Soon you will legally be able to buy that book or CD over the Internet with your credit card.
At the moment it is illegal to buy goods over the Internet by credit card.
The legal but time-consuming way to do it is to get a bank draft from your bank.
In terms of changes to exchange controls announced this week by the Reserve Bank, you will soon be allowed to buy goods worth up to R20 000 on the Internet with your credit card provided you comply with import duty requirements.
The new rule will be effective as soon as the necessary administration arrangements have been made with the banks, says Chris Grové, the Reserve Bank's assistant general manager, exchange controls.
Other changes to exchange controls on South African residents announced this week are:
* The allowance for travel abroad has been increased from R100 000 to R120 000 for people of 12 years and older and from R30 000 to R35 000 for children under 12;
* The study allowance has been raised from R100 000 to R120 000 for an unmarried student and to R240 000 for a married student travelling with a spouse;
* Travel allowances for students who holiday abroad, in addition to the study allowance, have been raised from R30 000 to R35 000 (or R70 000 for a married student); and
* The amount of money you can invest offshore if you are over 18 and if your tax affairs are in good order has been raised from R400 000 to R500 000.
The ceiling on the amount of your money financial institutions such as unit trust companies can place offshore through asset swaps has not been changed. Companies can still place 15 percent of their South African assets abroad.
Grové says though R130 billion in assets swaps has been approved by the Reserve Bank, only about R60 billion has in fact been used.
This shows, he says, that there is still sufficient scope for asset swaps without raising the limit.
Qualifying companies are also allowed to invest offshore up to five percent of last year's net inflow of funds.