境内外汇帐户管理规定 Administration of Foreign Exchange Accounts Inside China Provisions

as carried the procedures for clearing the account, deliver evidence of the closing of the account by the account-providing financial institution and its Foreign Exchange Account Use Permit, proof of foreign debt registration, Foreign Exchange Registration Certificate of a Foreign Investment Enterprise or Foreign Exchange Account Recordal Form for a Foreign Establishment Inside the People's Republic of China, and carry out the procedures in respect of the change.

　　After an organization inside the People's Republic of China has closed its foreign exchange account, if the balance in the account belongs to the foreign investor or, following approval, may be retained, then such balance may be transferred or be remitted out of the country. If such balance consists of any other kind of foreign exchange, then all of it shall be settled.

　　After a foreign establishment inside the People's Republic of China has closed its foreign exchange account, the balance in the account may be transferred or be remitted out of the country.

　　Article 39　The Administration of Foreign Exchange shall implement a system of annual inspection of the foreign exchange accounts of organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China.

　　Article 40　Account-providing financial institutions shall submit information on changes in their foreign exchange accounts to the Administration of Foreign Exchange of the place where they are located, as required by the Administration of Foreign Exchange.

　　Article 41　For any foreign exchange account that needs to be cancelled, the Administration of Foreign Exchange shall send a Notice of Cancellation of a Foreign Exchange Account to the account-providing financial institution and the unit that opened the account. In addition, it shall handle the balance in the account in a clear-cut manner in accordance with regulations and set a time limit for the carrying out of account cancellation procedures.

　　Article 42　Organizations inside the People's Republic of China and foreign establishments inside the People's Republic of China shall apply for approval to open foreign exchange accounts, and carry out the procedures for opening such accounts, in accordance with these Provisions. They shall use their foreign exchange accounts in accordance with the scop

e of receipts and payments, term of use and maximum amount specified by the Administration of Foreign Exchange. They may not open foreign exchange accounts without approval; lease out or lend their foreign exchange accounts or share their foreign exchange accounts with others; use their foreign exchange accounts to receive, pay, keep or assign foreign exchange on behalf of other units or individuals; privately deposit the unit's foreign exchange under the name of an individual; or, without authorization, use their foreign exchange accounts beyond the term of use or maximum amount specified by the Administration of Foreign Exchange.

　　Article 43　Account-providing financial institutions shall carry out the procedures for opening of accounts, making of payments into and out of accounts and closing of accounts for organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China, and shall supervise the use by account-opening units and individuals of their foreign exchange accounts, in accordance with these Provisions. They may not open foreign exchange accounts for organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, and persons that have come to the People's Republic of China, without authorization or handle the receipt and payment of funds into and out of such accounts beyond the approved scope.

　　Article 44　If organizations inside the People's Republic of China, foreign establishments inside the People's Republic of China, individuals, or persons that have come to the People's Republic of China, violate the regulations for administration of foreign exchange accounts in any of the following ways, the Administration of Foreign Exchange shall order rectification, cancel the foreign exchange account, circulate a notice of criticism and impose a fine of not less than Rmb 50,000 and not more than Rmb 300,000:

　　1. opening of a foreign exchange account inside the People's Republic of China without authorization;

　　2. leasing out or lending one's foreign exchange accounts or sharing one's foreign exchange account with others;

　　3. changing, without authorization, the scope of use of one's foreign exchange account;

　　4. using one's foreign exchange account beyond the maximum amount or term of use determined by the Administration of Foreign Exchange, without authorization; or

　　5. otherwise acting in violation of these Provisions.

　　Article 45　If an account-providing institution opens, without authorization, a foreign exchange account for an organization inside the People's Republic of China, a foreign establishment inside the People's Republic of China, an individual, or a person that has come to the People's Republic of China, or if an account-providing institution handles, without authorization, payments into or out of an account beyond the scope determined by the Administration of Foreign Exchange, or if an account-providing institution violates other regulations concerning the administration of foreign exchange accounts, the Administration of Foreign Exchange shall order rectification, circulate a notice of criticism and impose a fine of not less than Rmb 100,000 and not more than Rmb 300,000.

　　PART FIVE　SUPPLEMENTARY PROVISIONS

　　Article 46　The opening and use of foreign exchange accounts of economic organizations with foreign investment inside the People's Republic of China that hold a business licence but have no legal person status shall be handled in accordance with the provisions of these Provisions concerning foreign investment enterprises.

　　Article 47　These Provision shall not apply to the following accounts:

　　1. inter-bank foreign exchange deposit accounts;

　　2. foreign exchange accounts opened inside the People's Republic

of China by foreign embassies and consulates, and representative organizations inside the People's Republic of China of international organizations, which have diplomatic immunity.

　　Article 48　The State Administration of Foreign Exchange shall be in charge of interpreting these Provisions.

　　Article 49　These Provisions shall be implemented as of 15 October 1997.

　　The Administration of Foreign Exchange Accounts Tentative Procedures issued by the People's Bank of China on 1 April 1994, the Relevant Questions Concerning the Circular issued by the State Administration of Foreign Exchange on 30 May 1994, the Opening of Accounts for Repayment of the Principal of Foreign Debts and (On-lent) Foreign Exchange Loans and Payment of Interest Thereon Operational Rules issued by the State Administration of Foreign Exchange on 22 June 1994 and the Administration of Foreign Exchange Accounts Inside China of Foreign Investment Enterprises Tentative Procedures issued by the State Administration of Foreign Exchange on 28 June 1996 shall be repealed at the same date

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