Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act

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Jurisdiction: South Africa
Instrument: Act or statute
Citation: Act 27 of 2024
Version: Undated source snapshot
Language: en
Updated: 13 Jun 2024
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financial reporting government funding

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This section requires a R100 billion transfer in 2024/25, linked to an agreement between National Treasury and the South African Reserve Bank, and says the charge must be reported in National Treasury’s next quarterly report. The provision says R100 billion is treated as direct costs for the 2024/25 financial year and must be allocated to the National Revenue Fund. 4 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 Act no. 27 of 2024 Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024 Short title 4 This section gives the Act its short title: the Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024. This section states the short title of the Act.

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Provisions of Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act

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1
The following section is hereby inserted after section 2 of the Gold and Foreign
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AI-assisted research summary: This section requires a R100 billion transfer in 2024/25, linked to an agreement between National Treasury and the South African Reserve Bank, and says the charge must be reported in National Treasury’s next quarterly report.

1. The following section is hereby inserted after section 2 of the Gold and Foreign Exchange Contingency Reserve Account Defrayal Act, 2003 (Act No. 4 of 2003): 5 ‘‘Direct charges for requirements of South African Reserve Bank 2A. (1) A net amount of R100 billion, credited to the National Revenue Fund from the Gold and Foreign Exchange Contingency Reserve Account in the 2024/25 ﬁnancial year, following an agreement between the National Treasury and the South African Reserve Bank, as envisaged in section 28(2)(b) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989), is a direct charge for the 2024/25 ﬁnancial year against the National Revenue Fund for the contingency reserve requirements of the South African Reserve Bank and must be attributed to the vote of National Treasury. (2) An amount, credited to the National Revenue Fund from the Gold and Foreign Exchange Contingency Reserve Account in any ﬁnancial year following the 2024/25 ﬁnancial year, as provided for in the agreement contemplated in subsection (1), is a direct charge for the ﬁnancial year against the National Revenue Fund for the contingency reserve require- ments of the South African Reserve Bank and must be attributed to the vote of National Treasury. (3) A direct charge in terms of subsection (1) or (2), must be disclosed in the National Treasury’s next quarterly report to the Standing Committee on Appropriations of the National Assembly and the Select Committee on Appropriations of the National Council of Provinces.’’. 10 15 20 25 This gazette is also available free online at www.gpwonline.co.za umthetho-sihlomelo we-akhawunti egcinelwe okungehla kwigolide norhwebo-mali namanye amazwe, 2024 no. 27 Ka 2024 STAATSKOERANT, 13 JuNiE 2024 No. 50814 3 UMHLATHANA WENGCACISO: 3 [ ] Amagama agqamileyo abiyelwe ngezibiyeli ezizikwere abonisa amagama atshintshiweyo kulawo wokuqala. Amagama akrwelelwe umgca ngaphantsi ngomgca ongqindilili abonisa izinto ezifakelweyo kuleyo ibikhona. (English text signed by the President) (Assented to 11 June 2024) UMTHETHO uMthetho we-Akhawunti Ukuhlomela kwiGolide noRhwebo-Mali namanye Amazwe, ka-2003, ukuze kunikezwe iindleko ezizizo nguNongxowa weSizwe ngeemfuno zeBhanki enguVimba yoMzantsi Afrika nokunikeza ingxelo ke ngoko; kwakunye nokunika imiba engenelelayo apho. okuNgehla eGcinelwe UKUBA ZENZIWE yiPalamente yeRiphabliki yoMzantsi Afrika, ngolu hlobo lulandelayo:— Ukufakelwa kwesolotya 2A kuMthetho 4 ka-2003
1
Eli solotya lilandelayo lithe ke ngoko lafakelwa emva kwesolotya 2 loMthetho
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AI-assisted research summary: The provision says R100 billion is treated as direct costs for the 2024/25 financial year and must be allocated to the National Revenue Fund.

