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Exchange Control (General) Order, 1996 (Statutory instrument 110 of 1996)

Statutory instrument 110 of 1996

Exchange Control (General) Order, 1996

SIs. 110/1996, 267A/1997, 38/1999, 126/1999, 323A/2001, 226/2002, 291A/2002, 88/2003, 143/2003, 162/2003, 7/2004, 237/2004, 34/2005, 105/2008, 103/2009

ARRANGEMENT OF SECTIONS

  1. Title.
  2. Interpretation.
  3. Authorised dealers.
  4. Exchange control authorities.
  5. [Repealed]
  6. Service payments.
  7. Foreign currency accounts.
  8. International credit cards.
  9. Payments in Zimbabwe: section 10 of principal regulations not to apply to certain transactions.
  10. Payment by visitors for goods, services and other facilities provided by operators of designated tourist facilities.

10A. Payment by foreign clients of hunting safari operators and taxidermists. 10B. Cross-border transport operators.
10C. Postal and telecommunications operators

  1. Purchase of securities by foreign residents.
  2. Purchase of immovable property by foreign residents.
  3. Exports.
  4. Possession of currency in departure or transit lounge.
  5. Imports.
  6. Re-designation of returning residents.
  7. Release of funds held in blocked accounts and Government bonds.

17A. Foreign currency holdings by authorised dealers . 18. Procedure for appeals.
19. Forms.
20. Supplementary directions.

SCHEDULES

First Schedule: Service payments.
Second Schedule: Denominated currencies.
Third Schedule: Exports that may be approved by authorised dealers.
Fourth Schedule: Monthly foreign currency return for tourism sector
Fifth Schedule: Hunting Return Form.
Sixth Schedule: Road Transport Freight Form.
Seventh Schedule: Foreign Currency Return Form for the Postal and Telecommunications Services Sector

IT is hereby notified that the Reserve Bank of Zimbabwe, in terms of section 40 of the Exchange Control Regulations, 1996, and with the approval of the Minister of Finance has made the following order:—

1. Title

This order may be cited as the Exchange Control (General) Order, 1996.

2. Interpretation

(1) In this order—
“business organisation” means a body corporate or firm carrying on business in Zimbabwe;
“interbank market” means the foreign currency market operated by authorised dealers in Zimbabwe;
“marketing board” means a body corporate established directly by any enactment for purposes which are specified in that enactment and which relate to the marketing of any agricultural produce or mineral; “principal regulations” means the Exchange Control Regulations, 1996.

“Reserve Bank bearer cheque” means a cheque payable to bearer issued by the Reserve Bank and specifying a

predetermined amount and maturity date thereon;
[Definition inserted by s.i 7 of 2004.]

(2) Words importing male or female persons include corporate bodies. [Subsection inserted by s.i 143 of 2003.]

3. Authorised dealers

The following institutions are declared to be authorised dealers for the purposes of the principal regulations— (a) the Reserve Bank; and
(b) every commercial bank and accepting house registered under the Banking Act [Chapter 24:20].

4. Exchange control authorities

(1) Every authorised dealer is declared to be an exchange control authority for the purposes of granting any authorisation, approval or permission which, in terms of this order, is permitted or required to be given by an authorised dealer.

(2) For the purposes of subsection (5) of section 21 of the principal regulations, an authorised dealer—(a) that has authorised the export of the goods concerned; or

(b) with which the exporter concerned has a banking account, if the export did not require authorisation under this order;

is declared to be an exchange control authority for the purpose of giving directions if payment for the goods has not been made in the period within which it ought to have been made in terms of subsection (2) of that section.

(3) For the purposes of section 24 of the principal regulations, an authorised dealer—

  1. (a)  that has granted authority or permission to a person; or
  2. (b)  issued foreign currency to a person; on condition or on the understanding that he will import goods into

Zimbabwe, is declared to be an exchange control authority for the purposes of—

  1. (i)  receiving notification of all the material particulars relating to the goods; and
  2. (ii)  giving directions as to the manner in which the goods are to be dealt with;if the goods

are not imported within three months.
(4) For the purposes of any particular transaction, any authorised dealer shall be an exchange control authority to

such extent and subject to such conditions as the Reserve Bank may specify by written notice to the authorised dealer concerned.

