Blocked Rand definition

Blocked Rand means, for purposes of the Exchange Control Regulations, funds which may not be remitted out of South Africa or paid into a bank account outside South Africa;

Blocked Rand means funds which may not be remitted out of South Africa or paid into a non-South

Blocked Rand means those funds which, in accordance with the Exchange Control Regulations, may not be remitted out of South Africa or paid into a non-South African resident’s bank account and may not be used for the purchase of, or subscription for, South African Notes.

Examples of Blocked Rand in a sentence

• Blocked Rand Blocked Rands may be used for the subscription for or purchase of Notes.

• The relevant legislation relating to Blocked Rand is the Regulations promulgated under the Currency and Exchanges Act, 1933, as amended.

• Table 2.1 The Basic Mechanics of the Blocked Rand System (Options Available to Non-Residents)1.

• The relevant legislation relating to Blocked Rand is the Regulations promulgated under the Currency and Exchanges Act, 1933.

• Any monies due in respect of Bonds to an emigrant holder will be deposited in the emigrant’s Blocked Rand account with the Authorised Dealer in foreign exchange controlling their blocked assets.

• According to a study by BEUC’s member vzbv in 2022, budget management is named as the most important reason to use cash by 35% of consumers.4 This is in line with the findings of the recent ECB study on digital wallets5 where the focus group of underbanked consumers highlights the importance of a top-up functionality similar to prepaid cards.

• Any payments of interest and/or principal due to a Noteholder who is an emigrant from the Common Monetary Area will be deposited into such emigrant Noteholder’s Blocked Rand account, as maintained by an authorised foreign exchange dealer.

• Blocked Rand may be used by emigrants and non-residents of the common monetary area (comprising the Republics of South Africa and Namibia and the Kingdoms of Swaziland and Lesotho) for payment in terms of this application and reference should be made to paragraph 7.15 of the prospectus, which deals with South African Exchange Control Regulations.

• Blocked Rand may be used by emigrants and non-residents of the Common Monetary Area for payment in terms of this and reference should be made to section 4, paragraph 2 of the Prospectus, which deals with the Exchange Control Regulations.

• Blocked Rand may not be used by former residents of the common monetary area (comprising the Republics of South Africa and Namibia and the Kingdoms of Swaziland and Lesotho) for payment in terms of this offer and reference should be made to paragraph 6.6 of the Pre-Listing Statement which deals with South African Exchange Control Regulations.

More Definitions of Blocked Rand

Blocked Rand means those funds which, in terms of the Exchange Control Regulations, may not be remitted out of South Africa or paid into a non-South African resident's bank account.

Blocked Rand means funds which may not be remitted out of South Africa or paid into a Non-Resident’s bank account;