister may
impose.
(3) The provision of sub-regulation (2) 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
Minister.
(4) The Minister may withdraw any exemption granted in terms of
sub-regulation (3).
(5) For the purposes of this regulation any person who has at
any time since the date of publication thereof been in Lesotho
shall be deemed, until the contrary is proved, to have been and
still to be resident in Lesotho; provided that the Minister may make
such rules for temporary residents as it deems fit.
Power to prescribe currencies in respect of certain transactions
9. (1) The Minister may, from time to time,
prescribe, by notice in the gazette or by instructions to authorised
dealers, the currency or currencies or the manner in which payment
may or may not be made in connection with imports, exports or other
transactions involving payments between persons in Lesotho and
persons outside the Common Monetary Area and no person shall, except
with the permission of the Minister and in accordance with such
conditions as the Minister may impose, make or receive payment
otherwise than in the currency or currencies or in the manner so
prescribed.
(2) Without prejudice to the generality of
sub-regulation (1), any notice and any instructions under the said
sub-regulation may relate to payments, including, any particular
payments -
(a) In connection with the import or export of any commodity
specified in the notice of instructions,
(i) to or from all countries;
(ii) to or from all countries except any country
specified in the notice or instructions; or
(iii) to or from any country so specified; or
(b) in connection with any particular transaction.
(3) The provision of regulation 7 (10), (11) and (12)
shall apply mutatis mutandis to the export from Lesotho of any
commodity to a country outside the Common Monetary Area in
connection with the export of which commodity to that country the
Minister has in terms of sub-regulation 2) prescribed the currency
or currencies or the manner in which payment may or may not be made.
Limitation of optional posts of destination
10. (1) No person may, except with permission granted by
the Minister and in accordance with such conditions as the Minister
may impose, consign any goods to any destination other than that
specified in the declaration in regard to foreign exchange proceeds
of exports prescribed in terms of regulation 6 (10) and (11) unless
the other destination is in the same monetary area, or give or
accept instructions after the despatch of the goods for the
diversion thereof to any other destination unless such other
destination is in the same monetary area.
(2) If in any criminal proceedings under this regulation it is
proved that goods have been diverted to a country other than
designated as the declaration of such goods on the prescribed
documents submitted to and accepted by the Lesotho authorities to
cover the outward consignment of such goods, then it shall be
presumed, until the contrary is proved, that the goods were
consigned to and received in such other country and not the country
designated on such documents.
Restriction on export of capital
11. (1) No person shall except with permission granted by
the Minister and in accordance with such conditions as the Minister
may impose –
(a) export from Lesotho to countries outside the Common
Monetary Area during any period of twelve months a total quantity of
goods which exceeds in value twenty Maloti or such greater amount as
the Minister may determine, if,
(i) no payment for such goods has been or is to be
received in Lesotho from a person outside the Common Monetary Area;
(ii) such goods are exported at a price which is less
than the value thereof; or
(iii) the period within which payment for goods is to be
made exceeds six months from the date of shipment from the Common
Monetary Area or such shorter period as an authorised dealer may
determine in respect of such goods;
(b) take out of Lesotho to countries outside the Common
Monetary Area goods, including personal apparel, household effects,
and jewellery which have a value in excess of six hundred
Maloti or of such greater amount as the Minister may determine;
(c) enter into any transaction whereby capital or any right to
capital is directly or indirectly exported from the Common Monetary
Area.
(2) The provision of regulation 4 (3), (5) and (6) shall apply
mutatis mutandis to goods referred to in sub-regulation (1) (b).
A. 10 of 1982
(3) For the purposes of this regulation “value” shall mean the
value for customs purposes as defined in section 67 of the Customs
and Excise Act, 1982.
