Catalogue description Board of Customs and Excise: Exchange Control: Registered Files

Responsibility for exchange control was assumed by the Valuation Branch of HM Customs and Excise after discussions took place early in 1939 between HM Treasury, the Bank of England, Customs and the Clearing House on the type of control which would be needed to safeguard the country's financial position if war were to be declared. The resulting system commenced in September 1939 in respect of payments for imports and in stages during 1940 for exports.

Post-war a gradual relaxation in restrictions led to the slow contraction of exchange control. In October 1968 oversight of work passed to General Customs Division (GCN) but the Exchange Control Branch always retained its own Registry filing system.

The branch's functions concerning imports were vetting of applications for foreign currency or sterling and inspecting evidence of value and importation. With exports the branch checked evidence that payment was to be received in the proper time and manner. Later, a watchful eye was kept on exports of diamonds, machine tools, immature whisky, furs, works of art and antiques. Currency control had been added to its functions by the early 1960s. From 1973 the export practices of certain UK members of multinational companies were also subject to investigation. The branch had power to apply sanctions on all these functions as necessary.

The Conservative government abolished all exchange control requirements from 24 October 1979 except those applicable to Rhodesia which ceased on 13 December 1979.