3.1. Single discretionary allowance (South African Resident Individuals)

3.1.1
A single discretionary allowance within a limit of R1 million per calendar year is available to all South African residents who are 18 years and older, and in possession of a valid green bar-coded South African identity document or smart identity document card. This dispensation may be used for any legitimate purpose (including for investment purposes abroad as well as the sending of gift parcels in lieu of cash excluding gold and jewellery) at the discretion of the individual without any documentary evidence having to be produced to the Authorised Dealer, except for travel purposes outside the CMA, where certain prescribed documentation has to be produced.

3.1.2
Foreign currency in the form of foreign notes may only be accorded by an Authorised Dealer or ADLA for travel purposes.

3.1.3
Resident importers making import payments under this dispensation must have a valid customs client number (CCN) issued by Customs. The registration code number 70707070 may be used only in cases where the value of goods imported is less than R50 000 per consignment, subject to the limitation of three such consignments per calendar year. The attention of importers is drawn to the requirement that the consignment for which payment has been made from South Africa must be received within four months from the date of payment. Should such consignment not be received within the four month period, the importer must within 14 days of the expiry of such period advise the Authorised Dealer through whom foreign currency was purchased.

3.1.4
Individuals should note that when effecting payments for current account transactions such payments may be made against the presentation to an Authorised Dealer of documentary evidence in terms of subsection 3.7, while any other legitimate payment may also be effected in terms of subsection 3.8 below. Such payments will not be deducted from an individual’s single discretionary allowance limit of R1 million per calendar year.