8.—(1) Except with the permission of the Authority, no person shall in Singapore do any act which involves, is in association with or is preparatory to the making of any payment outside Singapore, to or for the credit of a person resident outside the scheduled territories.
(2) Nothing in this section shall prohibit the doing of anything otherwise lawful by any person with any foreign currency obtained by him in accordance with the provisions of Part 2 or retained by him in pursuance of a consent of the Authority.
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