5. Limitation of payment in cash
(1) Notwithstanding section 37 of the Bank of Mauritius Act 2004,
but subject to subsection (2) any person who makes or accepts any payment in
cash in excess of 500,000 rupees or an equivalent amount in foreign currency,
or such amount as may be prescribed, shall
commit an offence.
(2) Subsection (1) shall not apply to an exempt transaction.
"exempt transaction" means a transaction -
(a) between the Bank of Mauritius and any other
person;
(b) between a bank and another bank;
(c) between a bank and a financial institution;
(d) between a bank or a financial institution and
a customer where -
(i) the customer is, at the time the transaction takes place, an
established customer of the bank or financial institution; and
(ii) the transaction consists of a deposit into, or withdrawal
from, an account maintained by the Customer with the bank or financial
institution, where the transaction does not exceed an amount that is
commensurate with the lawful business activities of the customer; or
(e) between such other persons as may be
prescribed;