Biashara ya FOREX

jamii01 · Jun 23, 2012

Naomba kufahamu mtaji wa kufungua biashara ya duka la Foreign exchange kwa pesa za kigeni,Kima cha chini kabisa niwe na mtaji kiasi gani wa kuanzia,na Taratibu za kupata kibali cha kuendeshea biashara hapa kwetu,kwa mikoa kama ya DSM,MWZ na Arusha..

Stoudemire · Jun 23, 2012

Cheki website ya BOT utakutana na form ya kufungua duka la kubadilishia fedha za kigeni ambayo itakuwa na maelezo.

angedizzle · Jun 23, 2012

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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GOVERNMENT NOTICE NO: 88 Published on 20/June/2008

THE FOREIGN EXCHANGE ACT, 1992(CAP. 271)REGULATIONS

Made under section 5(a) and 7(1)

THE FOREIGN EXCHANGE (BUREAUX DE CHANGE) REGULATIONS, 2008

Regulation Title

PART I

PRELIMINARY1. Citation and commencement.2. Application.3. Interpretation.

PART II

LICENSING4. Dealing in foreign currency.5. Structure and ownership of licenced bureau de change.6. Capital requirements.7. Business name.8. Application for licence.9. Processing of application.10. Review.11. Bureau de change premises.12. Effect and duration of licence.13. Opening of bank accounts.14. Revocation of licence.

PART III

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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MODE OF OPERATION15. Display of exchange rates and dealings.16. Prohibition of dealings other than spot transactions.17. Dealings with banks and financial institutions.18. Refusal to sell.19. Prohibited transactions.20. Inter-bureaux transactions.21. Sale of foreign currency to non-residents.

PART IV

FOREIGN CURRENCIES FOR TRAVEL PURPOSES22. Travel allowance.

PART V

GENERAL23. Confidentiality of transactions.24. Submission of returns.25. Change of ownership.26. Audited Accounts.27. Powers of inspection.28. Administrative sanctions.29. Revocation and savings.SCHEDULES

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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REGULATIONS, 2008PART IPRELIMINARY

Citation andcommencement

1. These Regulations may be cited as the Foreign Exchange (Bureaux deChange) Regulations, 2008 and shall come into operation effective on the 1

st

July, 2008.

Application

2 These Regulations shall apply to all Bureaux de Change operating inTanzania Mainland and Tanzania Zanzibar.

InterpretationCap. 271Cap. 197Cap. 342Cap. 212Cap. 342Cap. 197

3. (1) In these Regulations, unless the context requires otherwise –"Act" means the Foreign Exchange Act;"the Bank" has the meaning ascribed to it by the Bank of Tanzania Act,;"bank" has the meaning ascribed to it by the Banking and FinancialInstitutions Act;"capital" means owner's equity invested in a business;"company" means a company as defined in the Companies Act, in thecase of Tanzania Mainland or Companies Decree in the case ofTanzania Zanzibar;'‘financial institution'' has the meaning ascribed to it by the Banking andFinancial Institutions Act;"Governor" has the meaning ascribed to it by the Bank of Tanzania Act;"licence" means a bureau de change licence issued under Regulation 9to carry on the business of a bureau de change;"spot transaction" means an immediate over the counter sale andpurchase of foreign currency.(2) In these Regulations, a reference to any amount in United States dollarsshall, unless the context requires otherwise, include reference to anequivalent amount in any foreign currency or a combination.

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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PART IILICENSING

Dealing inforeign currencyStructure andOwnership of alicencedbureau dechange

4.5.Subject to the Act and to these Regulations, any bureau de changeestablished in accordance with these Regulations shall carry on thebusiness of buying and selling of foreign currency on spot.(1) A licensed bureau de change shall be organized in the form of acompany.(2) Existing bureaux de change to which sub-regulation (1) applies shall begiven a period of one year from effective date of these Regulations to beorganized as a company.(3) A bureau de change shall be owned by Tanzanian citizens and/orTanzanian legal entity in which all owners and managers are Tanzaniancitizens.

Capitalrequirements

6. (1) A bureau de change shall commence operations with a minimum capitalof forty million shillings.(2) Existing bureaux de change to which sub-regulation (1) applies shall begiven a period of eighteen months from effective date of theseRegulations, to increase the minimum capital to the amount prescribed inthese Regulations.(3) Where a bureau de change fails to comply with the requirements of subregulation(1) of this Regulation, the Bank may revoke the license.