Assignment to the Minister of right to exported goods
10. (1) Whenever a person has exported goods from the
Common Monetary Area and has failed to sell such goods within six
months from the date of shipment from the Common Monetary Area, or
within such shorter period as may have been determined in terms of
regulation 9 (1) (a) (iii), without having permission in terms of
regulation 9 (1) aforesaid to export such goods without sale, or
without payment within the period mentioned in regulation 9 (1) (a)
(iii) aforesaid, then in such event such person shall within
fourteen days from the date of expiry of the said period report in
writing to the Minister or to the authorised dealer that the said
goods have not been sold, and the Minister may thereupon order such
person to assign to the Minister or to the authorised person by the
Minister his right to the said goods.
(2) After the date on which this regulation comes into force no
person shall export any goods on conditions which would preclude him
from giving effect to an order issued in terms of sub-regulation
(1).
Assignment to the Minister of right to imported goods
13. (1) Whenever a person in Lesotho has purchased goods in
any country outside the Common Monetary Area and has paid for or
made a payment on account of such goods, but the said goods have not
been consigned to Lesotho within four months from the date on which
such payment was made, such person shall, within fourteen days from
the date of expiry of the said period of four months, report in
writing to the Minister or an authorised dealer that the goods have
not been consigned to Lesotho and the Minister may, thereupon, order
such person to assign to the Minister or to a person authorised by
the Minister his right to the said goods.
The sum payable in consideration for any assignment made in
accordance with this regulation shall be such as the Minister may
fix but shall not be less than the amount realised by the Minister
after deduction of the cost of realisation.
(2) After the commencement of these regulations, no person
shall purchase any goods on conditions which would preclude him from
giving effect to an order issued in terms of sub-regulation (1).
(3) If in any criminal proceedings against any person for
failure to make a report to the Minister or to an authorised dealer
as required by sub-regulation (1), it is proved that such person was
unable, after the expiration of a period of six months from the date
upon which any payment referred to in the said sub-regulation was
made by him, to produce a bill of entry import in respect of the
goods in question after having been called upon to do so by the
Minister or by an authorised dealer, it shall be presumed, until the
contrary is proved, that the goods in question were not consigned to
Lesotho within four months from the said date.
(4) No person in Lesotho who has purchased any means of
transport outside the Common Monetary Area shall, after such means
of transport has been consigned and brought to Lesotho, permit such
means of transport to leave the Common Monetary Area for conveyance
of any persons or goods for reward outside the Common Monetary Area
except with the consent of the Minister and subject to such
conditions as the Minister may impose.
For the purposes of this sub-regulation “means of transport”
includes any ship, aircraft, motor vehicle, tractor or roller.
Prohibition of export of goods imported from countries outside the
Common Monetary Area
Prohibition of export of goods imported from countries outside the
Common Monetary Area
14. (1) No person shall, except with permission granted
by the Minister, and in accordance with such conditions as the
Minister may impose, export from Lesotho any article imported from
any country outside the Common Monetary Area.
(2) For the purposes of this regulation an article
manufactured in Lesotho in whole or in part form
imported products, materials or parts, shall be deemed to be
of Lesotho origin and be deemed not to have been imported from a
country outside the Common Monetary Area.
(3) In this regulation “manufactured” includes processed or
assembled.
Restriction on dealings in securities belonging to non-residents
15. (1) No person shall, without permission granted by the
Minister or a person authorised by the Minister and in accordance
with such conditions as the Minister or such authorised person may
impose –
(a) acquire or dispose of in any way any controlled securities;
(a) act as nominee for a non-resident or appoint a
non-resident as nominee in respect of any dealings in securities;
(b) make any entry in a security register which
involves the transfer of securities into or out of the name of a
non-resident;
(c) change an address of a non-resident in any
security register except a change to an address in the same monetary
area as that currently recorded in the register;
(d) enter in a security register or do any act with
intent to secure the entry in such register of an address in the
Common Monetary Area if he knows or has reason to believe that the
purchaser of the security is a non-resident has an interest in the
security;
(e) transfer a security owned by a non-resident or in
which non-resident has an interest from a foreign register to a
Common Monetary Area register or section of a Common Monetary Area
register.
