LogoRegulatory Alerts
2022-10-04

ADLA Circular on Purchases and Sales Return

The Bank of Namibia has automated the quarterly Purchases and Sales Return, mandating that Authorized Dealers with Limited Authority submit accurate statistical data exclusively through a dedicated electronic portal. Dealers must complete, validate, and file the return by the 15th of each following month using end-of-quarter exchange rates, with physical copies and emails strictly prohibited after the system launch. Automatic submission concurrently certifies the data by the Principal Officer or delegated representative, thereby streamlining regulatory compliance without compromising reporting accuracy.

Bank of Namibia logo

Namibia

Bank of Namibia

Click to view thumbnail

4 October 2022 EXCHANGE CONTROL CIRCULAR 01/2022 Authorized Dealers with Limited Authority are advised that as a step towards the Bank of Namibia (hereinafter “the Bank”) digital transformation journey the submission of the Purchases and Sales Return, which is required in terms of Section 8.4 (iii) of the Policy Guidelines on Appointment of Authorized Dealers in Foreign Exchange with Limited Authority, has been automated. Therefore, the Bank hereby issues a directive on the form and manner on which a Purchases and Sales Return should be submitted to the Bank. In terms of Regulation 19 of the Exchange Control Regulations, 1961, as amended Authorized Dealers in Foreign Exchange with Limited are obliged to ensure correct and accurate submission statistical information. In this regard, an ADLA must ensure that the purchase and sale return reflects the true transactions for the quarter as recorded in the accounting system. Form of Submission Authorised Dealers with Limited Authorities are advised that the Purchases and Sales Return shall be submitted via an electronic format as per the guidance below:

  1. Accessing the system The user can login with the credentials and system link, which shall be provided by the Bank. Forgot Password can be used to reset password and a password reset email will be sent to the email address used.

  2. Locating the return The Purchases and Sales Return can be located as per the following steps: after logging into the system and navigating to the Filings tab, users will be able to see the ADLA return scheduled for their organization. To start completing the return, the user would click on the Filing ID associated with the period they are entering data for. To launch Purchases and Sales Return, the user would click on the Filing ID associated with the period they are entering data for. Upon opening the return, you will see the table of schedules, listing the Purchases and Sales Return. The return will

launch for completion once the user clicks on the return link below the table of schedules. 3. Completing the return Below is an example of how the Purchases and Sales Return will look like. Users should proceed to fill out all relevant input fields in this return. In this return, users have the option to enter values for specific currencies as well as select additional currencies by clicking on the ‘+’ button and selecting the currency they would like.

  1. Validating the return After all values are entered, the user will select validate at the top right corner of the screen.

  2. Saving or submitting the return After validating, the user will be taken to the validation screen. If there are no fatal errors in the filing, they will have the options to Save or Submit the filing. Clicking Save will allow the user to come back at another time to submit the filing to the Bank, while selecting Submit will send the filing to the Bank for review. Manner of Submission The Purchase and Sales Return shall only be submitted to the Bank through this automated process. Therefore, no hard copies or emailed return shall be accepted by the Bank after go-live this automated system.

Finally, we wish to reiterate the following: Reporting dates: the Purchases and Sales Return is submitted at quarterly intervals; therefore, the reporting dates shall be the 31st of March and December and the 30th of June and September of each year. Certification for submission of statutory returns: The Principal Officer of ADLA or his delegated Officer shall be presumed to have attested for the correctness of the data in the return once it’s submitted to the Bank. Submission Date: Quarterly returns shall be submitted to the Bank on or before the 15th day of the following month. For example, the March 31 returns must be received by April 15 and the June 30 returns by July the 15th, etc. Exchange Rates: the exchange rates to be used in the return are those for the last day of the quarter, namely: the 31st of March and December and the 30th of June and September of each year. Ms. Penelao Kapenda Deputy Director: Exchange Control

Share