Section 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

Report