(2) Any person who holds, possesses or has in his custody any
such securities shall submit such securities to an authorised dealer
within thirty days from the date of commencement of this regulation
or within thirty days from the date on which he becomes the holder
of such securities or on which such securities come into his
possession or are placed in his custody whichever is the later date.
(3) The securities submitted in terms of sub-regulation (2)
shall be accompanied by a list giving the following particulars,
(a) full name and country of residence of owner or
person interested in the securities, together with a signed
declaration by the holder that, to the best of his knowledge, the
owner or interested person is actually resident in the country
stated;
(b) name of company or body which issued the
securities;
(c) total number of securities; and
(d) full name and residential address of person in
possession of the securities or who has the securities in his
custody.
(4) For the purposes of facilitating identification of
controlled securities the Minister may direct authorised dealers to
affix to the securities so submitted to them their stamps together
with such endorsement as the Minister may determine.
(5) For the purposes of this regulation -
(a) “controlled securities” means,
(i) any securities which are registered in the name
of a non-resident is the owner, or in which a non-resident has an
interest;
(ii) any securities acquired from a
non-resident or acquired outside the Common Monetary Area, by any
person, irrespective of the residence of such person;
(a) “non-resident” means a person resident outside the
Common Monetary Area;
(b) “nominee” means a person through whose agency all
or any of the rights of the owner of securities are exercised.
Restriction on purchase and sale of Financial Maloti
16. (1) No person shall, without permission
granted by the Minister authorised by the Minister and in accordance
with such conditions as the Minister or such authorised person may
impose, buy, receive, acquire or sell, deliver, dispose of or
otherwise deal with any Financial Maloti.
(2) For the purposes of this regulation “Financial
Maloti” means -
(a) the total sale proceeds of Lesotho assets owned by
persons resident outside the Common Monetary Area; and
(b) funds so designated by the Minister or a person
authorised by the Minister.
Prohibition of dealings in bearer securities and bearer options
17. (1) No person shall pay any dividend or interest coupon
issued in respect of any bearer security irrespective of whether
such coupon became payable before or become payable after the
commencement of these Regulations.
(2) No person shall issue any bearer option or extend the
currency period of any existing bearer option.
(3) No person shall dispose of, acquire or otherwise deal in -
(a) any bearer security;
(b) any bearer option issued after the date of
commencement of these Regulations.
(4) The owner of any bearer security may, with the permission
of the Minister and in accordance with such conditions as the
Minister may impose, convert such security into a registered
security.
(5) Application for permission to convert any bearer security
into any registered security shall be accompanied by a sworn
declaration in such form as the Minister may prescribe, duly
completed by the owner of the security or his authorised agent.
(6) The Minister or a person authorised by the Minister may
grant exemption from the provisions of sub-regulations (1), (2) and
(3).
(7) Sub-regulation (5) shall apply mutatis mutandis in respect
of applications for exemption under sub-regulation (6) relating to
bearer securities or to dividend or interest coupons issued in
respect of such bearer securities.
(8) This regulation shall apply in respect of all bearer
securities and bearer options irrespective of whether such
securities or options were or are issued inside or outside Lesotho.
(9) For the purpose of this regulation “option” means the right
to subscribe or to take up the whole or any part of an issue of
capital.
Control of capital issues
18. (1) Except with the consent of the Minister
and in accordance with such conditions as the Minister may impose,
no person shall –
(a) make in Lesotho any issue or issues of capital
which amount in the aggregate to more than ten thousand Maloti; and
(b) renew or postpone the date of maturity of
securities maturing for repayment in Lesotho which amount in the
aggregate to more than ten thousand Maloti.
