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SARB Plans New Amnesty
| News by Staff Reporter
The South African Reserve Bank (SARB) has planned a new amnesty for individuals and corporates who have contravened exchange control laws, to be implemented on November 1, 2010.South African exchange laws state that no individual over the age of 18 is permitted to take over R4 million out of South Africa, and while corporates face no such restrictions they still have to apply with the SARB before moving any money overseas.
A similar amnesty was held in 2003 but only applied to individuals; this amnesty will include corporates as well, and the SARB has given the public 30 days to comment on the amendment to the Exchange Control Regulations before the amnesty is implemented in November.
The SARB said if an amnesty is approved and the funds were paid from offshore, then 10 percent would have to paid on the amount contravened, while funds paid from local accounts would find 12 percent of the amount contravened payable.
Source: www.bizpremises.co.za
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