5. Foreign exchange bureaux de change

[Section repealed of s.i 323A of 2001.]

6. Service payments

(1) Anauthoriseddealermay—

  1. (a)  authorise the payments and remittances set out in the First Schedule; and
  2. (b)  sell foreign currency for the purposes set out in the First Schedule; subject to the terms

and conditions specified in that Schedule.
(2) The Reserve Bank may, in any particular case, direct an authorised dealer—

  1. (a)  not to authorise a payment or remittance; or
  2. (b)  not to sell foreign currency for a particular purpose; or

(c) to authorise a payment or remittance, or to sell foreign currency, subject to specified terms and

conditions; and the authorised dealer concerned shall comply with the direction.
(3) Where an authorised dealer receives an application for authorisation which does not fall clearly within any of

the categories set out in the First Schedule, the authorised dealer shall, if the applicant so requests, refer it to the Reserve Bank.

7. Foreign currency accounts

(1) Moneys may be held in a foreign currency account in any of the currencies specified in the Second Schedule:

Provided that no foreign currency account may be opened or operated with less than 200 United States Dollars, in the case of an individual, or less than 500 United States Dollars, in the case of a business organisation, or the equivalent of such amounts in any of the other currencies specified in the Second Schedule.

[Proviso inserted by s.i 7 of 2004.]

(2) A business organisation that is a foreign resident may open up to four foreign currency accounts in any four of the currencies specified in the Second Schedule and, in addition, may open accounts in South African Rands and Botswana Pula.

[Subsection inserted by s.i .267A of 1997.]

(2a) A business organization that is a Zimbabwean resident shall not be entitled to open or operate a foreign currency account .

[Subsection inserted by s.i .267A of 1997.]

(3) An individual may hold moneys in a foreign currency account in South African Rands or Botswana Pula instead of a currency specified in the Second Schedule;

Provided that, where he does so, such moneys may be withdrawn from the account only in Rands or Pula, as the case may be.

(4) A business organisation, that is a foreign resident and is a direct exporter of goods and services may retain all the proceeds from its exports in a foreign currency account;

Provided that an exporter receiving such proceeds in Zimbabwean dollars through a vostro-nostro account may not purchase foreign currency with those dollars for the purpose of opening a foreign currency account.

[Subsection amended by s.i .267A of 1997.]

(5) The following moneys shall not be deposited by an individual in a foreign currency account—(a) travellers cheques or other foreign currency documents issued in Zimbabwe:

Provided that an individual may pay such documents into his account if he satisfies the authorised dealer that they were paid for with foreign currency from that account; or
foreign currency purchased from an authorised dealer or from another holder of a foreign currency account; or

moneys withdrawn from a foreign currency account and converted into Zimbabwean currency.
Where an individual, on any one day, deposits foreign currency notes or coins into his foreign currency account in excess of two thousand United States dollars in value, the authorised dealer accepting the deposit shall

require him to disclose, in writing, the source of the foreign currency. (7) ....

(b)

(c) (6)

(9) – (14) ....

[Subsection repealed by s.i .267A of 1997.] [Subsections repealed by s.i.7 of 2004]

8. International credit cards

(1) An authorised dealer that is a commercial bank may issue a business organisation with up to four international credit cards for use by the organisation’s employees on business trips outside Zimbabwe, subject to the following conditions—

  1. (a)  the authorised dealer, approves each business trip before any of the cards are utilised; and
  2. (b)  such cards are used only for the payment of expenses incurred on business trips; and
  3. (c)  the business organisation assumes responsibility for the proper utilisation of the cards by its employees.

(2) An authorised dealer that is a commercial bank may issue an individual with an international credit card, subject to the following conditions—

  1. (a)  the individual does not hold another such card issued by the same or another authorised dealer:
    Provided that an individual may hold a card issued in terms of subsection (1) as well as a card issued in

    terms of this subsection; and

  2. (b)  the amount authorised to be drawn on the card does not at any time exceed the individual’s annual holiday

    travel allowance and additionally, or alternatively, the current balance in his foreign currency account; and

  3. (c)  the individual’s passport is valid and endorsed with the amount to which he is entitled by way of holiday travel

    allowance at the time the card is issued; and

  4. (d)  at the beginning of each calendar year while he holds the card, the individual’s passport is endorsed with the

    amount to which he is entitled by way of holiday travel allowance.