(2) The Minister may, from time to time, by notice in
the gazette –
(a) exempt particular classes of issues of capital,
either generally, or in respect of particular classes of issues of
capital, from the operation of sub-regulation (1); or
(b) increase, either generally or in respect of
particular classes of issues or issues of capital, the aggregate
exemption limit of ten thousand Maloti prescribed in sub-regulation
(1),
and may by similar notice withdraw any such aforementioned notice or
reduce to not less than ten thousand Maloti any exemption limit
prescribed in any such aforesaid notice as the case may be.
(3) For the purposes of this regulation –
(a) a person shall be deemed to make an issue of
capital who,
(i) raises capital in Lesotho by the issue, whether
within or outside Lesotho, of any securities or who issues any
securities whether for cash or otherwise; or
(ii) receives any money on loan on the terms or in the
expectation that the loan will or may be repaid wholly or partly by
the issue of securities or by the transfer of any securities issued
after the making of the loan;
(b) the amount of capital issued or to be issued shall
be deemed to be the amount to be raised by the issue or the total
nominal value of the securities whichever is the greater.
(4) The raising of any loan by any local authority shall be
deemed to constitute an issue of capital whether or not securities
are issued or transferred in connection with such loan.
(5) If in any advertisement, prospectus or other document which
offers for subscription any securities there be included any
statement intimating or purporting to convey that the Minister has
approved or consented to the issue of the securities, such statement
shall be included only at the top or commencement of the
advertisement, prospectus or other document and shall be made and
qualified in the following words:
“The Minister has consented under regulation 15 of the Exchange
Control Regulations 2000 to the issue of the securities
referred to hereunder but that consent does not imply that the
Minister has investigated or is responsible in any way for the
soundness of the proposals involved or for the correctness of any
statements made or opinions or estimates given in connection with
such proposals.”
Business controlled by persons outside Lesotho
19. Where the control of any business is
established outside Lesotho, any transaction with a branch or
subsidiary of such business in Lesotho shall be treated as if the
said branch or subsidiary were a separate person. The manager or
controller of such branch or subsidiary in Lesotho shall assume the
same obligations under these regulations as he would have been
required to assume if the said branch or subsidiary were independent
of control from outside Lesotho.
Compensation deals
20. (1) Except with the consent of the Minister, no person
shall, in Lesotho, and no person resident in Lesotho shall, outside
Lesotho, make any payment to or for the credit of a person resident
in the Common Monetary Area as consideration for or in association
with –
(a) the receipt by any person or a payment made
outside the Common Monetary Area, or the acquisition by any person
or property which is outside the Common Monetary Area; 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 Common
Monetary Area or to acquire property which is outside the Common
Monetary Area.
(2) Nothing in this regulation shall prohibit any
payments made in respect of lawful transferred funds.
Provision of security
21. (1) The Minister or a person authorised by the
Minister may order any person to provide security, in such form and
in such amount as the Minister may determine, that he will comply
either generally or in respect of any particular transaction, with
the provisions of any of these regulations specified by the Minister
or by a person authorised by the Minister.
(2) Where any person, who has provided security in terms of
this regulation, has failed to comply with the provisions of the
regulations in respect of which the security has been provided, the
Minister may direct that the said security shall be forfeited for
the benefit of the Consolidated Fund.
(3) The forfeiture of such security shall not prevent any other
action against the person concerned for his failure to comply with
the provisions of these Regulations.
Furnishing of information
22. (1) The Minister or any person authorised by
the Minister may order any person to, forthwith, furnish any
information or produce books or documents at the disposal of such
person which the Minister or such authorised person deems necessary
for the purposes of securing compliance with or detecting evasion of
these regulations and any information so furnished and books or
documents so produced shall be admissible in evidence in any
criminal or other proceedings against such person.
(2) Any person generally appointed by the Minister in
terms of regulation (1) may enter and search the residential or
business premises or a person so ordered and may inspect and seize
any books or documents belonging to or at the disposal of such
person and may retain such books or documents in his custody until
the conclusion of any criminal or other proceedings against such
person under these regulations.
