Detailed Rules For The Implementation Of The Measures For The Administration Of Individual Foreign Exchange

4562 words - 19 pages

Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange

Chapter 1 General Provisions

Article 1 These Detailed Rules are formulated in accordance with the Measures for the Administration of Individual Foreign Exchange for the purpose of standardizing and facilitating the foreign exchange operations of banks and individuals.

Article 2 Management of an total annual quota shall be applicable to individual sales of foreign exchange and domestic individual purchases of foreign exchange. The total annual quota is equivalent to USD 50,000 per person each year. The SAFE is empowered to adjust the total annual quota in accordance with the ...view middle of the document...

Article 5 In cases when an individual carries foreign cash across the border, he/she shall obey the relevant administrative provisions of the State.

Article 6 All designated foreign exchange banks (hereinafter referred to as banks) shall examine and verify the authenticity of individual foreign exchange transactions in accordance with the provisions of these Detailed Rules. Any forged or altered transactions are prohibited.

The banks shall process the transactions of individual foreign exchange purchases and sales through the management information system for individual sales and purchases of foreign exchange (hereinafter referred to as the system for individual sales and purchases of foreign exchange), and shall input the relevant information truthfully, accurately, and completely.

Article 7 The SAFE and its branches/sub-branches (hereinafter referred to as foreign exchange bureaus) shall be responsible for collecting the statistical data, supervising, managing, and inspecting the individual foreign exchange businesses.

Chapter 2 Administration of Individual Foreign Exchange under the Current Account

Article 8 Individual foreign exchange receipts and payments under the current account are classified into business-based foreign exchange receipts and payments and non-business-based foreign exchange receipts and payments.

Article 9 Individual business-based foreign exchange receipts and payments under the current account shall be handled in accordance with the following provisions:

(1) An individual foreign trade business person shall handle the purchase, payment, collection, and sale of foreign exchange under foreign trade through his/her foreign exchange settlement account; and his/her foreign exchange receipts and payments, verifications for imports and exports, and declarations on the balance of payments shall be handled in line with the formalities applicable to institutions.

An individual foreign trade business person refers to an individual engaging in foreign trade business activities who has attended to the formalities of registering at the administrative department for industry and commerce or the other business formalities according to law, has obtained a business license or other certificates for business operations, has handled the recording formalities for registration, and obtained the foreign trade right in accordance with the provisions of the commerce administrative department of the State Council.

(2) When a private business person entrusts any enterprise with foreign trade rights to handle the import business, he/she shall purchase foreign exchange by himself/herself upon the strength of the import agent contract or the agreement signed with the entrusted enterprise. The purchased foreign exchange shall be transferred directly from his/her foreign exchange settlement account to the foreign exchange account under the current account held by the entrusted enterprise.

When a private business...

Other Essays Like Detailed Rules for the Implementation of the Measures for the Administration of Individual Foreign Exchange

Drawing on Material from the Lecture Notes and Independent Research, Construct a Detailed Profile of an Individual, Named Entrepreneur

3251 words - 14 pages characteristics such as ‘need for achievement, intelligence, creativity, energy level, and desire for money’ (Aboud, 1971) are common throughout entrepreneurs. Gartner, accepting these claims, goes onto suggest that if you base the definition of an entrepreneur on characteristics then ‘an entrepreneur is a personality type’ and therefore ‘a state of being that doesn’t go away’ (Gartner, 1988). A more specific definition, by Hornaday and Aboud (1971

Using Foreign Exchange Reserves for Development

1964 words - 8 pages facilitate foreign exchange and payments To promote orderly development and maintenance of foreign exchange market in India It applies to all branches, offices an agencies in India and outside India, owned and controlled by a resident of India   Guidelines   Any person may sell or draw foreign exchange to or from an authorized person for a capital account transaction The Reserve Bank may in consultation with the Central

The Enjoyment of Breaking the Rules

548 words - 3 pages violent, and how children being used in ‘Lord of the Flies’ strengthens his implication. These reasons will be further explained in detail in the next few paragraphs. My first argument will be on how people enjoy breaking rules once out of supervision. I will reference one of my past experiences of a geography class as an example. As soon as our teacher left the classroom for a few moments, everyone burst from their previous silent stature into

Who Does The Republican Party Represent? Detailed Account Of What The Republican Party Stands For And Who It Represents From The American Population