(3) An authorised dealer shall require a person to whom an international credit card is issued in terms of

subsection (1) or (2) to sign an undertaking to comply with the terms and conditions under which the card is issued. (4) Authorised dealers shall complete separate composite Forms E for transactions relating to international

credit cards issued to business organisations and individuals respectively.
(5) If the holder of an international credit card withdraws money on the card in excess of the authorised

limit, the authorised dealer shall—

  1. (a)  forthwith withdraw the card and take steps to have the holder declared a “hot card holder”; and
  2. (b)  take all necessary steps to recover the amount overdrawn from the holder’s foreign currency account or his

    future holiday travel allowance; and

  3. (c)  in the case of a card issued in terms of subsection (1), establish the circumstances in which the holder was

    permitted to exceed the limit; and

without delay report all the circumstances of the case to the Reserve Bank.

(6) Every authorised dealer that issues international credit cards shall report to the Reserved Bank each month the net amounts drawn on the cards.

9. Payments in Zimbabwe: section 10 of principal regulations not to apply to certain transactions

Paragraphs (a), (b) and (c) of subsection (1) of section 10 of the principal regulations, which prohibit the unauthorised making of payments and the placing of money to or for the credit of foreign residents, shall not apply where—

  1. (a)  the Zimbabwean resident who is the one party to the transaction is an individual and the foreign resident who is the other party to the transaction is related to him by blood or marriage; and
  2. (b)  the amount involved is less than the equivalent of five thousand United States dollars; and
  3. (c)  the transaction does not relate to any trade, business or other gainful occupation or activity carried on by the

    Zimbabwean resident or the foreign resident concerned;

  4. (d)  the transaction does not and is not likely to give rise to an enforceable obligation to pay any money outside

    Zimbabwe.

10. Payment by visitors for goods, services and other facilities provided by operators of designated tourist facilities

(1) In this section —
“designated tourist facility ” means any service, premises or place declared to be a designated tourist facility by

virtue of being specified in the First Schedule to the Tourism (Designated Tourist Facilities) (Declaration and Requirements for Registration) Regulations, 1996 published in terms of Statutory Instrument 106 of 1996, and, for the purposes of this section, includes any place (other than a place wherein the owner ordinarily resides) where persons are provided, on payment of a charge, with residential accommodation, whether with or without meals, commonly known as a “boarding-house” or “back-packers’ lodge”;

“operator”, in relation to a designated tourist facility, means the person who conducts or operates the facility or who is responsible for its management;

“registered tourist facility” and “visitor” have the meaning given to those terms in section 2 of the Tourism Act [Chapter 14:20];

“tourist agent “ means any person who receives payment from a visitor on behalf of any operator of a designated tourist facility for goods or services provided by that operator, or for partaking in any activity organised by that operator, and includes but is not limited to any tour operator, hotel and travel agency;

“Zimbabwe Tourism Authority “ means the Zimbabwe Tourism Authority established under the Tourism Act [Chapter 14:20].

(2) Every operator of a designated tourist facility, whether or not it is a registered tourist facility, shall ensure that any visitor who pays for any goods or services provided by the operator or partakes in any activity organised for gain or reward by the operator pays for such goods, services or activity—

  1. (a)  in foreign currency; or
  2. (b)  in Zimbabwean currency, if the operator is satisfied from documentary evidence produced by or on behalf of

    the visitor that the Zimbabwean currency is the proceeds from a sale of foreign currency to an authorised

    dealer.

(3) Where payment for the goods or services provided or activity organised by the operator of a registered tourist

facility is made through a tourist agent, the operator of the registered tourist facility concerned shall ensure that payment is received—

  1. (a)  in foreign currency; or
  2. (b)  in Zimbabwean currency, if the agent is satisfied from documentary evidence produced by or on behalf of the

    visitor that the Zimbabwean currency is the proceeds from a sale of foreign currency to an authorised dealer.