(3) The Minister or any person authorised by the Minister may
order any person to, forthwith, make a statement for the purposes of
these regulations and any statement so made shall be admissible in
evidence in any criminal or other proceedings against such person.
(4) Where a person is convicted of an offence under
sub-regulation (1) and (3), the court may make an order requiring
the offender to give such information or to produce such books or
documents or to make such statement within such period as may be
prescribed by the court.
(5) If any person makes any statement in compliance with
sub-regulation (1) or (3) which is in conflict with any other
statement previously made by him in giving information required in
connection with the subject matter of such order, he shall be deemed
to have made an incorrect statement in terms of regulation 22 and
may, on an indictment, summons or charge alleging that he made the
two conflicting statements, be convicted of making an incorrect
statement in contravention of the said regulation 22 upon proof of
the two statements in question and without proof as to which of the
said statements was incorrect, unless he proves that when he made
each statement he believed it to be true.
Exemption from stamp duty
23. Stamp duty shall not be chargeable on any document made for
purpose of meeting the requirements of these Regulations.
Forms
24. The Minister may prescribe such for the purposes
of these regulations as it may think expedient.
Offences and penalties
25. (1) Subject to sub-regulation (2) and (3), a
person who -
(a) contravenes or fails to comply with any provision
of these regulations, or the terms of a notice, order or direction
issued, or permission or exemption granted under these Regulations;
(b) obstructs any person in the execution of any power
or function assigned to him under these Regulations;
(c) makes any incorrect statement in any declaration,
document or application made or return rendered for the purposes of
these regulations, unless he proves that he did not know and could
not, by the exercise of a reasonable degree of care, have
ascertained, that the statement was incorrect; or
(d) refuses or neglects to furnish any information
which he is required to furnish under regulation 22, commits an
offence and is liable on conviction to a fine not exceeding
M250,000.00 or to imprisonment for a period not exceeding 5 years or
to both such imprisonment and fine.
(2) Where the offence committed in relation to any
security, foreign currency, gold, bank-note, cheque, postal order,
bill, note, debt, payment or goods, the fine which may be imposed
shall be not exceeding M250,000.00 or a sum equal to the value of
the security, foreign currency, gold, bank note, postal order, bill,
note, debt, payment or goods, whichever is the greater.
A. 19 of 1977
(3) This regulation shall have effect
notwithstanding section 23 (e) of the Interpretation Act, 1977.
Attachment of certain money and goods, and blocking of certain
accounts
26. (1) Subject to the provision of section 5 (2) (a) (iii) of
the Act, the Minister may, in such manner as the Minister may
deem fit -
(a) attach,
(i) any money or goods, notwithstanding the person
in whose possession it is, in respect of which a contravention of
any provision of these regulations has been committed or in respect
of which an act or omission has been committed which the Minister on
reasonable grounds suspects to constitute any such contravention, or
in the case of such money or any part thereof which has been
deposited in any account, an equal amount of money which is kept in
credit in that account, and shall, in the case of money attached,
deposit such money in an account opened by the Minister with an
authorised dealer for such purpose, and may, in the case of goods
attached, leave such goods, subject to an order issued or made under
paragraph (c), in the possession of the person in whose possession
such goods have been found or shall otherwise keep or cause it to be
kept in custody in such manner and at such place as Minister may
deem fit;
(ii) any money or goods, notwithstanding the person in whose
possession it is –
(aa) which the Minister on reasonable grounds
suspects to be involved in a contravention of any provisions of
these regulations or in a failure to comply with any such provision,
or which the Minister on reasonable grounds suspects to be involved
in any act or omission which the so suspects to constitute a
contravention of any such provision or a failure to comply with any
such provision;
(bb) which have been obtained by any person or are due to
him, whether by virtue of any personal right or otherwise, and which
would not have been due to him if any such contravention or failure
or any such act or omission had not been committed;
(cc) by which any person has benefited or enriched as a
result of any such contravention or failure of any such act or
omission, or in the case of such money or part thereof which has
