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Johannesburg - An amnesty for those who have contravened exchange control laws has been planned for November 1, the SA Reserve Bank said on Thursday.
"There was an amnesty in 2003, but that was only for individuals - this time the amnesty is for both individuals and corporates," Sarb spokesperson Charles Nevhutanda told Sapa.
He said individuals over the age of 18 were permitted to take no more than R4m out of South Africa.
While there were no limits on how much corporations could place overseas, they had to apply to the Sarb if they wished to move money.
"If we approve an amnesty, then 10% must be paid on the amount contravened," he said.
This, however, was only if the funds were paid from offshore.
"If people pay from local accounts then they will have to pay 12% on the amount contravened," he said.
Nevhutanda said the Sarb had on Thursday published a draft exchange control voluntary disclosure programme as well as an amendment to the Exchange Control Regulations, 1961 for public comment.
"People have 30 days to make comments and if we have to amend our documentation, then we will do so."
The amnesty would be implemented on November 1 and the bank had allowed 12 months for the lodging of applications.
Comments should be submitted by no later than August 2.
- Sapa
"There was an amnesty in 2003, but that was only for individuals - this time the amnesty is for both individuals and corporates," Sarb spokesperson Charles Nevhutanda told Sapa.
He said individuals over the age of 18 were permitted to take no more than R4m out of South Africa.
While there were no limits on how much corporations could place overseas, they had to apply to the Sarb if they wished to move money.
"If we approve an amnesty, then 10% must be paid on the amount contravened," he said.
This, however, was only if the funds were paid from offshore.
"If people pay from local accounts then they will have to pay 12% on the amount contravened," he said.
Nevhutanda said the Sarb had on Thursday published a draft exchange control voluntary disclosure programme as well as an amendment to the Exchange Control Regulations, 1961 for public comment.
"People have 30 days to make comments and if we have to amend our documentation, then we will do so."
The amnesty would be implemented on November 1 and the bank had allowed 12 months for the lodging of applications.
Comments should be submitted by no later than August 2.
- Sapa