(4) Every operator of a designated tourist facility and every tourist agent is designated as an exporter for exchange

control purposes, and shall—
(a) when banking any foreign currency, complete in three copies a daily banking sheet in the form shown in the

appendix to the Fourth Schedule, of which—

  1. (i)  one copy shall be retained by the authorized dealer; and
  2. (ii)  one copy, duly authenticated by the authorized dealer, shall be retained by the operator; and

(iii) one copy, duly authenticated by the authorized dealer, shall be submitted by the operator or agent to the Zimbabwe Tourism Authority;

(b) no later than four days after the end of the month concerned, complete in three copies a monthly foreign currency analysis in the form shown in the appendix to the Fourth Schedule, of which—

  1. (i)  one copy shall be retained by the authorized dealer; and
  2. (ii)  one copy, duly authenticated by the authorized dealer, shall be retained by the operator; and
  3. (iii)  one copy, duly, authenticated by the authorized dealer, shall be submitted by the operator or agent to

    the Zimbabwe Tourism Authority.

(5) The authorised dealer with which an operator of a designated tourist facility or tourist agent banks any foreign

currency in terms of subsection (4) shall, no later than fourteen days after the end of the month concerned, complete in three copies a monthly return in Form TRl set out in the Fourth Schedule and submit to the Reserve Bank one copy of the form together with the following documents appended thereto, duly authenticated by the authorised dealer—

(a) the relevant monthly foreign currency analysis; and (b) relevant daily banking sheets.

[Section substituted by s.i 143 of 2003]

l0A. Payment by foreign clients of hunting safari operators and taxidermists

(1) In this section—
“hunting safari” includes a photographic or viewing safari conducted by a hunting safari operator, whether or not

in conjunction with a hunting safari;
“hunting safari operator” means a person who, for reward, conducts any other person on a hunting safari; “foreign client”, in relation to a hunting safari operator, means a person not ordinarily resident in Zimbabwe who

contracts directly or indirectly with the operator to go on a hunting safari conducted by the operator;
“Parks and Wild Life Management Authority” means the Parks and Wild Life Management Authority established

under the Parks and Wild Life Act [Chapter 20:14];
“professional hunter “means a person licensed as such in terms of the Parks and Wild Life (General) Regulations,

1990, published in Statutory Instrument 362 of 1990;
“taxidermist” means a person who processes, prepares, stuffs and mounts a trophy so that it has a life-like

appearance;
“triplicate copy”, with reference to Form TR2, means the copy of Form TR2 referred to as the triplicate copy in

the preliminary note to that form titled “Distribution of Copies”.
(2) Every hunting safari operator shall ensure that every foreign client who pays for any goods or services provided

by the operator or partakes in any hunting safari or other activity organised for gain or reward by the operator pays for such goods, services, safari or activity— (a) in foreign currency; or

(b) in Zimbabwean currency, if the operator is satisfied from documentary evidence produced by or on behalf of the foreign client that the Zimbabwean currency is the proceeds from a sale of foreign currency to an authorised dealer.

(3) Where payment for the goods or services provided or safari or activity organised by the hunting safari operator is made through an agent, the operator concerned shall ensure that payment is received— (a) in foreign currency; or

(b) in Zimbabwean currency, if the operator is satisfied from documentary evidence produced by or on behalf of the visitor that the Zimbabwean currency is the proceeds from a sale of foreign currency to an authorised dealer.

(4) Every hunting safari operator is designated as an exporter for exchange control purposes, and shall—

  1. (a)  at any time after the conclusion of any hunting safari, complete in five copies Form TR2 set out in the Fifth Schedule as furnished by the Reserve Bank through authorised dealers, and ensure that every foreign client of the hunting safari operator, and every professional hunter involved in the provision of the goods or services

    or organisation of the safari or activity by the operator, signs the Form TR2 in five copies; and

  2. (b)  ensure that all foreign currency paid to him or her by a foreign client is deposited with an authorised dealer in

    a corporate foreign currency account within seven days after the conclusion of the hunting safari; and