been deposited in any account, an equal amount of money which is
held in credit in that account, and shall, in the case of money
attached, deposit such money in an account referred to in
subparagraph (i), and may, in the case of goods attached, leave such
goods, subject or an order issued or made under paragraph (c), in
the possession of the person whose possession such goods have been
found or shall otherwise keep or cause it to be kept in custody in
such manner and at such place as the Minister may deem fit;
(iii) any money or goods, notwithstanding the person in
whose possession it may be, into which money or goods referred to in
subparagraph (i) or (ii) have been transformed, including any
personal right obtained with money or goods referred to in
subparagraph (i) or (ii), or, in the case of such money or any part
thereof which has been deposited into any account, an equal amount
of money which is held in credit in that account and shall, in the
case of money attached, deposit such money in an account referred to
in sub-paragraph (i), and may, in the case of goods attached, leave
such goods, subject to an order issued or made under paragraph (c),
in the possession of the person concerned in whose possession such
goods have been found or shall otherwise keep or cause it to be kept
in custody in such manner and at such place as the Minister may
deem fit;
(iv) any money which is held in a controlled account
referred to in regulation 5 and which the Minister on reasonable
grounds suspects to be money –
(aa) in respect of which a contravention or act omission
referred to in subparagraph (I) has been commited;
(bb) which has been involved in a contravention or failure
or act or omission referred to in subparagraph (ii) (aa);
(cc) which has been obtained by any person or is due to
him as referred to in subparagraph (ii) (bb);
(dd) by which any person has been benefited or enriched as
referred to in subparagraph (ii) (cc);
(b) if the Minister on reasonable grounds suspects that
money referred to in paragraph (a) has been deposited in any account
and if it has not been attached under the said paragraph (a), issue
or make an order in such manner as he may deem fit in or by which
any person is prohibited to withdraw or cause to be withdrawn,
without the permission of the Minister and in accordance with such
conditions (if any) as may be imposed by the Minister, any money in
that account or not more than an amount determined by the Minister,
or to appropriate in any manner any credit or balance in that
account, notwithstanding who may be the holder thereof;
(c) in the case of goods referred to in paragraph (a)
which have been left in the possession of the person concerned,
issue or make an order in such manner as the Minister may deem fit
in or by which any person is prohibited to deal, without the
permission of the Minister in accordance with such conditions (if
any) as may be imposed by the Minister, in any manner determined by
the Minister with the goods attached or any part thereof.
(2) When any immovable goods are attached under
sub-regulation (1) (a) or when an order is issued or made in respect
of immovable property under sub-regulation (1) (c),
(a) the Minister shall notify the Registrar of the
Deeds Registry where such goods are registered in writing of such
attachment or order and furnish to the Registrar such particulars in
connection with such goods as the Registrar may require;
(b) the Registrar shall, free of charge, note
particulars of such attachment or order against the title deed of
such immovable property.
(3) The Minister shall –
(a) return any money or goods attached under
sub-regulation (1) (a), including any money or goods accrued
therefrom, to the person in whose possession it has been found or
the person entitled thereto, on a date not later than 36 months as
from the date on which such money or goods have been attached;
(b) cancel any order issued or made under
sub-regulation (1) (b) or (c), on such date,
unless such money or goods or money or goods to which such order
relates are forfeited under regulation 24 before that date.
Forfeiture and disposal of money or goods attached or in respect of
which orders have been issued or made
27. (1) Subject to sub-regulation (3), the Minister may
issue an order in writing in which it forfeits to the Government any
money or goods referred to in regulation 26 (1) (a), (b) or (c)
including any money or goods accrued therefrom, and shall-
(a) in the case of money, deposit such money into the
Consolidated Fund; and
(b) in the case of goods, realise such goods in such
manner as he may deem fit as if he is the owner or holder thereof,
and may transfer such goods to the purchaser and give a valid title
thereto and, in the case of immovable goods, without submitting to
the Register of Deeds the title deed thereof:
Provided it is certified by the Minister that the Minister has been
unable to obtain the title deed.
