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CUSTOMS ACT 1901 - SECT 161J Value of goods to be in Australian currency

CUSTOMS ACT 1901 - SECT 161J

Value of goods to be in Australian currency

  (1)   Where an amount that is, in accordance with this Division, required to be taken into account for the purpose of ascertaining a value of any imported goods is an amount in a currency other than Australian currency, the amount to be so taken into account shall be the equivalent in Australian currency of that amount, ascertained according to the ruling rate of exchange in relation to that other currency in respect of the day of exportation of the goods.

  (2)   For the purposes of this section, the Comptroller - General of Customs may specify, by notice published in the Gazette :

  (a)   a rate that is to be deemed to be, or to have been, the ruling rate of exchange, in relation to any currency, in respect of a day, or of each day occurring during a period, preceding the day of publication of the notice; or

  (b)   a rate that is to be deemed to be, or to have been, the ruling rate of exchange, in relation to any currency, in respect of each day occurring during a period commencing on the day of publication of the notice, or on an earlier day specified in the notice, and ending on the revocation of the notice;

after having regard:

  (c)   where the ruling rate of exchange is specified in respect of a day--to commercial rates of exchange that prevailed on or about that day;

  (d)   where the ruling rate of exchange is specified in respect of a period commencing before the day of publication of the notice--to commercial rates of exchange that prevailed during so much of that period as preceded the day of publication of the notice; and

  (e)   where the ruling rate of exchange is specified in respect of any other period--to commercial rates of exchange that last prevailed before the publication of that notice.

  (3)   At any time, the ruling rate of exchange in relation to a particular foreign currency, in respect of a particular day, shall be:

  (a)   if a rate of exchange has been specified at that time under subsection   (2) as the ruling rate of exchange, in relation to that currency, in respect of that day, or in respect of a period that includes that day--the rate so specified; and

  (b)   if a rate of exchange has not been so specified at that time--such a rate of exchange as the Comptroller - General of Customs determines to be the ruling rate of exchange, in relation to that currency, in respect of that day, after having regard to commercial rates of exchange prevailing on or about that day and to such other matters as the Comptroller - General of Customs considers relevant.

  (4)   In this section:

"day of exportation" , in relation to imported goods, means:

  (a)   where the goods were exported by post from the place of export and a Collector is satisfied as to the day of posting--that day;

  (b)   where the goods departed or were transported from their place of export in any other way and a Collector is satisfied as to the day of their departure or transportation--that day; and

  (c)   in any other case--a day determined by the Collector.

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