Exchange Control (Payments) Order, 1950
| Jurisdiction | UK Non-devolved |
| Citation | SI 1950/1072 |
| Year | 1950 |
1950 No. 1072
The Exchange Control (Payments) Order, 195029thJune 1950
30thJune 1950
1stJuly 1950
Whereas by section 5 of the Exchange Control Act, 1947(a), restrictions are placed on certain payments and other transactions in the United Kingdom, but those restrictions are by section 31 of that Act subject to such exemptions as may be granted by order of the Treasury;
And Whereas by section 23 of the Exchange Control Act, 1947, payment for goods exported to a destination in any such territory as may be prescribed must be made in such manner as may be prescribed in relation to those territories;
And Whereas by the Exchange Control (Channel Islands) Order, 1947(b), the provisions of the Exchange Control Act, 1947, other than sections 38 and 43 thereof, are extended, with such modifications as are specified in that Order, to the Channel Islands;
And Whereas it is expedient to amend the exemptions heretofore granted and the provisions heretofore made and, in particular, to make such provision for certain territories outside the scheduled territories as hereinafter appears:
Now, therefore, the Treasury, in pursuance of the said sections 5, 23 and 31, of those sections as extended to the Channel Islands, and of all other powers enabling them in that behalf, hereby make the following Order:—
1. References in this Order to any provision of the Exchange Control Act, 1947, include references to that provision as extended to the Channel Islands by the Exchange Control (Channel Islands) Order, 1947.
2. There shall be exempted from the provisions of section 5 of the Exchange Control Act, 1947, anything done for the purpose of the transfer of the whole or any part of an amount standing to the credit of—
(i) an account of a person resident outside the scheduled territories, being a transfer to or to the account of a person resident in the scheduled territories;
(ii) an account of a person resident in any territory specified in the First Schedule to this Order, being a transfer to another account of a person resident in the same territory;
(iii) an account of a person resident in any territory specified in the Second Schedule to this Order, being a transfer to another account of a person resident in that territory, a transfer to the account of a person resident
(a) 10 & 11 Geo. 6. c. 14.
(b) S.R. & O. 1947 (No. 2034) I, p. 660.
in or to a transferable account relating to any territory specified in the Third Schedule to this Order, or a transfer to the account of a person resident both outside the scheduled territories and outside any of the territories specified in the First, Second or Third Schedules to this Order;
(iv) a transferable account relating to any territory specified in the Third Schedule to this Order, being a transfer to the account of a person resident in or to a transferable account relating to any of the said territories, or a transfer to the account of a person resident both outside the scheduled territories and outside any of the territories specified in the First, Second or Third Schedules to this Order;
(v) an account (not being a transferable account) of a person resident in any territory specified in the Third Schedule to this Order, being a transfer to the account of a person resident in or to a transferable account relating to the same territory;
(vi) an account of a person resident both outside the scheduled territories and outside any of the territories specified in the First, Second or Third Schedules to this Order being a transfer to another such account.
3. There shall be exempted from the provisions of section 5 of the Exchange Control Act, 1947, any payment made in cash in the United Kingdom or in the Channel Islands to a person resident outside the scheduled territories
(i) by a person resident outside the scheduled territories if that payment is made out of
(a) any notes of a class which are or have at any time been legal tender in the United Kingdom or the Channel Islands or any part of the United Kingdom or the Channel Islands and which have been legally imported, into the United Kingdom or the Channel Islands, or
(b) any moneys withdrawn from an account in favour of that person with a banker in the United Kingdom or the Channel Islands, or
(c) any moneys arising from the sale of foreign currency by that person to an authorised dealer, or
(d) any foreign currency which has been legally imported into the United Kingdom or the Channel Islands provided that the payment is not made as consideration for or in association with the receipt by any person of sterling;
(ii) by a person resident in the scheduled territories if that payment
(a) does not exceed £10 sterling in value, and
(b) does not form part of a transaction or series of transactions wherein the aggregate value of the payments exceeds £10 sterling in value;
(iii) by a banker in the United Kingdom or the Channel Islands acting in the course of his business if that payment
(a) is made from moneys standing to the credit of an account in favour of that person with that banker, or
(b) is in respect of the encashment by that person of a travellers' cheque or letter of credit in favour of that person.
4.—(1) Section 23 of the Exchange Control Act, 1947, shall apply to territories outside the scheduled territories.
(2) The prescribed manners of payment for the purposes of the said section 23 in relation to goods exported to a destination in any of the said territories are the manners specified in relation to those territories respectively in the second column of the Fourth Schedule hereto.
5.—(1) The provisions of this Order shall have effect subject to any restrictions imposed by any direction given by the Treasury under Regulation 2A of the Defence (Finance) Regulations, 1939.
(2) The exemptions from the provisions of section 5 of...
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