Exchange Control involves measures to control or influence the in- and
outflow of capital over a country's borders. South Africa, as a developing
country, has traditionally had a shortage of foreign exchange to pay for the
import of goods and capital necessary for the industrialisation and
development of the country. Exchange control is therefore used to protect
the gold and foreign exchange reserves, but with the purpose of not
limiting bona fide current transactions.
The legal structure of exchange control is based on the Currency and
Exchanges Act, Act 9 of 1933, as amended, in terms of which the
Exchange Control Regulations and the Orders and Rules are promulgated
from time to time.
The first regulations promulgated in terms of the Act was known as the
Emergency Finance Regulations, promulgated in Government Gazette
R 1386 of 9 September 1939. Over the years the Exchange Control
Regulations have been amended on numerous occasions to meet the
demands of the time as circumstances dictated. The current Exchange
Control Regulations, which regulates the exchange control system, was
promulgated on 1 December 1961 in terms of Government Notice R 1111
and R 1112. In terms of the Currency and Exchanges Act the Treasury
delegated its powers to the South African Reserve Bank to administer
exchange control. The mechanism of exchange control therefore
comprises the Treasury, the South African Reserve Bank and authorised
dealers in gold and foreign exchange.
The South African Reserve Bank has issued the exchange control rulings
to authorised dealers which contains the conditions, permissions and limits
applicable to transactions in foreign exchange and gold which may be concluded by residents with non-residents, without reference to the
exchange control department of the South African Reserve Bank. The
responsibility of the authorised dealers are also set out in detail in the
exchange control rulings.
Afrikaans: Deviesebeheer is 'n monetere beleidsinstrument waardeur die betrokke
owerheid, gewoonlik deur die werking van die sentrale bank, beheer
uitoefen oar transaksies tussen inwoners en nie-inwoners. Dit word
internasionaal aanvaar, soos gereflekteer in die Akte van Ooreenkoms van
die lnternasionale Monetere Fonds, naamlik Artikel VI (3), dat enige
beheermaatreels om internasionale kapitaalbeweging te beheer,
toelaatbaar is, maar word vereis dat sodanige beheermaatreels nie 'n
invloed behoort te he op lopende handelstransaksies nie.
Deviesebeheer word in die Republiek toegepas uit hoofde van die
bepalings van die Wet op Betaalmiddels en Wisselkoerse, Wet 9 van 1933.
Deviesebeheerregulasies is reeds sedert 1939, sedert die aanvang van die
Eerste Wereldoorlog, in werking gestel en is sedertdien deur die Tesourie,
die Suid-Afrikaanse Reserwebank en gemagtigde handelaars
geadministreer. Die betrokke wetgewing is oar die jare heen gewysig om
by die besondere omstandighede van die Republiek aan te pas.
Die howe het, uit hoofde van die aard van die wetgewing, reeds op 'n
vroee stadium oortredings van die deviesebeheerwetgewing in 'n ernstige
lig beskou. Dit is egter so dat die erns van oortredings van die
deviesebeheerwetgewing soms oorbeklemtoon is en word daar gevolglik
in die praktyk gevind dat 'n geweldige dispariteit by vonnisoplegging weens
oortredings van die deviesebeheerwetgewing voorkom. Die mees
onlangse benadering van die howe jeens oortredings van die regulasies
word treffend gestel deur Regter Schutz in die uitspraak in S v Stephen
and Anothel waarin onderskei word tussen oortredings wat van 'n
tegniese aard beskou kan word, teenoor oortredings waar die elemente
van bedrog aangetref word.
