Kaya 959 Reporter
There’s been a lot of conversations about the movement of money following the much-publicised burglary that took place at the farm of South African president Cyril Rammaphosa.
The conversation has explored many themes and has raised questions about how much money can one person hold on their property, whether it is local or foreign currency.
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Kaya Biz with Gugulethu Mfuphi spoke to Andre Cilliers who is the Director and Currency Risk Strategist at TreasuryOne about the laws and regulations when it comes to the circulations of money in South Africa.
LISTEN TO THE FULL CONVERSATION HERE:
“When it comes to cash, and let’s take about rands as a start, there are no rules when it comes to notes and cash you may have. You can have your salary and pay your tax on it, you can go to the bank and even ask your company to pay in cash if they are willing to. “
“You can take all of that money and put it in your bed or a safe or where ever you want to. You obviously will have a risk of it being stolen, but don’t have a limit of how much you can have in cash in your house.”
“However, you have to declare it, it can not be illegal money, it can not be hot money, your taxes must be paid and up-to date, you have to declare all income.”
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Cilliers said that when it comes to foreign currency a South African resident may have in their possession when leaving the Republic, he said you may take out of South Africa, to the tune of R1 million per adult and R200 000 every child under the age of 18 per calendar year.
As proof, an authorised dealer’s prior clearance (on official letterhead) must be presented to Customs. If you don’t have this clearance, you’re only authorized to spend R25,000 per person.
Cilliers also shared important things to note when it comes to adequate cash management and gave an overview of the rules and regulations when it comes to dealing with hard cash.
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