IMPORT LICENCES

Evening Post, Volume CXXX, Issue 156, 30 December 1940, Page 6

IMPORT LICENCES

EXCHANGE CONTROL

RESERVE BANK STATEMENT

The Reserve Bank announces that the following procedure has been arranged for dealing with exchange allocations outstanding at the end of the current year:— (1) On January 1, 1941, all outstanding exchange allocations in respect of third and fourth period import licences will/ be cancelled, including allocations for months in 1941. (2) This provision is not intended to deprive importers of exchange allocations which are still required in respect of goods actually admitted under third or fourth period licence's before January 1, 1941; and the trading banks are accordingly being authorised, if requested before January 21, 1941, by the importers concerned, to reinstate such allocations, or, where applicable, to carry them forward from 1940 into 1941. This applies to third-party certificates as well asto exchange authorities. (3) An important stipulation is that no allocation on a third or four period exchange authority or third-party certificate may be used to cover any remittance in respect of goods admitted under a fifth period licence. (4) Remittances in respect of goods ordered under third or fourth period licences, but admitted in 1941 under fifth period licences, will, of course, be provided for in the relative fifth period exchange authorities, unless remittance has been made prior to January 1. 1941, under third or fourth period exchange authorities or third-party certificates. In the latter! case the amount applied for under fifth period exchange authorities should be correspondingly reduced. \

It is explained by the Reserve Bank that the above procedure is occasioned partly by the expiry of third and fourth period licences on December 31, 1940. and partly to provide a basis for the bank to deal with fifth period allocations to the 'best advantage of all importers.