Regulation (NAP) - Exit of Banknotes and Coins from the National Territory

NAP
PERMANENT APPLICATION NORM (NAP)
BOARD
PROPONENT(S): C.A.
ENTRY INTO FORCE: 06/03/2018
ISSUE DATE: 06/03/2018
DOC NO.: .P 12
PAGE: FL 1/2

Subject: Exit of Banknotes and Coins from the National Territory

Whereas the evolution of the counterfeiting phenomenon has constituted a recurring concern for central banks, judicial authorities, and modern societies in general; Taking into account the exponential increase in cases of attempted exit of national banknotes and coins outside the national territory, in amounts exceeding the legally defined limit; Considering that it is the responsibility of the Central Bank to regulate procedures concerning purchase and sale, transport, and transfer operations of banknotes and coins abroad; It becoming necessary to strengthen the legal control mechanisms associated with the exit of national banknotes and coins outside the national territory; In these terms, in the exercise of the competence established by letters b) and I) of Articles 8 and 31 of the Organic Law of the Central Bank of São Tomé and Príncipe, supported by Article 6 of the Exchange Law, the Board of Directors of the Central Bank determines the following:

Article 1.
(Subject and Scope)

1. This regulation aims to define the limit for transporting banknotes and coins of the Dobra abroad.
2. Likewise, it regulates the procedures and limits for acquiring and transporting foreign exchange from the national territory abroad.
3. This NAP applies to all natural or legal persons, whether resident or non-resident.

Article 2.
(Travelers)

1. The exit of Dobra banknotes and coins is free up to the limit amount of 5 (five) examples of each denomination, totaling nDb. 1,944 (one thousand nine hundred and forty-four new Dobras), and in the old currency family Dbs. 944,692.50 (nine hundred and forty-four thousand six hundred and ninety-two Dobras and fifty centimos).
2. The amount exceeding the aforementioned limit shall be seized by the competent authority and handed over to the Central Bank.

06/03/2018 06/03/2018 06/2018
Revocation Data:

NAP
PERMANENT APPLICATION NORM (NAP)
BOARD
PROPONENT(S): C.A.
ENTRY INTO FORCE: 06/03/2018
ISSUE DATE: 06/03/2018
DOC NO.: .P 12
PAGE: FL 2/2

Article 3.
(Residents)

1. Residents may freely acquire banknotes and coins with legal tender status abroad, equivalent to nDb. 245,000.00 (two hundred and forty-five thousand new Dobras) or Eur. 10,000.00 (ten thousand euros), as well as other foreign payment instruments, from entities authorized to conduct exchange business, to cover travel expenses, tourism, or other charges.
2. For residents traveling abroad, only the amount corresponding to nDb. 245,000.00 (two hundred and forty-five thousand new Dobras), equivalent to Eur. 10,000.00 (ten thousand euros), is permitted to be carried or transported in foreign exchange (banknotes and coins).

Article 4.
(Non-residents)

1. Non-residents exiting the national territory who carry more than nDb. 245,000.00 (two hundred and forty-five thousand new Dobras), equivalent to Eur. 10,000.00 (ten thousand euros), in foreign exchange or other foreign payment instruments (excluding credit cards, debit/payment cards, bank checks, or travel checks issued abroad in their name), must, when and whenever requested by the competent authorities, provide proof that they entered São Tomé and Príncipe with an equal or greater amount.
2. For the purposes of the preceding paragraph, proof must be provided by submitting an original declaration, duly completed by the visa holder upon entry into the country with the competent authorities and/or an authenticated justification of origin, issued by a national financial institution, in accordance with current legislation.

Article 5.
(Revocation)
NAP No. 21/2009 of December 31 is hereby revoked.

Article 6.
(Entry into Force)
This regulation enters into force after its publication in the Official Gazette.

06/03/2018 06/03/2018 06/2018
Reviewed. Revocation Data: