FUNDS FOR TRAVEL

Wairarapa Times-Age, 21 December 1938, Page 6

FUNDS FOR TRAVEL

j RESERVE BANK TO DEAL ' WITH APPLICATIONS STATEMENT BY MINISTER OF FINANCE. I REASONABLE REQUIREMENTS TO. EE MET. <By Telegraph—Press Association.) WELLINGTON. This Day. 1 he procedure to be followed by peri sons wishing to remit funds overseas I for travelling purposes or other reI quirements not involving the importation of goods was referred to by the Minister of Finance, Mr Nash, in an interview last evening. In a statement macio last week the Minister announeI £.'• that applications for permits to remit funds of this nature would be dealt with by the Treasury. Since that anm uncement, it has been decided to have the permits handled by the Reserve Bank. Mr Nash said that inquiries being made at. his office and at the Treasury indicated that many people were still unaware of the procedure to be followed to obtain a permit to remit moneys iverseas for their own expenses as tourists or travellers or for other legitimate purposes. Under the arrangements made any person desiring. .:j remit moneys overseas for any purpose not involving the importation of goods should call at the branch of the trading bank normally used by him, or if he has no bank account, at any branch of any bank. At the bank he would be asked to fill in an application form. Applications should be sent forward by the bank for approval, and' the permit for approved amounts would be sent back to the branch of the bank through which the' application was made.

"Since the first announcement was made,” said the Minister, "it has been decided that applications for permits will be dealt with by the Reserve Bank and not by the Treasury and the trading banks have been advised accordingly. If practicable, persons desirous lof remitting moneys overseas should make application at least a month prior to the (fate on which funds are required, but if funds were urgently required the banks would arrange for a prompt decision. "I would again like to make it clear,” concluded Mr Nash, "that reasonable requirements for tourists and travellers or for the maintenance or expenses of relatives abroad will be provided.” ' PROCEDURE LAID DOWN. APPLICATIONS, TO TRADING BANKS. (By Telegraph—Press Association.) WELLINGTON, This Day. Forms on which application must,be made for a permit to remit money overseas for purposes other ■ than the importation of goods have now been supplied to the trading banks. Apart from names and dates the applicant is required to state to whom the funds are to be remitted and the purposefor which they are required, together with a statement of any funds already held to the credit of the applicant in .he country to r which remittance is to be made.

If periodical remittances are required the application should relate to ill such remittances proposed ’to be' made within the year ending December 31 following the date of the application. The application must be supported by a declaration of its correctness signed before the manager of the bank through which the funds are being sent. Provision is made for comment by bank managers. Persons who have been waiting to establish credit abroad pending travel overseas will now find the position easier. Bankers confidently expect that all reasonable applications will be fully met. Many who travelled abroad last week were able to arrange only tem-

porary accommodation restricted to £25, and in those cases, where instructions have been left with the banks, ipnlications for further facilities are being made on the travellers' behalf. Though letters of credit to tourists ■'eeking urgent accommodation last week were rigidly limited, there is nothing to support the belief widely accepted that £25 will be the limit of funds available for Australian tours.