  3. (c)  no later than thirty days after the end of the hunting safari referred to in any Form TR2 submit to the Reserve Bank one copy of the Form TR2 together with the relevant bank deposit slips or copies thereof authenticated by an authorised dealer as evidence that the proceeds of that hunting safari have been banked in accordance

    with paragraph (b); and

(5) Where a hunting safari operator provides the services of a taxidermist, the hunting safari operator is designated

as an exporter for exchange control purposes, and shall—

(a) ensure that all foreign currency paid to him or her by a foreign client of his or her taxidermy services is deposited with an authorised dealer in a corporate foreign currency account; and

(b) at the time of applying for an export or re-export certificate in Form NP/CITES 3 through the Parks and Wild Life Management Authority, submit the triplicate copy of Form TR2 to the Authority, together with the relevant bank deposit slips or copies thereof authenticated by an authorised dealer as evidence that the proceeds derived from the processing of the relevant trophy or trophies have been banked in accordance with

paragraph (a).
(6) Where a taxidermist provides services independently of those of a hunting safari operator, the taxidermist is

designated as an exporter for exchange control purposes, and shall —

  1. (a)  ensure that all foreign currency paid to him or her by a foreign client of his or her taxidermy services is

    deposited with an authorised dealer in a corporate foreign currency account; and

  2. (b)  at the time of applying for an export or re-export certificate in Form NP/CITES 3 through the Parks ad Wild

    Life Management Authority, submit the triplicate copy of Form TP2 to the Authority, together with the relevant bank deposit slips or copies thereof authenticated by an authorised dealer as evidence that the proceeds derived from the processing of the relevant trophy or trophies have been banked in accordance with paragraph (a).

    [Section substituted by s.i 143 of 2003 and numbering corrected by s.i 105 of 2008]

10C. Cross-border transport operators

(1) In this section—
“cross-border transport operator ” means a transport operator issued with a bilateral or P.T.A permit for the.

purpose of undertaking cross-border operations in terms of the Road Motor Transportation Act, [Chapter

13:15].
“foreign cross-border transport operator” means a cross-border transport operator—

  1. (a)  who was domiciled outside Zimbabwe before the 1st January, 2003, in the case of an individual; or
  2. (b)  the majority of whose partners, trustees or members were domiciled outside Zimbabwe before the 1st

    January, 2003, in the case of a partnership, trust or association (whether incorporated or unincorporated); or

  3. (c)  which was incorporated outside Zimbabwe before the 1st January, 2003, in the case of a company; but does not include a cross-border transport operator carrying on any business in Zimbabwe who or which redomiciled

    outside Zimbabwe after the 1st January, 2003;

“foreign person ” or “foreign supplier” means— (a) an individual domiciled outside Zimbabwe; or

  1. (b)  a partnership, trust or association (whether incorporated or unincorporated) the majority of whose partners, trustees or members are domiciled outside Zimbabwe;
  2. (c)  a company incorporated outside Zimbabwe;

and “local company ” shall be construed accordingly;
“Form CD3” means the Customs/Currency Declaration Form No. 3, set out in the Sixth Schedule;
“incoming goods ” means imported goods belonging to a local company where freight charges are paid by a foreign

supplier;
“outgoing goods” means goods belonging to a foreign person and transported from Zimbabwe;
“transiting goods” means goods belonging to a foreign person and transported from Zimbabwe by a crossborder

transport operator;
“transport operator ” means the holder of an operator’s licence issued in terms of Part III of the Road Motor

Transportation Act, Chapter 13:15];
“Zimbabwe Revenue Authority “or “ZIMRA” means the Zimbabwe Revenue Authority established under the

Revenue Authority Act [Chapter 23: 11].
(2) Every cross-border transport operator (other than a foreign cross-border transport operator) who

transports goods on behalf of a foreign person shall ensure that the foreign person who pays for the transport of such goods, pays for such transport in foreign currency within 90 days of exiting (that is, upon departing from the port of exit) or entering (that is, upon arriving at the port of entry) Zimbabwe.

(3) Where payment for the goods transported for a foreign person by a cross-border transport operator is made through an agent, the agent shall ensure that payment is received in foreign currency within 90 days of exiting or entering Zimbabwe.

