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South African Reserve Bank
 
 
     
 
 

Imports / Exports  

  • Why does the Financial Surveillance Department of the South African Reserve Bank monitor exports?

    To ensure that exporters repatriate export proceeds in compliance with Exchange Control Regulations 6, 10 and 11.
  • How does the Financial Surveillance Department of the South African Reserve Bank monitor the receipt of export proceeds?

    (i) By means of an electronic monitoring system whereby the value of goods exported and declared to Customs (through the use of a Customs declaration) is matched with the export proceeds repatriated and reported by Authorised Dealers, i.e. commercial banks. 
     
    (ii) The Customs Division of the South African Revenue Service (Customs) transmits export data on the movement of goods, declared to Customs, to the South African Reserve Bank.
     
    (iii) This data is compared with data on the flow of funds (export proceeds) as reported by Authorised Dealers, i.e. commercial banks to the Financial Surveillance Department through the FinSurv Reporting System.
  • How is payment effected for imports?

    Payment is effected via an Authorised Dealer, i.e. commercial bank on presentation of a commercial invoice from the overseas supplier together with the SARS Customs clearance documentation evidencing the receipt of the goods in South Africa.
  • Can an advance payment be made for an import?

    (i) Yes. Authorised Dealers, i.e. commercial banks may provide foreign currency, in respect of advance payments, on behalf of their clients, to cover the cost of permissible imports, other than capital goods, against the presentation of an invoice.
     
    (ii) The importer must, in respect of payments in excess of R50 000 and once the goods have been cleared through SARS Customs, present the SARS Customs clearance documentation to the Authorised Dealer who made the payment, as proof that the foreign exchange provided was utilised for the purpose stated and that the goods were received in South Africa.
  • Where can a permit be obtained for importation/exportation of gold into/from South Africa?

    These matters must be referred to the South African Diamond and Precious Metals Regulator.
 
 
 
     
 
 
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