| (1) |
In this regulation "blocked account" means an account opened with an authorised dealer for the purposes specified in the succeeding subregulations. |
| (2) |
Whenever a person in the Republic is under a legal obligation to make a payment to a person outside the Republic but is precluded from effecting the payment as a result of any restrictions imposed by or under these regulations, the Treasury may order such person to make the payment to a blocked account. |
| (3) |
The Treasury may by notice in the Gazette direct, in respect of— |
| (a) |
persons resident in a particular country; or |
| (b) |
any particular person whom the Treasury has reasonable grounds to suspect of having contravened any provision of these regulations relating to foreign exchange, |
that all sums due by any other persons to persons referred to in (a) or (b) (hereinafter referred to as a "creditor") shall be paid into a blocked account.
| (4) |
Whenever such direction has been given— |
| (a) |
any person who holds or may thereafter hold moneys on behalf of any creditor (as defined in subregulation (3)), or who is or may thereafter become indebted to such creditor, shall forthwith, or as the case may be, on the date upon which such moneys become due or such debt becomes payable, pay the said moneys or the sum representing such debt into the said blocked account; |
| (b) |
no person shall, without permission of the Treasury and in accordance with such conditions as the Treasury may impose, make any payment on behalf of any creditor as defined in subregulation (3); |
| (c) |
any person who owes money to such creditor but is not under a legal obligation to make a payment, unless called upon by his creditor to do so, shall forthwith report to the Treasury, in writing, the amount of his indebtedness to the said creditor and the conditions on which the amount will become payable. The Treasury may thereupon, if the amount is payable at call, order him to pay the amount forthwith into a blocked account, or, if the amount is payable within a specified period after notice, order him to pay the amount into a blocked account within such period; |
| (d) |
no person shall, without the permission of the Treasury and in accordance with such conditions as the Treasury may impose, undertake any transaction in respect of property or assets belonging to or directly or indirectly controlled by any creditor as defined in subregulation (3), or take any action whereby any moneys which would otherwise have accrued to such creditor, cease to become due to him or whereby any obligation resting upon such person to pay any moneys due or payable to such creditor into a blocked account would otherwise be evaded. |
| (5) |
Any payment made to a blocked account in terms of this regulation shall, to the extent of the sum paid, operate as a valid discharge to the person making payment. |
| (6) |
Where the liability to make the payment is a liability to make the payment in currency other than Republic currency, the amount of the liability in Republic currency and the extent of the discharge shall be ascertained by converting the amount into Republic currency at a rate fixed by the Treasury. |
| (7) |
No sum standing to the credit of a blocked account shall be dealt with in any way except with permission granted by the Treasury or a person authorised by the Treasury and in accordance with such conditions as the Treasury or such authorised person may impose. |
| (8) |
The Treasury may grant exemptions from the provisions of this regulation and may authorise the refund to any person of moneys paid by him into a blocked account. To the extent of such refund no payment shall be deemed to have been made for the purposes of subregulation (5). |
Housing Development Agency Act, 2008