(4) Every cross-border transport operator (other than a foreign cross-border transport operator) who transports goods on behalf of a foreign person, and every agent of a cross-border transport operator (other than a foreign crossborder transport operator), is designated as an exporter for Exchange Control purposes, and shall ensure that—

(i) (ii)

he or she completes four copies of the Form CD3 set out in the Sixth Schedule as furnished by the Reserve Bank through Authorised Dealers, and deals with such copies in accordance with such guidelines as the Reserve Bank may issue from time to time; and
all foreign currency paid to him or her by a foreign person, whether for the transport of outgoing, incoming or transiting goods, is deposited with an Authorised Dealer in a Corporate Foreign Currency Account.

[Section inserted by s.i 162 of 2003.]

10D. Postal and telecommunications operators

(1)
“operator” means an operator of any of the telecommunications or postal services referred to in subsection (3),

whether or not such operator is licensed by the Postal and Telecommunications Regulatory Authority of

Zimbabwe;
“set off” means the settlement of accounts between a local operator and a foreign operator in terms of which the

cost of incoming traffic or services is et off against the cost of outgoing traffic or services.
(2) Any word or expression to which a meaning has been assigned in the Postal and Telecommunications

Act [Chapter 12:05] shall have the same meaning when used in this section.
(3) Every operator of any of the following services within Zimbabwe is designated as an exporter for

exchange control purposes -

  1. (a)  a cellular telecommunication service; or
  2. (b)  a fixed line telephone service; or
  3. (c)  a postal service; or
  4. (d)  an electronic mail service; or
  5. (e)  an Internet service; or
  6. (f)  an international transit service.

(4) Subject to subsection (6), every operator referred to in subsection (3) shall ensure that any service provided by such operator to a foreign person or foreign entity shall be paid for in foreign currency and that the foreign currency is received in Zimbabwe within 90 days from the last day of the month during which the service was provided.

(5) Where an operator of a postal service received payment from a foreign operator or operators on a monthly, quarterly or yearly basis, such postal operator shall ensure that the funds owed are received in Zimbabwe within 90 days from the last day of the month, quarter or year, as the case may be, in which the service was provided.

(6) (a)

(b) (c)

(d)

Every operator shall—
complete four copies of Form PTS1 set out in the Seventh Schedule as furnished by the Reserve Bank through authorised dealers and shall deal with such copies in accordance with such directions as the Reserve Bank may issue from time to time; and
attach to the form referred to in paragraph (a) a record of the inflow and outflow of such operator’s traffic for the period to which the return relates and the rate or fee applied per each unit of measurement of the traffic; and
immediately upon receipt, and, in any event, not later than 48 hours from date of receipt , deposit into a corporate foreign currency account all foreign currency received in respect of the services offered by such operator; and deal with such funds in accordance with such directions as the Reserve Bank may issue from time to time; and
submit the form referred to in this subsection to the Reserve bank through an authorised dealer within 30 days from the last day of the month in which the services were provided, or, in the case of the operator of a postal service, within 30 days from the last day of the month, quarter or year, as the case may be, in which the services were provided.

In this section and the Seventh Schedule –

(7)
payment dispute that has the potential of delaying payment from a foreign operator, giving material particulars of such dispute.

When completing the form referred to in subsection (6), the operator shall indicate on the form any

(8) Every operator shall advise the Reserve Bank in writing of every roaming partner, interconnect partner, clearing house or any other party with whom such operator has an agreement for the provision of services.

(9) No operator shall, without the written approval of the Reserve Bank, enter into a new or vary an existing roaming agreement or any other agreement for the provision of services by or to a foreign operator or other foreign entity.

(10) Every operator shall furnish to the Reserve Bank, such information or such documents as the Reserve Bank may require relating to any agreement or transaction connected with such operator.

(11) The Reserve Bank may from time to time issue directions to operators and authorised dealers supplementing or varying the provisions of this section:

Provided any directions varying the provisions of this section shall be confirmed by an amendment of this section

within 30 days of the date when the direction is issued.
[Subsection inserted by s.i 35 of 2004]

11. Purchase of securities by foreign residents.

(1) A listed security which is a share may be issued or transferred to a foreign resident or his nominee, subject to the following conditions—

  1. (a)  the security shall be paid for out of funds transmitted to Zimbabwe through normal banking channels; and
  2. (b)  the security shall not be issued or transferred without the permission of the Reserve Bank if its issue or transfer would result in foreign residents holding more than forty per centum of the total equity of the company issuing

    the security:

    [Paragraph amended by s.i 323A of 2001.]

