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...