§ Mr. Arthur Lewisasked the Chancellor of the Exchequer (1) what action he takes to ensure that remittances of currency to Asian countries from persons resident in the United Kingdom fall within the legal procedures;
(2) in view of the large sums annually transmitted to Asian countries by residents now in the United Kingdom who were formerly living in Asia, what check is made on whether these are legal transactions within the laws affecting exchange controls.
§ Mr. Robert SheldonPower to authorise, under the Exchange Control Act 1947, remittances by way of cash gifts and dependent allowances is delegated to authorised banks in accordance with specified criteria, including an annual limit on the amount that may be remitted200W per person per year. Applications to make payments within the criteria are approved by those banks, subject to the completion of a form showing any previous remittances made by the applicant in the year in question and a declaration by the applicant as to the nature of the payment then being made. Should the information provided by the applicant, or the declaration, subsequently be found to be false, it would be an offence under the Exchange Control Act 1947, and appropriate legal action would be considered.