Business name

7. A company intending to operate a bureau de change shall incorporate thewords '‘forex bureau'', "foreign exchange bureau", or '‘bureau de change'' inits business name.

Applicationfor licence

8. (1) A company intending to carry on the business of a bureau de changeshall apply to the Bank for a licence.(2) An application for a licence shall be in the form prescribed in the FirstSchedule accompanied by certified copies of Certificate of Incorporation,a registration of a business name, Memorandum and Articles ofAssociation, Lease Agreement or copy of Title Deed plus any otherinformation as may be required by the Bank from time to time; and shall

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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state among other things, the name in which the Bureau de Change isproposed to be registered.(3) An application for a bureau de change licence, change of name andchange of premises, shall be accompanied by a non-refundable fee ofone million shillings.

Processing ofApplication

9. (1) The Bank shall, within one month after receipt of an application for alicence and upon submission of a complete set of required documents,either approve or reject the application.(2) The Bank shall, where an application is approved and upon paymentof licence fee of Tanzanian shillings two million shillings or suchamount as may be prescribed by the Bank from time to time, issue theapplicant with a licence.(3) In reviewing the application, the Bank shall conduct an investigation tosatisfy itself as to the character, integrity and experience of theshareholders, directors and senior operators and in the case of,information about the shareholder(s) as prescribed in the SecondSchedule shall be submitted along with the application for a licence.(4) Appointment of directors and senior operators and any change thereto,shall be subject to prior approval of the Bank.(5) The Bank shall, where an application is rejected, notify the applicant inwriting and give reasons for the rejection.

Review

10. (1) An aggrieved applicant may apply to the Bank for review of its decisionwithin twenty one days from the date of notification.(2) The Bank shall, within thirty days review the decision and notify theaggrieved applicant in writing of its decision.(3) The Bank's decision on review shall be final and conclusive.

Bureau de changePremises

11. Upon approval of an application, a bureau de change shall be required toensure the business premises-(a) are easily accessible;(b) have an availability of a minimum of two counters;(c) has telephone and fax facilities;

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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Effect andduration oflicenceCap. 423

12.(d) have computerized operations and are able to generate electronicreceipt that will be made available to customers and store informationin the database with a time stamp;(e) availability of a safe and note counting machine; and(f) fire extinguisher and physical security.(1) Any company which holds a licence issued under these Regulationsshall carry on the business of a bureau de change subject to theprovisions of these Regulations.(2) A bureau de change licence shall not be transferred, assigned orencumbered in any way.(3) A bureau de change licence shall be valid for one year and may berenewed upon the Bank being satisfied that the operations of thebureau de change have been carried out in compliance with theseRegulations, the Act, the Anti Money Laundering Act, Circulars anddirectives issued by the Bank and any other competent authority fromtime to time.(4) The shareholders of a bureau de change which intends to continue withthe business of bureau de change shall apply for renewal of licencethree months prior to expiry of the existing licence.(5) An application for renewal of a bureau de change licence shall be in theform prescribed in the First Schedule and accompanied by anapplication for renewal fee of one million shillings or such amount asmay be determined by the Bank from time to time.

Opening of banksaccounts

13. A bureau de change shall open and maintain local and foreign currencyaccounts with a bank or financial institution and the accounts shall be usedsolely for the day-to-day operations of the bureau de change.

Revocation ofLicence

14. (1) The Bank may revoke the licence where-(a) a bureau de change fails to commence operations within a periodof six months from the date the license was granted without thewritten consent of the Bank;(b) a bureau de change suspends or closes down its operations for aperiod exceeding three months;(c) a bureau de change is found to engage in activities beyond the

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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scope of operations authorized under the licence;(d) it is found that the licence was issued as a result of false orfraudulent representation supplied to the Bank or during thecourse of operations;(e) a bureau de change is found to be insolvent; and(f) a bureau de change is in contravention of any provision of theseRegulations, the Act, Anti Money Laundering Act, circulars anddirectives issued by the Bank and other competent authorities fromtime to time.(2) The Bank shall issue a written notice to the bureau de change to showcause within fourteen days as to why the licence should not berevoked.(3) The Bank may revoke the licence where-(a) the bureau de change fails to comply with the notice issued undersub-regulation (2); or(b) the bureau de change fails to show sufficient cause.(4) The Bank's action to revoke a licence shall be final and conclusive.

