Exchange Control Act 1953 · 2020 Revised Edition · Part 2 · Gold and Foreign Currency
3. Dealings in gold and foreign currency
Feedback & supportExcept with the permission of the Authority, no person, other than an authorised dealer, shall in Singapore buy or borrow any gold or foreign currency from, or sell or lend any gold or foreign currency to, any person other than an authorised dealer.
Except with the permission of the Authority, no person resident in the scheduled territories, other than an authorised dealer, shall in Singapore do any act which involves, is in association with or is preparatory to buying or borrowing any gold or foreign currency from, or selling or lending any gold or foreign currency to, any person outside Singapore.
scheduled territories
“scheduled territories” means the territories specified in the First Schedule, except that the Authority may at any time by order amend that Schedule, either by the addition or exclusion of territories or otherwise;
Where a person buys or borrows any gold or foreign currency in Singapore or, being a person resident in the scheduled territories, does any act which involves, is in association with or is preparatory to the buying or borrowing of gold or foreign currency outside Singapore, he shall comply with such conditions as to the use to which it may be put or the period for which it may be retained as may from time to time be notified to him by the Authority.
gold
“gold” means gold coin and bullion and includes any gold in whatever state or form other than gold which has been materially increased in value by skilled craftsmanship;