Provided that any of the company’s equity that has been held by a foreign resident since before the 1st May, 1993, shall not be counted for the purposes of this paragraph.

(2) A bond or stock may be issued or transferred to a foreign resident or his nominee, subject to the following conditions—

(a) the security shall be paid for out of funds transmitted to Zimbabwe through normal banking channels; and (b) in the case of a primary issue of bonds or stock, the security shall not be issued or transferred without the permission of the Reserve Bank if its issue or transfer would result in foreign residents holding more than

forty per centum of the bonds or stock in the same issue.
[Paragraph amended by s.i 323A of 2001.]

(3) A person issuing a listed security to a foreign resident shall endorse the security— “Non-Resident”;
and
“For sale in Zimbabwe only”, where the security, in addition to being listed on the Zimbabwe Stock Exchange, is

listed or quoted on a stock exchange outside Zimbabwe.

12. Purchase of immovable property by foreign residents

Any application for the transfer of funds arising out of the purchase of immovable property by a foreign resident shall be submitted to the Reserve Bank through an authorised dealer.

13. Exports

(1) For the purposes of Section 20 of the principal regulations—

(a)

(b)

(b1) (c)

the maximum value of any precious or semi-precious stone or pearl, or article mounted or set with one or more such stones or pearls, that may be exported from Zimbabwe without the authority of an authorised dealer is five thousand dollars;
the maximum amount of Zimbabwean currency notes or coins or bearer cheques that may be taken out of Zimbabwe on the person or in the baggage of a person who is leaving Zimbabwe is five billion dollars;

....

[Paragraph substituted by s.i 105 of 2008.]

[Paragraph repealed by s.i 105 of 2008.]

the maximum amount of foreign currency that may be taken out of Zimbabwe on the person or in the baggage of a person who is leaving Zimbabwe, is ten thousand United States dollars or its equivalent at the current rate of exchange

Provided that the currency shall be counted as part of the person’s business travel allowance or holiday travel allowance, as the case may be.

[Paragraph amended by s.i 126 of 1999, s.i 291A of 2002 and s.i 103 of 2009].]

(2)
21 of the principal regulations unless he is satisfied that payment for the goods has been made to a Zimbabwean resident through an authorised dealer or will be so made within three months from the date of export.

The Commissioner General shall not authorise the export of goods from Zimbabwe in terms of section

[Subsection amended by s.i 38 of 1999.]

(3) An authorised dealer may authorise the export of the things specified in the Third Schedule, subject to the terms and conditions specified in that Schedule.

(4) Section 21 of the principal regulations shall not apply to the export of goods below two million dollars in value.

[Subsection amended by s.i 291A of 2002 and s.i 237 of 2004.]

14. Possession of currency in departure or transit lounge

The amounts that a person who is about to leave Zimbabwe may possess, without authorisation in terms of section 22 of the principal regulations, in the departure or transit lounge of an airport or other port, are—

(a)

(b)

(1)

an unlimited amount in the form of Zimbabwe dollar travellers’ cheques and any amount of Zimbabwean currency notes or coins and Reserve Bank bearer cheques permitted to be carried on the person in terms of paragraph (b) of subsection (1) of section 13;

[Paragraph substituted by s.i 7 of 2004.]

up to ten thousand United States dollars, or its equivalent, in foreign currency notes or coins. [Paragraph amended by s.i 323A of 2001, s.i 291A of 2002 and s.i 103 of 2009.]

15. Imports

The maximum amount of Zimbabwean currency notes, or coins or bearer cheques that may be imported

into Zimbabwe without authorisation in terms of section 23 of the principal regulations is five billion dollars. [Subsection substituted by s.i 105 of 2008.]

(2) For the purposes of section 24 of the principal regulations, if goods are not imported into Zimbabwe within three months, the importer is required to notify an exchange control authority.

16. Re-designation of returning residents

(1) Where an authorised dealer is satisfied, from documentary evidence including any residence permit issued by the Department of Immigration that a person who emigrated from Zimbabwe has returned and is now a Zimbabwean resident, the authorised dealer may release any blocked funds standing to the person’s credit and in all other respects treat him as a Zimbabwean resident.

