On 16 March Sars’ Customs and Border Management issued its External Policy (EP) and Standard Operating Procedures (SOP) for “Excess Currency”. According to the Scope of the Documents, (a) This policy outlines the limitations on the movement of: (i) Bank notes and foreign currency in and out of South Africa; and (ii) Kruger Rand coins. (b) This policy applies to every person who is about to enter/has entered, who is about to exit/has exited South Africa from/to a country outside the Common Monetary Area (CMA) through any recognised place of arrival/departure and who has in his/her possession South African banknotes, any foreign currency or Kruger Rand coins. (c) This policy does not apply to: (i) Bearer Instruments, for example, bills of exchange, cheques, promissory notes, bearer bonds, travelers’ cheques, money orders or postal orders; or (ii) The movement of foreign currency and/or Rand within the CMA.