2478 words - 10 pages consistent flow of cash into the coffers of the RNC through enormous soft money donations or PAC contributions to individual candidates. These donations occur whether the Republican Party pays attention to its conservative base or not. The only qualification is that they have the power to ensure a permissive environment for commerce. It is important to note, however, that while Corporate America may have millions to give, it does not command

Rules of Mixtures for Elastic Properties

560 words - 3 pages RULES OF MIXTURES FOR ELASTIC PROPERTIES The paper is about the rules of mixtures which are used to express the dependencies of the physical properties and mechanical properties which depend on type, form, quality and arrangement of its constituents, but they are based on various assumptions so one should with caution, especially if they are used anything more than preliminary design. The paper mainly concentrates on expressions for elastic

The Concept of Administration and Organization

648 words - 3 pages . * Group Activity: Administration includes activities of more than one individual. * The term ‘cooperative’ is defined in terms of the results of the human activity. When two men together roll a stone which neither of them could roll alone they are cooperating. * Thus the essence of administration is the utilization of cooperative action for the accomplishment of common goals. * Common goal: the second key element of the above

Some Rules of the Modern Olympics

522 words - 3 pages Show Ad Join the largest worldwide video-sharing community! Create Account › Already have an account? Sign In Recommended for You Learn More The "Recommended for You" module picks videos based on your viewing history. To see your viewing history, click on the History link at the top right of the page; if you want to clear your history and recommendations, click the "Clear Viewing History" button on that page. Remember, you will get better

P1: Describe Physical, Intellectual, Emotional and Social Development for Each of the Life Stages of an Individual

763 words - 4 pages will develop over his first years of life. Their sight improves to near adult levels by the age of eight months. They will also develop various temporary and primitive reflexes. For example: when you place a finger in the palm of the baby’s hand, they will grasp your finger tightly. This reflex is called the grasp reflex, Intellectual = during this stage Piaget believe that children could not think in a logical way, but can convey words to

The Factors of Successful Erp Implementation

1015 words - 5 pages successful implementation before deciding on implementing an ERP system. Top management commitment The support from top management is critical. An active and committed committee who are directly involved in the implementation process would remind their employees of the importance of the implementation of the ERP system, as compared to if it were delegated to other departments. The top management must also be willing to allocate resources for

The Implementation Of English Social Policy

3667 words - 15 pages multiple perspectives on an issue (Torres, Preskill and Piontek 1996:98). In terms of the use of data to evaluate the implementation of social policy, quantitative data can document the characteristics of whole populations, while qualitative data can describe individual cases in detail (Finch 1986:162). The quantitative approach is more useful in a field such as health care, where goals and measures are clearly defined, than in social policy where

Evaluating the Tax Incentives for Foreign Investors Policy

4086 words - 17 pages Evaluating the tax incentives for foreign investors policy Reporting to the Manufacturers league Executive Summary This report has been written in response to the government’s proposed tax incentive policy for foreign multi-national corporations to increase foreign direct investment within Australia. The report draws attention to the reasons behind the government’s proposal. These include the slow growth trends of the manufacturing

Related Papers

The Foreign Exchange Market Essay

1280 words - 6 pages annihilation of the gold standard and the Bretton Woods System, economies were still in need of a monetary system that allowed countries to participate in foreign exchange. Therefore, markets were created specifically for this purpose. The largest foreign exchange markets in the world are found in London, New York, Tokyo, Hong Kong and Singapore. Almost every nation in the world has their own form of currency that can be used within the limits of their own

The Exchange Of Ideas Essay

2611 words - 11 pages about as a result of problems with staff in an organization. These may be brought about, for example, by such factors as poor management, lack of consultation with employees, personality conflicts which can result in people delaying or refusing to communicate, the personal attitudes of individual employees which may be due to lack of motivation or dissatisfaction at work, brought about by insufficient training to enable them to carry out particular

Implementation Of The Directive Concerning Foodstuffs For Particular Nutritional Uses In The Hungarian Law

3351 words - 14 pages which do not comply with the rules as to composition laid down by the specific Directives for groups of foodstuffs for particular nutritional uses referred to in Annex I. Those measures, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 15(3).” Implementation of the directive concerning foodstuffs for particular

Changing The Rules Of Pornography Essay

444 words - 2 pages Changing The Rules of PornographyIn today's society, pornography remains a dark subject that is hard to ignore. Everywhere you look these days, human sexuality is put on display. We are constantly bombarded with sexual innuendo or nudity. Humans have always tried to push the limits in all aspects of life. Sex in the media has not been excluded from this fact. It remains to be seen how sexual deviance affects our world, as it turns more