(2) Where an authorised dealer has taken any action under subsection (1), it shall provide the Reserve Bank with full details in the returns it submits for the month concerned.

17. Release of funds held in blocked accounts and Government bonds

(1) A foreign resident that holds funds in a blocked account or in four per cent. Government external bonds may, if permitted to do so by the Reserve Bank, remit the funds outside Zimbabwe through an authorised dealer: Provided that such permission shall be granted only if—

  1. (a)  in the case of a business organisation, the funds have been held in the blocked account or in the bonds, as the case may be, since before the 1st May, 1993;
  2. (b)  in the case of an individual, the funds so held amount to give thousand dollars or less;

(2) A person who wishes to remit funds in terms of subsection (1) shall apply to the Reserve Bank through an

authorised dealer for permission to do so.

17A. Foreign currency holdings by authorised dealers.

[Heading substituted by s.i 88 of 2003]

The Reserve Bank may from time to time, by written direction to the institution concerned, fix the maximum amount of foreign currency that may be held at any one time by—

(a) authorised dealers ; or

(b) any class of authorised dealers ; or (c) any particular authorised dealer . (1) In this section—

“existing corporate foreign currency account” means a foreign currency account which, before the date of commencement of this order, had been opened by a business organization that is a Zimbabwean resident.
(2) Subject to subsection (1), words and expressions used in this section shall bear the same meaning as

they do in the principal order.
(3) Every authorised dealer with which an existing corporate foreign currency account is held shall take all

such steps as the Reserve Bank may direct to convert the money in the account into Zimbabwe currency and sell or otherwise dispose of any resultant foreign currency.

(4) Any written direction or instruction issued to an authorized dealer by the Reserve Bank before the date

of commencement of this order shall be deemed to be a direction referred to in subsection (3). [Section 17A inserted by s.i 267A of 1997 and amended by s.i 88 of 2003.]

18. Procedure for appeals

(1) An appeal to the review authority in terms of subsection (1) of section 43 of the principal regulations shall be made in writing, and shall—

  1. (a)  set out the name of the exchange control authority whose decision is the subject of the appeal; and
  2. (b)  describe clearly the decision which is the subject of the appeal; and
  3. (c)  set out clearly the grounds on which the appeal is based; and shall be delivered to the Reserve Bank with

a copy delivered forthwith to the exchange control authority whose decision is the subject of the appeal.
(2) On receipt of an appeal in terms of subsection (1), the review authority, or a person authorised by the review

authority—

  1. (a)  shall request the exchange control authority concerned to submit to the review authority, within such

    reasonable period as may be specified in the request, any written representations that the exchange control

    authority may wish to make in regard to the appeal; and

  2. (b)  may require the appellant to submit to the review authority such further information concerning the appeal as

    the review authority may require.

(3) An appeal to the Minister in terms of subsection (2) of section 43 of the principal regulations shall be made in

writing and shall—

  1. (a)  describe precisely the decision which is the subject of the appeal; and
  2. (b)  set out clearly the grounds on which the appeal is based; and shall be delivered to the head office of the

Ministry of Finance with a copy delivered forthwith to the Reserve Bank.
(4) On receipt of an appeal in terms of subsection (3), the Minister, or a person authorised by the Minister—

  1. (a)  shall request the review authority to submit to the Minister, within such reasonable period as may be specified in the request, any written representations that the review authority may wish to make in regard to the appeal; and
  2. (b)  may require the appellant to submit to the Minister such further information concerning the appeal as the review authority may require.

(4) Appeals under section 43 of the principal regulations shall be determined on the papers and, unless the review authority or the Minister, as the case may be, so permits, an appellant shall not be entitled to deliver oral argument or make oral representations, either in person or through a legal practitioner, in his appeal.

19. Forms

The forms to be used for the purpose of the principal regulations and this order may be inspected, free of charge, at the business premises of any authorised dealer.

20. Supplementary directions

The Reserve Bank may supplement the provisions of this order with directions given to authorised dealers in terms of section 35 of the principal regulations:

Provided that no such direction shall be inconsistent with the provisions of this order.

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