PART IIIMODE OF OPERATION

Display ofexchange ratesand dealings

15. A bureau de change shall-(1) quote its foreign exchange buying and selling rates which shall bedisplayed in a conspicuous place in the business premises of thebureau de change.(2) display at all times in a conspicuous place in its premises, a noticeinforming customers that they are entitled to be issued with areceipt for any purchase or sale of foreign currency made by them.(3) issue an electronic receipt with a time stamp for every purchase orsale of foreign currency in the form prescribed by the Bank fromtime to time.

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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(4) keep copies of valid identification and supporting documents forevery sale of foreign currency in excess of an amount that isequivalent to two thousand U$ Dollars; and.(5) have the necessary mechanism for detecting counterfeit notes.

Prohibition ofdealings other thanspottransactions

16. (1) A bureau de change shall not engage in transactions other than spottransactions.(2) An officer or staff member of a bureau de change shall not-(a) deposit or accept Tanzanian shillings with intent to obtain orsupply the foreign currency equivalent, either wholly or in part ata future date;(b) deposit or accept foreign currency with the intent of obtaining orsupplying the Tanzanian shillings or its equivalent, either whollyor in part at a future date;(c) fail or refuse to issue a receipt to cover any purchase or sale offoreign currency;(d) issue a receipt for any purpose other than to cover an actualpurchase or sale of foreign currency.(3) A bureau de change may accept cheques, bank drafts and otherpayment instruments in their normal business dealings subject toproper identification of the individuals and verification of the instrumentsinvolved.

Dealings with banksand financialinstitutions

17. A bureau de change shall buy foreign currency from a bank or financialinstitution for the purpose of reselling, to meet its day to day operationsonly through its bank accounts.

Refusal to sell

18. A bureau de change shall not refuse to sell foreign currency to anycustomer as provided for under these Regulations, if the foreign currency isavailable.

Prohibitedtransactions

19. A bureau de change shall not sell foreign currency, for any purpose, inexcess of an amount that is equivalent to ten thousand US Dollars.

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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Inter-Bureauxtransactions

20. The buying and selling of foreign currency between the bureaux de changeshall be carried out by the bureaux de change through their bank accountsor on cash basis.

Sale of foreigncurrency to Non-Residents

21. A bureau de change shall not sell foreign currency to non-residents unlessthe non-resident proves that the Tanzanian shillings were obtained inTanzania from the sale of foreign currency or obtained from other lawfulactivities with proper identification and retention of record.

PART IVFOREIGN CURRENCIES FOR TRAVEL PURPOSES

Travel Allowances

22. (1) A bureau de change shall not sell foreign currency or Traveler'scheques in excess of an amount that is equivalent to ten thousand USDollars to a resident wishing to travel outside Tanzania at any one timefor each trip.(2) A bureau de change shall obtain and retain a copy of confirmed travelticket and documentary proof of residence for every sale of foreigncurrency for travel allowance purposes where the amount sold is inexcess of an amount that is equivalent to two thousand US Dollars.(3) At the exit point, purchase of foreign currency by a non-resident shall beevidenced by the relevant sale receipt in respect of the foreign currencysold.

PART VGENERAL

Confidentiality oftransactions

23. Every bureau de change shall ensure that its transactions are conductedand maintained in strict confidence.

Submission ofreturns

24. (1) Every bureau de change shall submit to the Bank:-(a) not later than first week following the month under review, amonthly return of weekly average foreign currency selling andbuying rates in accordance with the Bank's prescribed format;and

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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(b) not later than the first week of the following month, a monthlyreturn of the bureau de change sales and purchases of theforeign currencies in accordance with the Bank's prescribedformat.(2) Every bureau de change shall put in place an accounting system, whichwill include

a) a daily foreign exchange register and summary according toprescribed format;(b) a cash book containing columns for date, particulars, folio,amount in hand and amount at bank; and(c) a general ledger, containing purchases account, sales accountand expenses account and shall be updated on monthly basis.

Change ofownership

25. Every bureau de change shall seek and obtain approval of the Bank for anychange of ownership, directors or business premises.

Auditedaccounts

26. Every bureau de change shall submit to the Bank Audited accounts dulycertified by the auditors and signed by the director within three months afterthe end of a financial year, which shall be 31

st December of every year.

