73. Currency conversion

 

(1)     When the value of or the price paid or payable for any imported goods is expressed in a foreign currency, it shall, for the purpose of calculating the customs value thereof, be converted into the currency of the Republic at the selling rate at the date of shipment of the goods as determined by the Commissioner, in consultation with the South African Reserve Bank, or if no such rate is determined for such date, the latest rate determined before that date shall be used.

 

(2)     For the purposes of subsection (1) the date of shipment of –

 

(a)     non-containerized goods shall be the date of the bill of lading, air waybill, consignment note or such other document as the Commissioner may require;

(b)     containerized goods shall be the date on which the container is taken on board ship as endorsed on the bill of lading or arrival notification or, if imported otherwise than by sea, the date of the airway bill, consignment note or such other document as the Commissioner may require.

 

(3)     The Commissioner may, for the purpose of any agreement contemplated in section 49 or 51, by rule –

 

(a)     publish arrangements in connection with amounts to be used in currencies in respect of goods imported or exported between the Republic and the country or countries or group of countries concerned;

(b)     prescribe any measures applicable to the implementation of such arrangements.

[Subsection (3) added by section 62 of Act 53 of 1999]

[Section 73 substituted by section 24 of Act 112 of 1977, section 9 of Act 110 of 1979 and section 51 of Act 45 of 1995]