On 03 March the South African Revenue Service (SARS) announced an update of its “Excess Currency External Policy”.
The Policy has been amended to clarify the difference between used and unused currency. Unused currency, whether banknotes or coins, is classifiable within tariff heading 49.07 and the clearance declaration process as prescribed in SC-CF-54 is applicable.
According to the “Summary of Main Points”:
a) The movement of bank notes, foreign currency and Kruger Rand coins in and out of South Africa is
limited to the prescribed amounts as per the Exchange Control Regulations.
b) Every person entering or leaving 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 must adhere to the requirements for importing and exporting currency.
The Policy is available on request.
Story by: Riaan de Lange
