Foreign Exchange Act 2004

FOREIGN EXCHANGE ACT, 2004. ARRANGEMENT OF SECTIONS. Section PART I PRELIMINARY. 1. Short title. 2. Commencement. 3. Interpretation. PART II AUTHORITY OF BANK OF UGANDA AND LICENSING. 4. Authority of Bank of Uganda. 5. Licensing. 6. Suspension and revocation of licence. 7. Appeals. 8. Restrictions on importation and exportation of banknotes, coins, travellers cheques and securities. PART III RESTRICTIONS ON CARRYING ON FOREIGN EXCHANGE BUSINESS. 9. Foreign exchange business and international payments. 10. Imposition of temporary restrictions. PART IV ENFORCEMENT OF COMPLIANCE. 11. Provision of information. 12. Search and seizure. 13. Notice. 14. Recovery or forfeiture. 15. Retention of seized property. PART V MISCELLANEOUS. 16. General prohibitions. 17. Offences. 18. Regulations. 19. Minister's power to amend Schedule. 20. Repeal of Exchange Control Act. 21. Precedence of this Act. Schedule. Currency Point.

es. 18. Regulations. 19. Minister's power to amend Schedule. 20. Repeal of Exchange Control Act. 21. Precedence of this Act. Schedule. Currency Point.

FOREIGN EXCHANGE ACT, 2004, An Act to amend and consolidate the law relating to foreign exchange in Uganda; to provide for the exchange of foreign currencies in Uganda and the making of international payments and transfers of foreign exchange; and for other related and incidental matters. Commencement: 13 November, 2004. PART I PRELIMINARY. 1. Short title. This Act may be cited as the Foreign Exchange Act, 2004. 2. Commencement. This Act shall come into force on the date of assent. 3. Interpretation.

le. This Act may be cited as the Foreign Exchange Act, 2004. 2. Commencement. This Act shall come into force on the date of assent. 3. Interpretation.

In this Act, unless the context otherwise requires— "bank" has the meaning assigned to it in the Financial Institutions Act, 2004; "business" means either one or both of the following— ( a ) a series of two or more transactions; ( b ) a transaction or transactions in excess of an amount prescribe by regulations; "currency" means the currency of Uganda or foreign currency; "currency of Uganda" means— ( a ) banknotes and coins issued by the Bank of Uganda; and ( b ) any right to receive such banknotes or coins in respect of any balance at a financial institution located within or outside Uganda; "currency point" has the meaning assigned to it in the Schedule to this Act; "designated resident enterprise" means a person holding a licence issued by the Bank of Uganda to engage in the activities specified in section 5; "financial institution" has the meaning assigned to it in the Financial Institutions Act, 2004; "foreign currency" means a currency other than the legal tender of Uganda; "foreign exchange" includes— ( a ) banknotes, coins or electronic units of payment in any currency other than the currency of Uganda which are or have been legal tender outside Uganda; ( b ) financial instruments denominated in foreign currency; and ( c ) any right to receive such banknotes or coins in respect of any balance at a financial institution located within or outside Uganda; "foreign exchange bureau" means a person holding a licence issued by the Bank of Uganda to engage in the activities specified in subsection (2) of section 5; "foreign exchange business" means the business of buying, selling, borrowing or lending of foreign currency; "Governor" means the Governor of the Bank of Uganda; "Minister" means the Minister responsible for finance; "non-resident" means any person other than a resident; "payment" means a transfer of currency or traveller's cheques made for the purpose of— ( a ) discharging a liability; ( b ) making a gift or donation; or ( c ) creating a balance at a financial institution that can be drawn upon; "person" includes any company or association or body of persons corporate or unincorporated; "prescribed authority" means a court, a police officer or other public officer or a security agency of the State or any person authorised by any such agency; and includes any person on whom any functions are conferred by or under this Act; "resident" means— ( a ) an individual who is ordinarily resident in Uganda for one year or more; ( b ) the Government of Uganda and any of its diplomatic representations located outside Uganda; ( c ) a company, firm or enterprise whose principal place of business or centre of control and management is located in Uganda; ( d ) a branch located within Uganda of a company, firm or other enterprise whose principal place of business is located outside Uganda; and ( e ) a corporation, firm or enterprise incorporated or formed under the laws of Uganda; except, that "resident" does not include a foreign diplomatic representation or an accredited official of such a representation located within Uganda, an office of an organisation established by international treaty located within Uganda, or a branch located outside Uganda of a company, firm, or enterprise whose principal place of business is located in Uganda; "security" means a share, stock, bond or note, other than a cheque or traveller's cheque or a debenture denominated in the currency of Uganda or in foreign currency; "traveller's cheque" means an instrument issued by a bank or similar institution which is intended to enable the person to whom it is issued to obtain bank notes or coins in the currency of Uganda or in foreign currency from another person on the credit of the issuer.

n to whom it is issued to obtain bank notes or coins in the currency of Uganda or in foreign currency from another person on the credit of the issuer.

PART II AUTHORITY OF BANK OF UGANDA AND LICENSING. 4. Authority of Bank of Uganda. (1) The Bank of Uganda shall be the regulatory autho This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article. Home | About Us |--> Terms & Conditions | Privacy Statement | Publishing Services | Contact Us Sitemap --> --> Copyright 2019. Blackhall Publishing. All Rights Reserved. Design and Developed By : Indiafin Technologies Ltd .