Laws of the People's Republic of China

RULES FOR THE IMPLEMENTATION OF THE EXAMINATION
AND APPROVAL OF APPLICATIONS BY INDIVIDUALS FOR
FOREIGN EXCHANGE

(Promulgated by the State General Administration
of Exchange Control on December 31, 1981)

SUBJECT: FOREIGN EXCHANGE

ISSUING-DEPT: STATE ADMINISTRATION OF INDUSTRY & COMMERCE

ISSUE-DATE: 12/31/1981

IMPLEMENT-DATE: 12/31/1981

LENGTH: 875 words

TEXT:

[Article 1] These Rules are formulated in order to implement the provisions of Article 19 of the Interim Regulations on Foreign Exchange Control of the People's Republic of China.

[Article 2] The "individuals" mentioned in these Rules refer to Chinese, foreign nationals and stateless persons residing in China (hereafter referred to as "individuals").

[Article 3] The items for which individuals may apply for foreign exchange shall include: incidental remittances to be sent abroad; travelling and miscellaneous expenses needed when leaving China; the transfer abroad of investments and bank deposits of overseas Chinese; and the transfer abroad of funds belonging to persons leaving China and emigrating abroad.

[Article 4] In case of special circumstances (such as serious illness, death or other disaster) involving an individual's lineal relative abroad, the individual may apply for foreign exchange for incidental use, by presenting a certificate issued by his unit and a pertinent certificate issued by the locality where his relative is, and his application may be granted according to the circumstances.

[Article 5] An individual who has been given permission to leave China by the department of public security, and who has obtained a valid entry visa from the country of destination (in the case of a Chinese individuals, an "exit receipt" must be obtained from the department of public security), may be provided with foreign exchange for travelling and miscellaneous expenses needed for the trip via the shortest route from the port of departure from China to his destination.

With respect to an individual who is leaving the country with a one-way exit visa in his passport, in addition to being provided with foreign exchange for travelling and miscellaneous expenses, his other requirements for foreign exchange shall be dealt with according to the following provisions:

(1) Any retirement pay, severance pay, subsidies for leave of absence from work or pension for the disabled and for survivors that he has received from domestic institutions in accordance with relevant provisions may be permitted to be remitted abroad in total provided that he has obtained the certificate of his unit and the approval of the next higher department in charge, and subject to the examination and agreement of the Bank of China.

(2) An individual who does not receive any retirement pay, severance pay, subsidies for leave of absence from work or pension for the disabled and for survivors may be provided with foreign exchange according to the actual circumstances.

Foreign exchange shall not be provided to an individual who has been granted a two-way exit-entry visa and who has applied for permission to remit abroad his retirement pay, severance pay, subsidies for leave of absence from work or pension for the disabled and for survivors.

[Article 6] If an individual who has been granted permission to leave China by the department of public security has received foreign exchange remitted from abroad to use for his travelling and miscellaneous expenses when he leaves China and has made a request to retain the original currency before the bank effects payment to him, he may retain the money in the original currency and remit or take it abroad in person at the time he leaves the country.

[Article 7] When Chinese living abroad and Hongkong and Macao compatriots have invested foreign exchange in national or local overseas Chinese investment corporations, they may be permitted to remit abroad the share capital and dividends that they receive as due if, according to the corporation's articles of association, these are to be paid by the investment corporation in foreign exchange; foreign exchange shall not be provided if payment is to be made in Renminbi.

[Article 8] When Chinese living abroad or Hongkong and Macao compatriots apply for permission to remit abroad the money that they have deposited in their own names in an Overseas Chinese Renminbi Savings Account in banks within our country, they may be provided with foreign exchange according to the circumstances.

[Article 9] When an individual and his entire family have been given permission by the department of public security to emigrate abroad, in accordance with the deposit regulations he shall not be permitted to remit abroad money in his Overseas Chinese Renminbi Savings Account, which he entrusts to a bank in China for safekeeping at the time he leaves the country; if, on account of economic difficulties, the depositor applies for permission to remit his deposits abroad, after he submits evidence he may be provided with foreign exchange according to the circumstances.

[Article 10] All types of applications for foreign exchange mentioned above shall be filed with the local branch office of the State General Administration of Exchange Control or with the Bank of China or its branches that have been authorized to handle such matters; after examination and approval, such foreign exchange may be remitted or taken abroad in person.

[Article 11] These Rules shall be promulgated and put into effect by the State General Administration of Exchange Control.