andMr. McQuillan asked the Minister for Finance whether there is any limit on the total sum of money which may be taken out of the State in any one year.
Ceisteanna—Questions. Oral Answers. - Export of Capital.
9.
I assume that the question relates to funds which a person leaving this country make take with him.
Subject to a prohibition on the export of gold, there is no limit on the amount a person travelling to Northern Ireland, Great Britain, the Channel Islands, or the Isle of Man may take with him.
Section 16 (2) of the Exchange Control Act prohibits, except with the permission of the Minister for Finance, the exportation to any place not in Northern Ireland, Great Britain, the Channel Islands, or the Isle of Man of any sterling area currency notes or any foreign, that is non-sterling area, currency or any document of a kind intended to enable the person to whom it is issued to obtain foreign currency from some other person on the credit of the person issuing it.
Article 19 of the Exchange Control Regulations, 1959, exempts from the prohibition in Section 16 (2) of the Exchange Control Act, 1954, the exportation on the person or in the baggage of a traveller leaving the State of sterling area currency notes not exceeding £50 in total value and foreign currency notes not exceeding £250 in value; the exportation of any document of a kind intended to enable the person to whom it is issued to obtain foreign currency from some other person on the credit of the person issuing it, provided that the document is issued not earlier than three months before the date of exportation by an authorised bank or in pursuance of permission granted by the Minister for Finance; in the case of a person not resident in the State, the exportation by him on his person or in his baggage of any traveller's cheque or letter of credit which has been imported by him.
10.
andMr. McQuillan asked the Minister for Finance whether it is a fact that Dr. Paul Singer exported capital in any one year to an amount in excess of that normally permitted to citizens or other persons living in the State; and, if so, if he will state in what year, the total amount, and with whose consent and authority the capital was exported.
There is no prohibition under the Exchange Control Acts or any other statute on the export of capital to places in the Sterling Area and I have no way of knowing how much is so exported by any individual.
Permission under the Exchange Control Acts is required for the export of capital to any other place. No such permission was sought by or granted to Dr. Paul Singer.
Question No. 11 postponed.