Powers ofinspection

27. (1) The Bank may, at any time conduct inspection on the business premisesof a bureau de change, its books of accounts and any other properrecords in relation to them.(2) Every officer or staff of a bureau de change shall produce for inspectionwithin a reasonable time, such books of accounts and other properdocuments relating to the operations of the bureau de change as theBank may require.

Administrativesanctions

28. (1) The Bank shall impose administrative sanctions against a bureau dechange or a staff of a bureau de change contravening any provision ofthese Regulations.(2) The administrative sanctions referred to in sub-regulation (1) mayinclude:-(a) Warnings;(b) Suspension from operations;

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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Revocation andsavings G.N No: 86of 1999

29.(c) fines; and(d) Revocation of a licence.(1) The Foreign Exchange (Bureaux de Change) Regulations, 1999(hereinafter in this regulation referred to as "the former Regulations")are hereby revoked.(2) Notwithstanding the provisions of paragraph (1), where on the datewhen these Regulations come into operation there are anyproceedings that have been commenced under the formerRegulations but have not been completed, the same shall becompleted under the provisions of and in accordance with the formerRegulations as if those Regulations were still in force.(3) The shareholders or directors of a bureau de change whichimmediately before the commencement of these Regulations wereholding a licence for the operation of a business of buying and sellingforeign currency shall, if they intend to continue with the operation,apply for a licence to be licenced under these Regulations after theexpiration of the licence previously issued.

SCHEDULES

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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FORM BDCAFIRST SCHEDULE

[Regulations 8 (2) and 12 (5)]

APPLICATION/RENEWAL FORM OF BUREAU DE CHANGE LICENCEPLEASE USE BLOCK (CAPITALS) LETTERS

1. NAME OF BUREAU DE CHANGE:……………………………………….…………..…………………….....2. PHYSICAL AND POSTAL ADDRESS OF HEAD OFFICE:A) CITY/TOWN ………………………………………………………...............................................C) STREET ……………………………….....................................................................................D) PLOT NO. …………………………………………………………………..…………………….…D) BUILDING ………………………………………………………………..….….............................E) P.O. BOX NO:...………………………................................……………………………………...3. DATE OF INCORPORATION:……………………………………………….......………………………...…..4. CERTIFICATE OF INCORPORATION NO:………………………………………………………….............5. CURRENT BUREAU DE CHANGE LICENCE NUMBER AND DATE OF ISSUE:…………………………………………………………………………………………..…………………6. TIN NUMBER:……………………………………………….................................................................7. NAMES OF BUREAUX DE CHANGE AND THE NUMBER OF YEARS IN RESPECT OF EACH BUREAU'SOPERATION CURRENTLY OWNED OR MANAGED BY ONE OR MORE OF THE SHAREHOLDERS,DIRECTORS OR OFFICERS OF THE BUREAU DE CHANGE:

S/N NAME OF BUREAU DE CHANGE NUMBER OF YEARSOF OPERATION

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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8. PARTICULARS OF SHAREHOLDERS

:

S/N NAME NATIONALITY SIGNATURE9. PARTICULARS OF DIRECTORS AND SENIOR OPERATORS IN ORDER OF SENIORITY:S/N NAME DESIGNATION NATIONALITY SIGNATURE

10. DECLARATION (by Shareholders):I/We, the undersigned, hereby declare:a) THAT the particulars set out herein are true and correct to the best of my knowledge and belief;b) THAT I am/we are not undischarged bankrupt and that I/we have never been convicted of fraud orembezzlement;c) THAT if licenced, I/we shall transact foreign exchange business in accordance with the provisions of theForeign Exchange Act, 1992 and of any regulations, guidelines or directives as may from time to time beissued by the Bank of Tanzania.Date………………………………….........................

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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Name …………………………………………………………..Signature ………………..…………………Name …………………………………………………………..Signature …………..……….………………Name ………………………………………………………….Signature ……………………………………Name …………………………………………………………..Signature …………..……….………………Name …………………………………………………………..Signature ………………..…………………Made before me this …………………… day of …………………..20….…

NOTARY PUBLIC

______________________________________________________

NOTELEASE ATTACH THE FOLLOWING:

1. Application fee of Tshs. 1,000,000/= by TISS transfer to BOT A/C No: 9944 711 501 as a one-off payment (for anew licence).2. Renewal fee of Tshs 1,000,000/= by TISS transfer to BOT A/C No: 9944 711 501 (annual fee for renewal oflicence).3. Sources of funds for the proposed Bureau de Change.4. Current Business Activity of the Shareholder(s).5. Confirmation from bank or financial institution that the Bureau de Change maintains local and foreign currencyaccounts.