(2) The Minister may, if it is, on reasonable grounds,
satisfied that money or goods attached under regulation 23 (1) (a)
or in respect of which an order has been issued or made under
regulation 23 (b) or (c) are not money or goods, including money or
goods accrued therefrom, to the person in whose possession such
money or goods have been found or to any person otherwise entitled
thereto, or cancel the relevant order.
(3) The Minister shall not forfeit to the Government any money
or goods referred to in regulation 23 (1) (a), (b) or (c) unless it
-
(a) has published a notice in the gazette in which,
(i) notice is given of any decision to forfeit to
the Government money or goods specified in such notice;
(ii) particulars are furnished of the manner in which
such forfeited money of goods will be disposed of; and
(iii) the date, which may be the date of the notice, on
which the money or goods are forfeited is indicated; and
(b) has simultaneously with the publication of the
notice aforesaid send a like notice by registered post to the person
who in the opinion of the Minister is affected by that decision, or
if his address is not known, to his last known address, and the
Minister shall not dispose of any goods forfeited to the Government
under sub-regulation (1), unless a period of 90 days as from the
date of publication of such notice in the gazette has expired or, if
any proceedings has been instituted in a court of law in connection
with any such decision, final judgement has been given in such
proceedings.
(4) Expenditure incurred by the Minister in connection with -
(a) the attachment of money or goods in terms of
regulation 23 (1) or (25) (1);
(b) the keeping in custody of goods in terms of
regulation 23 (1) (a); or
(c) the issuing or making by the Minister of, or the
compliance by any person with, an order contemplated in regulation
23 (1) (b) or (c) or in regulation 25 (2);
(d) the forfeiture or realisation of money or goods in
terms of sub-regulation (1) and (3) of this regulation or in terms
of the said sub-regulations read with regulation 25 (3); or
(e) the upkeep or preservation of, or the payment of
any tax or other charges in respect of goods attached in terms of
regulation 23(1) (a) or 25 (1) or declared forfeited in terms of
sub-regulations (1) and (3) of this regulation 25 (3), may
notwithstanding the provisions of sub-regulation (1) (a), be
defrayed from the money in question, or from the proceeds of the
realisation of the goods in question, in so far as such money or
goods have been declared forfeited in terms of sub-regulations (1)
and (3) of this regulation or in terms of the said sub-regulations
read with regulation 25 (3).
Recovery of certain amounts by Minister
28. (1) Where the Minister has, under
regulation 24, forfeited to the Government money or goods
referred to in regulation 23(1) (a), (b) or (c) and such money and
the proceeds of the realisation of such goods, if any, are less than
an amount equal to an amount-
(a) in respect of which a contravention or failure or
act or omission referred to in regulation 23 (1) (a) has been
committed;
(b) which was involved in a contravention or failure or
act or omission referred in regulation 23 (1) (a) (ii) (aa);
(c) which has been obtained by any person or is due to
him as referred to in regulation 23 (1) (a) (ii) (bb);
(d) by which any person has been benefited or enriched
as no money or goods have been forfeited for the Government under
regulation 24, the Minister may recover an amount equal to the
difference between the last mentioned and the first mentioned amount
of the money and proceeds or an amount equal to the last mentioned
amount, as the case may be,
(i) from the person who committed the contravention
or failure or act or omission in question;
(ii) from the person who the Minister on reasonable
grounds suspects to have committed the contravention or failure or
act or omission in question;
(iii) from the person benefited or enriched as a result
of the contravention or failure or act or omission in question;
(iv) if more persons have committed the contravention or
failure or act or omission in question or if the on reasonable
grounds suspects that more persons have committed any such
contravention or failure or act or omission of if more persons have
been benefited or enriched as a result of the contravention or
failure or act or omission in question, severally and jointly from
those persons, by attaching in such manner as he may deem fit any
other money including money or other goods of the person or persons
concerned.
