L.R.O. 1/2012
LAWS OF GUYANA
FOREIGN EXCHANGE (MISCELLANEOUS PROVISIONS)
ACT
CHAPTER 86:01
Act
8 of 1996
Current Authorised Pages
Pages
(inclusive)
Authorised
by L.R.O.
1 – 9 ... 1/2012





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Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.








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CHAPTER 86:01
FOREIGN EXCHANGE (MISCELLANEOUS PROVISIONS)
ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Dealings in gold and foreign currency.
4. Lending of money or securities to bodies corporate controlled by
persons outside Guyana.
5. Offences; penalties.
6. Bringing into and taking out of Guyana foreign currency.
FIRST SCHEDULE
SECOND SCHEDULE
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CHAPTER 86:01
FOREIGN EXCHANGE (MISCELLANEOUS PROVISIONS)
ACT
of 1996 An Act to regulate certain dealings in gold, foreign currency
money or securities, and the bringing in or taking out
of Guyana foreign currency.
[23rd MAY,1996]
Short title.

Interpretation.


c. 79:04
1. This Act may be cited as the Foreign Exchange
(Miscellaneous Provisions) Act.
2. In this Act—
“authorised dealer” means in relation to gold or any foreign
currency, a person for the time being authorised by an
order of the Minister to act for the purposes of this Act
as an authorised dealer in relation to gold, or as the case
may be, that foreign currency;
“Commissioner” means the Commissioner-General appointed
under the Revenue Authority Act and includes any
officer of the Revenue Authority acting in the
performance of his duties;
“foreign currency” does not include any currency or notes
issued by the Government or under the law of any part
of the scheduled territories but, save as aforesaid,
includes any currency other than Guyana dollars and any
notes of a class which are or have at any time been legal
tender in any territory outside Guyana, and any
reference to foreign currency, except so far as the
context otherwise requires, includes a reference to any
right to receive foreign currency in respect of any credit
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First Schedule.

Dealings in
gold and
foreign
currency.

or balance at a bank;
“gold” means gold coin or gold bullion;
“the scheduled territories” means the territories specified in
the First Schedule, so, however, that the Minister may at
any time by order amend the said Schedule either by the
addition or exclusion of territories or otherwise, and the
said expression shall be construed accordingly:
“securities” means shares, stock, bonds, notes (other than
promissory notes), debentures, debenture stock, units
under a unit trust scheme and shares in an oil royalty.
3. (1) Except with the permission of the Minister, no
person other than an authorised dealer, shall, in Guyana,
borrow any gold or foreign currency from, or lend any gold
or foreign currency to, any person other than an authorised
dealer.
(2) Except with the permission of the Minister, no
person resident in the scheduled territories, other than an
authorised dealer, shall, in Guyana, do any act which
involves, is in association with or is preparatory to borrowing
any gold or foreign currency from, or lending any gold or
foreign currency to, any person outside Guyana.
(3) Where a person borrows any gold or foreign
currency in Guyana, or being a person resident in the
scheduled territories does any act which involves, is in
association with or is preparatory to the borrowing of gold or
foreign currency outside Guyana, he shall comply with such conditions as to the use to which it may be put or the period
for which it may be retained as may from time to time be
notified to him by the Minister.
(4) Except with the permission of the Minister, no
person resident in Guyana, other than an authorised dealer,
shall, in Guyana operate a foreign currency account.
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Lending of
money or
securities to
bodies
corporate
controlled by
persons
resident
outside
Guyana.

Offences;
penalties.

4. (1) Except with the permission of the Minister,
no person resident in Guyana shall lend any money or
securities to anybody corporate resident in the scheduled
territories which is by any means controlled (whether directly
or indirectly) by persons resident outside the scheduled
territories:
Provided that this subsection shall not apply
where the lender after making such inquiries as are
reasonable in all the circumstances of the case does not know
and has no reason to suspect that the body corporate is
controlled as aforesaid.
No person resident in the scheduled territories
shall in Guyana do any act which involves, is in association
with or is preparatory to any such transactions outside
Guyana as is referred to in this subsection.
(2) For the purposes of this section persons
resident in Guyana or outside the scheduled territories shall
be deemed to control a body corporate notwithstanding that
other persons are associated with them in the control thereof
if they can together override those other persons.
(3) In this section the expression “security”
includes a secondary security.
5. (1) Any person who contravenes any restriction or
requirement imposed by or under section 3 or 4 shall be
guilty of an offence and shall be liable—
(a) on summary conviction, to a fine and
to imprisonment for three years;
(b) on conviction on indictment, to a
fine and to imprisonment for six
years,
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Bringing into
and taking out
of Guyana
foreign
currency.
Second
Schedule.
and the court may, if it thinks fit so to do, order the foreign
currency, money, security or gold in respect of which the
offence is concerned, to be forfeited.
(2) The maximum fine which may be imposed for
an offence punishable under this section shall be—
(a) on summary conviction one
hundred thousand dollars; and
(b) on conviction on indictment two
hundred and fifty thousand dollars:
Provided that a larger fine
may be imposed not exceeding the
amount or value of the foreign
currency, money, security or gold in
respect of which the offence is
concerned.
6. (1) A traveller may bring into Guyana on his
person or in his baggage foreign currency amounting to ten
thousand United States dollars or its equivalent in any other
currency without making any declaration to the
Commissioner.
(2) A traveller may bring into Guyana on his
person or in his baggage foreign currency amounting to more
than ten thousand United States dollars or its equivalent in
any other currency providing he makes a declaration to the
Commissioner in the Form in the Second Schedule.
(3) A traveller may take out of Guyana on his
person or in his baggage foreign currency amounting to ten
thousand United States dollars or its equivalent in any other
currency without making any declaration to the
Commissioner.

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c. 82:01

s. 2
(4) A traveller may take out of Guyana on his
person or in his baggage foreign currency amounting to more
than ten thousand United States dollars or its equivalent in
any other currency providing he makes a declaration to the
Commissioner in the Form in the Second Schedule.
(5) A traveller who fails to make a declaration
required to be made under this section or who knowingly
makes a declaration that is untrue in any material particular
shall be guilty of an offence and shall be liable on summary
conviction to a fine of two hundred and fifty thousand dollars
and six months imprisonment and the currency found on the
person, or in the baggage, of the traveller in respect of which
a declaration was not made as required shall be forfeited by
the court.
(6) This section shall be administered by the
Commissioner as though it were part of the Customs Act and
the provisions of that Act and the regulations made
thereunder, in so far as they relate to this section shall mutatis
mutandis apply.
(7) Notwithstanding the repeal of the Exchange
Control Act, the orders made under section 2 of that Act, shall
subject to the power of the Minister to amend or revoke them,
shall remain in force as if made under section 2 of this Act.
FIRST SCHEDULE
SCHEDULED TERRITORIES
GUYANA
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s. 6
SECOND SCHEDULE
GUYANA
FORM
Declaration to be made by a traveller under section 6
of the Foreign Exchange (Miscellaneous Provisions) Act 1996.

10. I hereby declare that I am taking* out of
Guyana/ bringing* into Guyana foreign currency amounting
to more than ten thousand United States dollars or its
equivalent in any other currency.
Exact amount of currency involved............................
Signature of traveller
*Make appropriate deletion
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