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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 Regulation 6, 10 and 11.
  • How does the Financial Surveillance Department of the South African Reserve Bank monitor the receipt of export proceeds?

    By means of an Electronic Export Monitoring System (EEMS), which matches the value of goods exported and declared to Customs (through a Customs declaration, currently SAD 500) with the export proceeds repatriated and reported by banks. To match the total value of good exported and export proceeds repatriated by exporters for a specific period the Custom Client Number is used. To match export transactions declared to Customs with transactions relating to export proceeds repatriated as reported by banks the Unique Consignment Reference is used.
  • How is payment effected for imports?

    Payment is effected via a 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?

    Yes. Your banker will make payment on the strength of an invoice. The importer must, in respect of payments in excess of R50 000 and once the goods have been cleared through Customs, present the SARS Customs clearance documentation to the bank who made the payment, as proof that the foreign exchange provided was utilised for the purpose stated and 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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