The Financial Surveillance Department of the South African Reserve Bank has announced that the electronic export monitoring system will be implemented on 3 January 2011 and that the Forms F178 will be withdrawn from that date.

Consequently, exporters will be exempted from the provisions of Exchange Control Regulation 6(10)(a) and Authorised Dealers will no longer be required to confirm the receipt of export proceeds, unless directed to do so by the Financial Surveillance Department.

As a further administration relief to Authorised Dealers, all attested Forms F178 not acquitted by 3 January 2011, may be disregarded. Exchange Control Regulations 6(10)(a), (b) and (c) will, in due course, be amended and the reference to the Form F178 withdrawn.

The electronic export monitoring system is dependent on the correct capturing and reporting of the mandatory Exporter Code and the Unique Consignment Reference (UCR).

The introduction of the electronic export monitoring system will necessitate a number of changes to the Exchange Control Rulings, which amendments will be made in due course.