Regulatory Alerts2008-12-02
Banking (Processing and Licence Fees) (Amendment No. 2) Regulations 2008
The Bank of Mauritius, with ministerial approval, amends the Banking (Processing and Licence Fees) Regulations 2007 to specify how processing and licence fees must be paid. The revised regulation mandates that payments be made in Mauritian currency or any freely convertible currency, calculated using the central bank's consolidated average telegraphic transfer buying exchange rate. This rate is derived from commercial banks' indicative exchange rates prevailing on the day immediately preceding the payment date.
Government Notice No. 137 of 2008 THE BANKING ACT 2004 Regulations made by the Bank of Mauritius, with the approval of the Minister, under sections 5(4)(h), 8, 12(4) and 14(2)(b) and (5) of the Banking Act 2004
- These regulations may be cited as the Banking (Processing and Licence Fees) (Amendment No. 2) Regulations 2008.
- In these regulations – “principal regulations” means the Banking (Processing and Licence Fees) Regulations 2007.
- The principal regulations are amended in regulation 9, by revoking paragraph (b) and replacing it by the following paragraph – (b) shall be paid to the central bank in Mauritius currency or in any freely convertible currency, calculated at the consolidated average telegraphic transfer buying exchange rate computed by the central bank on the basis of indicative exchange rates of commercial banks, prevailing at the date preceding the date of payment to the central bank. Made by the Bank of Mauritius, with the approval of the Minister, on 5 August 2008.
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