Section 2: Interpretation

2. Interpretation In this Act— “Bank” means the Bank of Mauritius established under section 3; “bank” has the same meaning as in the Banking Act; “banking laws” has the same meaning as in the Banking Act; “Board” means the Board of Directors referred to in section 12; “Committee” means the Monetary Policy Committee set up under section 54; “Consolidated Fund” means the Consolidated Fund referred to in section 103 of the Constitution; “credit” has the same meaning as in the Banking Act; “Deputy Governor” means the First Deputy Governor, or Second Deputy Governor, appointed under section 14; “derivatives” means financial instruments including an option, a swap, a futures or forward contract or any other financial product or any combination of such instruments whose market price, value, delivery or payment obligations are derived from, referenced to or based on, but not limited to, underlying securities or commodities prices, assets, rates, including interest rates or exchange rates, or indices; “Director” means any member of the Board of Directors of the Bank referred to in section 12 (2); “electronic money” or “e-money” means the monetary value as represented by a claim on the issuer which is— (a) stored on an e-money instrument; (b) issued on receipt of funds of an amount not less in value than the monetary value; and (c) accepted as a means of payment by an undertaking other than the issuer; “e-money instrument”— (a) means a payment instrument on which e-money is stored; and (b) includes a plastic stored value card or a mobile or an Internet based e-money facility; “financial institution” has the same meaning as in the Banking Act; “financial market infrastructure” means payment systems, clearing houses and securities settlement systems; “freely convertible currency” means a currency which is freely negotiable and transferable in international exchange markets; B2 – 3 [Issue 9] Bank of Mauritius Act “Government’s recurrent revenue”— (a) means the total revenue, both recurrent and capital, specified in estimates laid before the National Assembly or the Rodrigues Regional Assembly, for any financial year; but (b) does not include— (i) loans raised; (ii) proceeds from the sale of fixed or financial assets; and (iii) grants to the Rodrigues Regional Assembly; “Governor” means the Governor of the Bank appointed under section 13; “Minister” means the Minister to whom responsibility for the subject of finance is assigned; “other Director” means a Director, other than the Governor and the Deputy Governors; “payment instrument”— (a) means any device or set of procedures by which a payment instruction is issued; and (b) includes a credit card, a debit card and an e-money instrument; “payment scheme” means a contractual or regulatory arrangement with the aim of issuing, accepting, processing and settling a payment instruction; “payment scheme provider” means any person who, alone or with other entities, contributes to the issuance, acceptance, processing and settlement of payment instructions within a payment scheme; “repealed Bank of Mauritius Act” means the Bank of Mauritius Act repealed by section 71; “Securities”— (a) means Bank of Mauritius Securities issued under section 6 (1) (m); and (b) includes Bank of Mauritius Bills, Notes, Bonds and Shariahcompliant instruments. [S. 2 amended by s. 22 (2) (a) of Act 4 of 2008 w.e.f. 1 July 2008; s. 2 (a) of Act 10 of 2010 w.e.f. 24 December 2010; s. 2 (a) of Act 27 of 2013 w.e.f. 21 December 2013; s. nd settlement of payment instructions within a payment scheme; “repealed Bank of Mauritius Act” means the Bank of Mauritius Act repealed by section 71; “Securities”— (a) means Bank of Mauritius Securities issued under section 6 (1) (m); and (b) includes Bank of Mauritius Bills, Notes, Bonds and Shariahcompliant instruments. [S. 2 amended by s. 22 (2) (a) of Act 4 of 2008 w.e.f. 1 July 2008; s. 2 (a) of Act 10 of 2010 w.e.f. 24 December 2010; s. 2 (a) of Act 27 of 2013 w.e.f. 21 December 2013; s. 17 (1) (a) of Act 1 of 2015 w.e.f. 1 January 2015.] PART II – CONSTITUTION OF BANK