Current Date:

Thursday, 26 April 2018

Cabinet Ratifies Dealing in Hard Currency Draft Bill

Khartoum - The Council of Ministers in a meeting chaired by First Vice President and Federal Prime Minister, Lt Gen Bakri Hassan Salih, on Thursday ratified the draft bill on organizing hard currency dealings for the year 2018, as presented by the State Minister at the Ministry of Justice, Tahani Tour Al-Daba.
Acting spokesman for the Council Osman Hussain has pointed out in press statement that the bill comes within the context of reinvigoration of the economic measures taken to combat smuggling and to protect the banking system against speculations that are harmful to the national economy, and against smuggling of gold and precious stones.
He said the law also stipulates banning any dealing in Sudanese national currency outside the country, except to the extent allowed by the regulations and bans dealing in hard currency for parties other than those certified to deal in hard currency such as the banks and other institutions specified by the Central Bank, the Bank of the Sudan. He said it also commits exporters to return the value of the exports in the date specified by the Central Bank of Sudan.
He added that the law also comprises clauses relative to the imports, exports and possession of gold, precious mineral and valuable stones
The law, he stressed, incriminates smuggling of hard currency, attempting to smuggle hard currency as well as dealing with it or handling hard currency outside the banks or institutions or persons specified by the central bank to deal in hard currencies.
The law sets the punishment of those violating its clauses to ten years in jail and to fine or to both punishments, and that the laws upon condemnation, allows for confiscation of the capitals involved, the vehicle and all means used to keep or commit the crimes.
It also, he said, allows the court of law to confiscate the real estate in which the crime has been committed.