(2) The Minister may, if it, on reasonable grounds, suspects
that it will be necessary in due course to recover under
sub-regulation (1) any amount from the person or persons concerned,
at any time on or after the date on which money or goods referred to
in regulation 23 (1) (a) have or could have been attached, issue or
make an order in such manner as he may deem fit in or by which any
person prohibited -
(a) to withdraw or cause to be withdrawn any money held in any
account or not more than an amount of it determined in his
discretion by the Minister with due regard to the amount which in
the opinion of the Minister will in due course be recovered, or to
appropriate in any manner any credit or balance in that account;
(b) to deal in any manner as may be determined by the Minister
with any goods as may be determined by the Minister of the person or
persons concerned, without the permission of the Minister and in
accordance with such conditions, if any, as may be imposed by the
Minister.
(3) The provisions of -
(a) regulation 24 (1) and (3) apply mutatis mutandis to any
money or goods referred to in sub-regulations (1) and (2) hereof as
if such money or goods were money or goods referred to in regulation
23.
(b) regulation 23 (3) shall apply mutatis mutandis to an order
issued or made under sub-regulation (2).
Review of, or institution of actions in connection with attachment
and forfeiture of certain money or goods, and of certain orders
29. Any person who feels himself aggrieved by
the attachment of any money or goods under regulation 23 (1) or
regulation 25 (1) or the issue of making of an order under
regulation 23 (1) (b) or (c) or of regulation 25 (2) or any
condition imposed thereunder may -
(a) in the case of an attachment under
regulation 23 (1) (a) or of regulation 25 (1) (b) or (c), bring an
application in a competent court or the review of any such
attachment or order or in which other appropriate relief is sought;
(b) in the case of a decision under regulation
24(1) or 24 (1) read with regulation 25 (3), to forfeit to the
Government such money or goods, at any time but not later than 90
days after the date of publication of the said notice institute an
action in a competent court for the setting aside of any such
decision, and any such court may set aside any such attachment or
order or decision, as the case may be, on the grounds set out is
section 7(4) of the Exchange Control Act 2000.
Delegation of powers
30. (1) The Minister may delegate, in writing, to
any person, any power or duty and may at any time withdraw or amend
any decision taken by any such person in the exercise or performance
of the power or duty in question
(2) The Minister shall not be divested of any power or duty
delegated or any function assigned to any person under
sub-regulation (1) and may at any time withdraw or amend any
decision taken by any such person in the exercise or performance of
the power or duty in question.
Reasons not required
31. The Minister or a person authorised by him shall
not required to furnish reasons for any decision or order made by
him in terms of these regulations.
Government transactions exempt
32. (1) Any foreign currency transaction by
Government, in moneys which form part of, or are due to, the
Consolidated Fund of Lesotho including the holding of foreign
balances, is exempt from the requirements of these Regulations.
(2) For the avoidance of doubt, it is declared that this
exemption does not extend to statutory or any other public bodies.
Application
33. These Regulations shall apply to all matters, dealings or
transactions which were commenced prior to the promulgation of these
Regulations.
Minister’s right to make orders
34. The Minister may make Orders, Rules or give directives in
order to give effect to any of these Regulations.
Repeals and savings
35. (1) The Exchange Control Regulations, 1989
are repealed.
(2) Nothwithstanding sub-regulation (1), any certificate
issued, exemption, permission or consent granted, order given,
period fixed, return, declaration, report of appointment rendered or
made, security provided, information furnished or act done under or
in terms of provisions of regulations repealed hereunder, shall
continue to have effect and shall be deemed to have been issued,
granted, given, fixed, rendered, made provided, furnished or done
under or in terms of the corresponding provisions of these
Regulations.
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