Regulatory Alerts1994-12-14
Designation of Mining House Deposit Acceptance as Non-Banking Business
The South African Reserve Bank designates the acceptance of intercompany deposits within mining groups as an activity exempt from the statutory definition of banking business. Participating groups must notify the Registrar of Banks prior to commencement and submit annual returns detailing group composition, consolidated financials, deposit balances, and fund utilization. This exemption applies exclusively to deposits used for financing mining industry development and directly related activities, contingent upon strict qualifying investment and reporting conditions.
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