PART III.

Payments.

5. —Except with the permission of the Minister, a person shall not—

(a) make, or commit himself to make, any payment to or by the order of or on behalf of any person resident outside the scheduled territories, or

(b) place, or promise to place, any sum to the credit of any person so resident.

6. —Except with the permission of the Minister, a person shall not—

(a) place, or promise to place, any sum to the credit of any person resident in the scheduled territories by the order of or on behalf of any person resident outside those territories, or

(b) make, or commit himself to make, any payment to a person resident in the scheduled territories, or place, or promise to place, any sum to the credit of any person so resident as consideration for or in association with—

(i) the receipt by any person of a payment made outside the scheduled territories, the acquisition by any person of property which is outside the scheduled territories, the performance outside the scheduled territories of any service, or the importation into the State or any other of the scheduled territories of goods of a country of origin not being in the scheduled territories, or

(ii) the transfer to any person, or the creation in favour of any person, of a right (whether present or future, and whether actual or contingent) to receive a payment outside the scheduled territories, to acquire property which is outside the scheduled territories, to have performed outside the scheduled territories any service, or to import into the State or any other of the scheduled territories goods of a country of origin not being in the scheduled territories.

7. —Notwithstanding any other provision of this Act, an authorised dealer may, in accordance with a direction given by the Minister under section 26—

(a) make, or commit himself to make, payments to or by the order of persons resident outside the scheduled territories or place, or promise to place, sums to the credit of such persons, or

(b) effect any other transaction in the normal course of banking business.