1. Eli solotya lilandelayo lithe ke ngoko lafakelwa emva kwesolotya 2 loMthetho we-Akhawunti eGcinelwe okuNgehla kwiGolide noRhwebo-Mali namanye Amazwe, ka-2003 (uMthetho No. 4 ka-2003): 5 ‘‘Iindleko ezithe ngqo zemfuno yeBhanki enguVimba yoMzantsi Afrika (1) 2A. Ingeniso-mali eyi-R100 billion, ethe yanikwa iNgxowa yeSizwe esuka kwi-akhawunti uMthetho we-Akhawunti eGcinelwe okuNgehla kwiGolide noRhwebo-Mali namanye Amazwe ngonyaka-mali ka-2024/25, ngokulandela isivumelwano esiphakathi kukaNongxowa weSizwe kunye neBhanki enguVimba yoMzantsi Afrika, nanjengoko kudakaciwe kwisolotya 28(2)(b) enguVimba yoMzantsi Afrika, ka-1989 (uMthetho No. 90 ka-1989), njengeendleko ezithe ngqo zonyaka-mali ka-2024/25 ngokuchasene neNgxowa yeSizwe ngeemfuno enguVimba yoMzantsi Afrika kwaye kumele zinikelwe kunyulo lukaNongxowa weSizwe. loMthetho weBhanki zengxowa-mali eselugcinweni zeBhanki (2) Umyinge wemali, onikwe iNgxowa yeSizwe osuka kwi-akhawunti eGcinelwe okuNgehla kwiGolide noRhwebo-Mali namanye Amazwe kuwo nakowuphi na unyaka-mali olandela u-2024/25, nanjengoko oku kudakaciwe kwisivumelwano esikwisolotyana ziindleko ngqo zonyaka-mali ochasene neemfuno zobeko lwemali ecaleni kwiNgxowa yeSizwe ngenxa yeemfuno nemiqathango yeBhanki enguVimba yoMzantsi Afrika kwaye kumele zinikelwe kunyulo lukaNongxowa weSizwe. (1), zibonakale (3) Iindleko ezithe ngqo ngokwemimiselo ekwisolotyana (1) okanye (2), ezokwenziwa kumele esisiGxina kuLwabiwo nguNongxowa weSizwe lweBhunga leSizwe kwakunye nakwiKomiti eKhethiweyo yoLwabiwo lweBhunga leSizwe lamaPhondo.’’. elandelayo kwingxelo eyenzela iKomiti yekota 10 15 20 25 30 This gazette is also available free online at www.gpwonline.co.za
4
No. 50814
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AI-assisted research summary: 4 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 Act no. 27 of 2024 Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024 Short title 4

4 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 Act no. 27 of 2024 Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024 Short title 4
2
This Act is called the Gold and Foreign Exchange Contingency Reserve Account
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AI-assisted research summary: This section gives the Act its short title: the Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024.

2. This Act is called the Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act, 2024. This gazette is also available free online at www.gpwonline.co.za umthetho-sihlomelo we-akhawunti egcinelwe okungehla kwigolide norhwebo-mali namanye amazwe, 2024 no. 27 Ka 2024 STAATSKOERANT, 13 JuNiE 2024 No. 50814 5 Isihloko esifutshane 5
2
Lo Mthetho ubizwa ngokuba nguMthetho-Sihlomelo we-Akhawunti eGcinelwe
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AI-assisted research summary: This section states the short title of the Act.

2. Lo Mthetho ubizwa ngokuba nguMthetho-Sihlomelo we-Akhawunti eGcinelwe okuNgehla kwiGolide noRhwebo-Mali namanye Amazwe, ka-2024. This gazette is also available free online at www.gpwonline.co.za
6
No. 50814
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AI-assisted research summary: This excerpt is a Government Gazette header and page reference only; it does not state a rule.

6 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 This gazette is also available free online at www.gpwonline.co.za STAATSKOERANT, 13 JuNiE 2024 No. 50814 7 This gazette is also available free online at www.gpwonline.co.za
8
No. 50814
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AI-assisted research summary: 8 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748

8 No. 50814 GOVERNMENT GAZETTE, 13 JuNE 2024 This gazette is also available free online at www.gpwonline.co.zaPrinted by and obtainable from the Government Printer, Bosman Street, Private Bag X85, Pretoria, 0001Contact Centre Tel: 012-748 6200. eMail: info.egazette@gpw.gov.zaPublications: Tel: (012) 748 6053, 748 6061, 748 6065

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Gold and Foreign Exchange Contingency Reserve Account Defrayal Amendment Act

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