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Article 1. For the purpose of strengthening the administration of bank draft settlement, regulating the entry and exit of bank draft business and preventing the risks in bank draft payment, the present Regulation are formulated in accordance with the Negotiable Instruments Law, the Measures for the Implementation of the Administration of Negotiable Instruments and the Measures for Payment and Settlement. Article 2. The policy banks, exclusively state-owned commercial banks, joint¨Cstock commercial banks, urban commercial banks, foreign-funded banks, urban credit cooperatives, rural credit cooperatives and unions at county (municipal) level (hereinafter referred to banks) that need to issue bank drafts must conform with the entry conditions stipulated in the present Regulation and must be approved by the People's Bank of China. The banks that have not been approved by the People's Bank of China may not issue bank drafts. Article 3. A bank that applies for issuing bank drafts must satisfy the following entry conditions: (1) holding the legal person permit or business permit of financial institution approved and issued by the People's Bank of China and the business license issued by the administrative department of industry and commerce; (2) having fixed business location and facilities that safely keep the seal, test code compiling equipment and vouchers of bank drafts; (3) its inner management is perfect, inner control system is sound, the quality and quantity of the accounting and settlement personnel arranged satisfy the requirements of management; (4) the operation is under good condition and the proportion of non-performed assets is relatively low; (5) having sufficient reserve deposit at the people's bank, meeting the requirement of the people's bank on the proportion of reserve deposit; a single rural credit cooperative shall have sufficient capital at the union of county or municipal level and can guarantee the surrender and settlement of the capital of the bank drafts it issued; (6) having certain volume of payment and settlement business at other places; and (7) there isn't any major violation or error within the year before the application for issuing bank drafts is made, and there isn't any major economic case within three years. Article 4. An urban credit cooperative or rural credit cooperative that applies for issuing bank drafts shall, in addition to the entry conditions stipulated in Article 3, satisfy the following conditions: (1) the proportion of the idle and bad loans shall be below 15%; (2) having surplus for the latest two consecutive years; and (3) the rate of capital sufficiency reaches 4% or more. Article 5. A bank that needs to issue bank drafts shall submit an application and the following materials to the people's bank: (1) application report, which shall specify the basic situation of this bank, the arrangement of management and handling personnel, business operation situation and inner management situation; (2) photocopies of the legal person permit or the business permit of financial institution and the business license; (3) accounting and settlement management system and inner control system; (4) the daily average balance of reserve deposit during the three months before the application and the daily average balance of the deposit during three months held by a single rural credit cooperative at the union at the county (municipal) level; and (5) other materials required by the people's bank. Article 6. A bank that applies for issuing bank drafts shall follow the following procedure; (1) where a policy bank or an exclusively state-owned commercial bank applies for issuing bank drafts, it shall obtain the approval of the head office of the People's Bank of China; where its branch office applies for issuing bank drafts, its head office shall be responsible for the approval; (2) where the head office of a joint-stock commercial bank applies for issuing bank drafts, the head office of the People's Bank of China shall be responsible for the approval; while the branch office of the joint-stock commercial bank applies for issuing bank drafts, the local branch office of the people's bank shall, after conducting examination and making comments, report to the head office of the commercial bank, which shall then report to the head office of the People's Bank of China for approval; and (3) where an urban commercial bank, foreign-funded bank, urban credit cooperative, rural credit cooperative or the union at county (municipal) level applies for issuing bank drafts, the local branch office of the people's bank shall, after conducting examination and making comments, report to the branch office and the business management department of the people's bank for examination and verification, which shall then report to the head office of the People's Bank of China for approval. Article 7. Where an entry institution of issuing bank drafts falls under any of the following circumstances, its qualification of issuing bank drafts shall be cancelled: (1) violating the provisions on the administration of the seal, cipher code and voucher of bank drafts and failing to rectify within the certain time limit as order by the people's bank; (2) holding down or returning bills for three times or more within one year and causing significant influence; (3) there is the phenomenon of deposit reserve deficiency, which causes that the capital of bank drafts can not be settled in a timely manner, for three times or more within one year; (4) in case it entrusts another bank to honor the bank drafts upon agency or issues the bank drafts of another bank upon agency, the capital is not timely surrendered according to the relevant provisions for three times or more within one year; (5) issuing rubber bank drafts, arbitrating capital or committing economic criminal activities; (6) there occurred major settlement accidents such as the loss or steal of blank bank draft vouchers, special seal of bank drafts or test code compiling equipment; or (7) it fails to satisfy the entry conditions any more because of the change of its operation status. Article 8. Where an entry institution of bank drafts falls under any of the following circumstances, it shall be disqualified from issuing bank drafts automatically: (1) the institution that handles bank draft business is dismissed or merged, and the original institution is withered away; or (2) it voluntarily gives up its qualification of entry. Article 9. As for the exit of an entry institution, the bank that approved the entry shall make a decision of exit in accordance with the procedure for examination and approval of entry, inform the relevant banks in a timely manner and handle the procedure of exit. Where any branch institution of the policy bank and exclusively state-owned commercial banks falls under any circumstance prescribed in Article 6, if its head office does not cancel its qualification of entry, the local branch of the people's bank shall put forward disposal opinion and, after being examined and approved by the branch and the business management department of the people's bank, report to the head office of the People's Bank of China, which shall order the head office of the branch institution to cancel its qualification of entry. Article 10. As for an exited banking institution, the bank that administers it shall take back the bank draft vouchers, special seal of bank drafts and text code compiling equipment in a timely manner and dispose according to the relevant provisions. Article 11. A banking institution that exited under any of the circumstances prescribed in Article 7 may not submit entry application for issuing bank drafts until the expiration of one year since the date of its exit. Article 12. The power to interpret and revise this Regulation shall remain with the People's Bank of China. Article 13. This Regulation shall come into effect as of July 1, 2000. |
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