the court may order that the body. (4) A person may open more than one domiciliary account under this Act designated in the same or different foreign currencies and at the same or in different banks. The rate at which each transaction in the Market shall be executed shall be the rate mutually agreed between the applicant purchaser and the Authorised Dealer or Authorised Buyer concerned. (1) Transactions in the Market shall be conducted in any convertible foreign currency. (2) A person aggrieved by the decision of the Central Bank under subsection (1) of this section may, within 28 days of the receipt by him of the letter of revocation, appeal in writing to the Minister. Monitoring and supervision by the Central Bank. (1) A person who imports foreign currency in excess of US 10,000 or its equivalent in cash and not by means of a bank draft, mail or telegraphic transfer and deposits the foreign currency in a domiciliary account with an Authorised Dealer shall only make.
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Advertisement, how it would be implemented. The Central Bank argues that it would deal with any individual found engaging unlicensed operators. Failure to comply with this Notice shall attract penalties, including pecuniary sanctions, suspension and revocation of licence in accordance with the Foreign Exchange Act 2006, (Act 723). Financial Institutions Consolidated, 2010;. Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardised practices of these institutions. (5) In addition to any other penalty imposed under this section, the foreign currency involved shall be forfeited to the Federal Government. Special surveillance of certain transactions.
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