Regulatory Alerts2008-09-08
Banking (Processing and Licence Fees) (Amendment) Regulations 2008
The Bank of Mauritius, with ministerial approval, issued the Banking (Processing and Licence Fees) (Amendment) Regulations 2008 to update statutory fee schedules for financial institutions. The amendment revokes and replaces Part III of the 2007 principal regulations, establishing new processing fees of Rs 25,000 for foreign exchange dealers and Rs 10,000 for money-changers. It also sets fixed licence fees at Rs 300,000 and Rs 150,000 for the principal places of business of foreign exchange dealers and money-changers respectively, alongside reduced rates for additional locations.
Government Notice No. 136 of 2008 THE BANKING ACT 2004 Regulations made by the Bank of Mauritius with the approval of the Minister under section 14(2)(b) and (5) of the Banking Act 2004
- These regulations may be cited as the Banking (Processing and Licence Fees) (Amendment) Regulations 2008.
- In these regulations - "principal regulations" means the Banking (Processing and Licence Fees) Regulations 2007.
- Part III of the Schedule to the principal regulations is revoked and is replaced by the following Part – PART III FOREIGN EXCHANGE DEALER LICENCE Rs Processing fee … ... … … … … … … … … … … … … … … … … 25,000 Fixed fee in respect of – (a) the principal place of business … … … … … … … … … … 300,000 (b) every other place of business … … … ... … … … … … … … 100,000 MONEY-CHANGER LICENCE Rs Processing fee … ... … … … … … … … … … … … … … … … … 10,000 Fixed fee in respect of – (a) the principal place of business … … … … … … … … … … 150,000 (b) every other place of business … … … ... … … … … … … … 50,000
- These regulations shall be deemed to have come into operation on 1 July 2008. Made by the Bank of Mauritius with the approval of the Minister on 11 July 2008.