6. CERTIFIED COPIES OF

a) Certificate of Incorporation;(b) Registration of Business Names;(c) Business licence;(d) TRA Tax Clearance Certificate for the current business;(e) Passports of the proposed applicants; and(f) Two certified passport size photographs of each applicant.

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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7. Credentials and curricula vitae of all Shareholders and Directors.8. The Bureau de Change shall be required to present the senior officers for interview.9. All information provided in this form shall be treated as confidential.

FORM BDCBSECOND SCHEDULE[Made under regulation 9(3)]SHAREHOLDER(S) FORM(TO BE COMPLETED BY SHAREHOLDERS OF A BUREAU DE CHANGE)1. PERSONAL INFORMATION

(a) Surname………………………………………………………..…………………………(b) Other Names…………………………………………..………………………………….(c) Previous Names (if any) by which you have been known:……………………………………………………………………………………..……..……..(d) Year and Place of Birth:………………………………………………………………………………….(e) Nationality:…………………………………………………………………………………………………(f) Passport Number, Date and Place of issue:…………………………………………………………(g) Postal Address:……………………………………………………………………………………………(h) Physical Address:…………………………………………………………………………………………(i) Educational Qualifications:………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………(j) Professional Qualifications…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

2. EMPLOYMENT/BUSINESS RECORD

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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PeriodName of Employer/Business andAddress Position HeldReasons for Leaving(where applicable)3. SHAREHOLDING (DIRECTLY OWNED OR THROUGH NOMINEES)Company NameDate ofIncorporationAmount ofShareholding% ofShareholding Remarks4. SOURCES OF FUNDS

Please provide details of the actual source(s) of funds that you, as shareholder, would like to invest or use inthe Bureau de Change business

a) …………………………………………………………………………………(b) …………………………………………………………………………………(c) ………………………………………………………………………………….

5.

TRA Tax Clearance Certificate for the last three years for each of your current business.

6. OTHER INFORMATION

6.1 Have you or any entity with which you are associated as shareholder or director held or applied for a licenceto carry on the business of Bureau de Change?

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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………………………………………………………………………………………………………………………………………………………………………………6.2 Have you at any time been convicted of any criminal offence in any jurisdiction? If so, give particulars of thecourt in which you were convicted, the offence, the penalty imposed and the date of conviction.………………………………………………………………………………………………………………………………………………………………………………6.3 Have you ever been dismissed from any office or employment, been subject of disciplinary proceedings byyour employer or barred from entry of any profession or occupation? If so, give particulars.……………………………………………………………………………………………………………………………………………………………………………..6.4 Have you ever been declared bankrupt by a court or has a bankrupt petition ever been served on you? If so,give particulars.………………………………………………………………………………………………………………………………………………………………………………6.5 Have you ever been held liable by a court, for any fraud or other misconduct? If so, give particulars.……………………………………………………………………………………………………………………………………………………………………………..6.6 Is there any additional information which you consider relevant for the consideration of your application forBureau de Change licence?………………………………………………………………………………………………………………………………………………………………………………

NOTE:

The information given in response to this questionnaire shall be kept confidential by the Bank, except incases provided by law.

7. DECLARATION

I am aware that it is an offence to knowingly or recklessly provide any information which is false ormisleading in connection with an application for Bureau de Change licence.I certify that the information given above is true to the best of my knowledge and that there are no otherfacts relevant to this application of which the Bank should be aware.

Foreign Exchange (Bureaux de Change) Regulations, 2008G.N. No. 88 (cont.)

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I undertake to inform the Bank of any changes material to the application which arises while the applicationis under consideration.Name: ……………………………………………………………………………Dated at: ……………...….…….…this…..…….day of……………..…….20……..…………………APPLICANT

BEFORE ME:NAME:……………………………………………………………………………………………………...SIGNATURE:………………………………………………………………………………………………ADDRESS:…………………………………………………………………………………………………NOTARY PUBLIC

Dar es Salaam

BENNO NDULU,

…….May, 2008 Governor

Stoudemire · Jun 23, 2012

Nadhani hayo maelezo yanajitosheleza bila shaka

Biashara ya FOREX

jamii01

JF-Expert Member

Stoudemire

JF-Expert Member

angedizzle

JF-Expert Member

Stoudemire

JF-Expert Member

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