31971R1971

784 Official Journal of the European Communities

No L 207/20 Official Journal of the European Communities 11.9.71

REGULATION (EEC) No 1971 /71 OF THE COMMISSION of 10 September 1971

« on the rate of exchange for the currencies of certain third countries to be used to determine value for customs purposes

THE COMMISSION OF THE EUROPEAN COM­ Member States which allow the variations in the MUNITIES, value of their currencies to exceed the limits fixed by the rules of the International Monetary Fund ;

Having regard to the Treaty establishing the European Economic Community ; Whereas the measures provided for in this Regulation are in accordance with the Opinion of the Customs Valuation Committee ; Having regard to Council Regulation (EEC) No 803/681 of 27 June 1968 on the valuation of goods for customs purposes, and in particular Article 12 (3 ) thereof; HAS ADOPTED THIS REGULATION : Whereas owing to the international monetary situation the governments of certain third countries allow the variations in the value of their currencies to exceed the limits fixed by the rules of the Article 1 International Monetary Fund ;

Whereas as a result the conditions of application of Where factors used to determine the value for Article 12 (3 ) of that Regulation are satisfied as customs purposes of goods are expressed in the regards those currencies ; currency of a third country which allows the variations in the value of its currency to exceed the Whereas the latest selling rate recorded for the limits fixed by the rules of the International currencies of such third countries on the most Monetary Fund, the rate of exchange to be used shall representative exchange market or markets of the be the latest selling rate recorded on the most Member State where the valuation is made is the representative exchange market or markets of the most appropriate rate of exchange for determining Member State in which the valuation is made. the value of goods for customs purposes ;

Whereas the monetary measures previously taken by Article 2 the Government of Canada led to the adoption of Commission Regulation (EEC) No 1970/702 of 30 September 1970 in respect of the Canadian dollar; This Regulation shall apply as long as it is possible whereas that Regulation may be repealed by the for the variations in the value of those currencies to provisions herein ; exceed the limits fixed by the rules of the International Monetary Fund. Whereas, moreover, Commission Regulation (EEC) No 982/713 of 12 May 1971 prescribed the measures to be taken in respect of the currencies of the Article 3

Commission Regulation (EEC) No 1970/70 of 30 1 OJ No L 148, 28.6.1968, p. 6. September 1970 on the Canadian dollar exchange 2 OJ No L 216, 1.10.1970, p. 47. rate to be applied in determining value , for customs 8 OJ No L 107, 13.5.1971, p. 11. purposes is hereby repealed.

Official Journal of the European Communities 785

Article4¶

This Regulation shall enter into *force on the day following its publication in the Official Journal of For the Commission the European Communities. The President This Regulation shall be binding in its entirety and directly applicable in all Member States. Franco M. MALFATTI