国务院关于修改《中华人民共和国外汇管理条例》的决定 REGULATIONS ON THE FOREIGN EXCHANGE SYSTEM OF THE PEOPLES REPUBLIC OF CHIN

governing foreign exchange account or use the foreign exchange beyond the designated purpose without authorization， the exchange administration agencies shall order these entities to redress the case， close the foreign exchange accounts， issue a public reprimand and impose a penalty fine in range of 50， 000 to 3000， 000

Yuan.

　　Article 48 In case that domestic entities forge， alter， rent， transfer or make a multiple use of the verification certificate for import payment and export proceeds in violation of the regulations governing the verification procedures for foreign exchange， or fail to comply with verification procedures prescribed by the relevant regulations， the exchange administration agencies shall serve a warning， issue a public reprimand， confiscate the illegal income and impose a penalty fine in the range of 50， 000 to 300， 000 Yuan. In case of criminal offense， a criminal suit shall proceed.

　　Article 49 In case that financial institutions， duly authorized to undertake foreign exchange operations， act in violation of the Article 29 and 31， the exchange administration agencies shall order these institutions to redress the case， issue a public reprimand and impose a penalty fine in the range of 50， 000 to 300， 000 Yuan.

　　Article 50 If the party penalized for violation contests the verdict and the penalty imposed by the exchange administration agencies， the party may appeal to the exchange administration agencies at the immediate higher level to review the case within 15 days after receiving the penalty notice； the exchange administration agencies at the immediate higher level shall decide on the review within two months after receiving the appeal for review. If the party contests the review decision， the party may appeal to the People's Court in accordance with the law.

　　Article 51 Domestic entities acting in violation of the regulations on exchange management shall be penalized in accordance with these regulations； and the management and those directly responsible for the violation shall be disciplined. In case of criminal offense， a criminal suit shall proceed.

　　Chapter VII Ancillary provisions

　　Article 52 The definitions of the terms in these regulations are as follows：

　　1. “domestic entities” refer to enterprises and pubic institutions， government agencies， social organizations and armed forces etc.， including foreign-funded enterprises.

　　2. “designated foreign exchange banks” refer to banks duly authorized by the exchange administration agencies to undertake the sale and purchase of foreign exchange.

　　3. “individuals” refer to Chinese citizens and foreign nationals staying in China for more than one year.

　　4. “foreign establishments” in China refer to foreign diplomatic agencies in China， consulates， resident representative offices in China and offices of foreign non-government organizations in China etc……

　　5. “foreign nationals” in China refer to resident staff members of foreign establishments in China， foreigners working for domestic entities in China and overseas foreign students etc. .

　　6. “current account transactions” refer to those components in the current account of the balance of payments， such as goods， services and unilateral transference……

　　7. “capital account transactions” refer to the increase and decrease of assets and liabilities in the balance of payments as a result of the inflow and outflow of capital， including direct investment， loans and portfolio investment' etc……

　　Article 53 The exchange regulations governing bonded areas shall be formulated separately by the exchange administration agencies of the State Council.

　　Article 54 The exchange regulations governing border trade and counter-trade of border residents shall be formulated separately by the exchange administration agencies of the State Council on the basis of these regulations.

　　Article 55 These regulations shall take effect April 1， 1996. The Regulations on the Exchange System of the People's Republic of China issued by the State Council on December 18， 1980 and the related detailed rules shall be repealed at the same time

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