Money-Changing and Remittance Businesses Act · s 2

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

2.
(1)
In the Act, unless the context otherwise requires -
Interpreta-tion
"Authority"
means the Minister of Finance ;
"licence" means a money-changer's. licence or a remittance licence, as the case may be, granted under this Act;
"money-changer's licence" means a licence granted under this Act authorising the holder thereof to carryon money-changing business;
"money-changing business" means the business of buying or selling foreign currency notes;
"remittance business"
means the business of accepting moneys for the purpose of transmitting them to persons resident in another country ;
"remittance licence" means a licence granted under this Act authorising the holder thereof to carry on remittance business.
(2)
For the purposes of this Act, a person shall be deemed to be carrying on money-changing business if he -
(a)
advertises that he is ready to buy or sell foreign currency notes, or
(b)
offers to buy or sell foreign currency notes.

Money-Changing and Remittance Businesses
Scope of this
Act
Authority responsible for adminis-tration of this Act
Persons carrying on money-changing business to be licensed
Persons carrying on remittance business to be licensed

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 2

(1)

In the Act, unless the context otherwise requires -

Interpreta-tion

"Authority"

means the Minister of Finance ;

"licence" means a money-changer's. licence or a remittance licence, as the case may be, granted under this Act;

"money-changer's licence" means a licence granted under this Act authorising the holder thereof to carryon money-changing business;

"money-changing business" means the business of buying or selling foreign currency notes;

"remittance business"

means the business of accepting moneys for the purpose of transmitting them to persons resident in another country ;

"remittance licence" means a licence granted under this Act authorising the holder thereof to carry on remittance business.

(2)

For the purposes of this Act, a person shall be deemed to be carrying on money-changing business if he -

(a)

advertises that he is ready to buy or sell foreign currency notes, or

(b)

offers to buy or sell foreign currency notes.

Money-Changing and Remittance Businesses

Scope of this

Act

Authority responsible for adminis-tration of this Act

Persons carrying on money-changing business to be licensed

Persons carrying on remittance business to be licensed