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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II SEIZURE OF COUNTERFEIT CURRENCY CHAPTER III AUTHENTICATION OF COUNTERFEIT CURRENCY CHAPTER IV PENALTIES CHAPTER V SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. For the purposes of regulating the seizure and authentication of counterfeit currency and protecting the legitimate rights and interests of currency holders, these Measures are formulated in accordance with the Decision of the Standing Committee of the National People's Congress to Punish Crimes of Disrupting Financial Order and Regulation of the People's Republic of China on the Administration of Renminbi. Article 2. These Measures apply to the seizure of counterfeit currency by the financial institutions engaged in the businesses of currency deposit and withdrawal as well as foreign currency exchange, and to the currency genuineness authentication by the People's Bank of China (hereinafter referred to as PBC) and its authorized authentication institutions Article 3. The term "currency" as mentioned in these Measures refers to both Renminbi and foreign currency. Renminbi refers to the notes and coins issued by the PBC according to law. The term "foreign currency" refers to the legal currency of other countries and regions that can be exchanged within the territory of the People's Republic of China (excluding Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan). The term "counterfeit currency" as mentioned in these Measures refers to forged or altered currency. The term "forged currency" refers to counterfeit currency which is fabricated by imitating the design, shape and color etc. of genuine currency. The term "altered currency" refers to counterfeit currency made on the basis of genuine currency through methods such as mending by replacing a damaged part, peeling, altering, piecing together, shifting, and reprinting. The financial institutions engaged in businesses of currency deposit and withdrawal as well as foreign currency exchange refer to the business departments of commercial banks, rural and urban credit cooperatives and postal savings institutions. The authentication institutions authorized by the PBC refer to operational offices of commercial banks with currency authentication technologies and conditions that are authorized by the PBC to offer authentication services. Article 4. The counterfeit currency seized by any financial institution shall be delivered to the local PBC branch office by the end of each quarter and shall be destroyed by the PBC in a centralized manner. No other institution may dispose of any seized counterfeit currency separately. Article 5. The PBC and its branch offices shall monitor and supervise the seizure and authentication of counterfeit currency in accordance with these Measures. CHAPTER II SEIZURE OF COUNTERFEIT CURRENCY Article 6. When a financial institution discovers any counterfeit currency during its business operation, the counterfeit currency shall be seized by 2 or more employees of this financial institution on the spot and shall be stamped with words "Counterfeit Currency". If any counterfeit bank notes of foreign currency or counterfeit coins are discovered, they shall be sealed in a special envelope, which shall be stamped with the words "Counterfeit Currency" and shall state the name, type, par value, number, currency number, name or seal of the persons who have seized the counterfeit currency as well as the verifiers, and other detailed information. The financial institution which has seized any counterfeit currency (hereinafter referred to as the seizing entity) shall provide the holder with a Voucher for Seizure of Counterfeit Currency uniformly printed by the PBC and inform the holder that he may apply to the local PBC branch office or the local authentication institution authorized by the PBC for authentication if he has any objection to the genuineness of the seized currency. The seized counterfeit currency shall not be returned to the holder. Article 7. When any of the following circumstances occurs in the process of seizing counterfeit currency, the financial institution shall report to the local public security authority immediately and provide it with the relevant information and clues: (1) 20 pieces of counterfeit Renminbi notes (coins) or more, or 10 pieces of counterfeit bank notes (coins) of foreign currency or more are discovered at one time; (2) The counterfeit currency is produced with new methods; (3) Any clues about manufacturing and sale of counterfeit currency are discovered; or (4) The holder refuses to cooperate with the financial institution in the seizure of counterfeit currency. Article 8. Any person who is responsible for the seizure of counterfeit currency shall have a Certificate of Qualification for Anti-Money Forgery Post. The Certificate of Qualification for Anti-Money Forgery Post shall be printed by the PBC. The branches, business departments, and provincial capital sub-branches of the PBC shall be responsible for the training and examination of the relevant staff of financial institutions as well as the issuance of Certificate of Qualification for Anti-Money Forgery Post. Article 9. A financial institution shall manage the seized counterfeit currency separately and establish a register for the custody thereof. CHAPTER III AUTHENTICATION OF COUNTERFEIT CURRENCY Article 10. When a holder has any objection to the genuineness of the seized currency, he shall, within 3 working days after the currency is seized, file an written application for authenticity authentication directly or via the seizing entity with the local PBC branch office or local authentication institution upon the strength of the Voucher for Seizure of Counterfeit Currency. The local PBC branch office or local authentication institution authorized by the PBC shall provide authentication service free of charge and shall, after authentication, present the Currency Genuineness Authentication Report uniformly printed by the PBC and affixed with a seal for the exclusive use of currency authentication and seal of the persons who have performed the authentication. An authentication institution authorized by the PBC shall show the authorization certificate at its business site. Article 11. The local PBC branch office or local authentication institution authorized by the PBC shall, within 2 working days after it receives an authentication application, notify the seizing entity to submit the currency in question for authentication. The seizing entity shall deliver the currency in question to the authentication institution within 2 working days after it receives the notice. Article 12. The local PBC branch office and the local authentication institution authorized by the PBC shall issue a Currency Genuineness Authentication Report within 15 working days after an authentication application is accepted. If the authentication cannot be completed due to complexity of the case, the time limit may be extended to 30 working days, however, the applicant shall be give an explanation in writing. Article 13. Where any Renminbi notes stamped with words "Counterfeit Currency" are authenticated as genuine currency, the authentication institution shall return the notes to the seizing entity, which shall in turn change the seized notes into notes with the same par value and return them to the holder, take back the Voucher for Seizure of Counterfeit Currency and dispose of the Renminbi notes stamped with words "Counterfeit Currency" as damaged Renminbi notes. Where any Renminbi notes stamped with words"Counterfeit Currency" are authenticated as counterfeit currency, the authentication institution shall confiscate the currency and issue to the seizing entity and the holder a Currency Genuineness Authentication Report and a Receipt for Confiscation of Counterfeit Currency, respectively. As for any seized foreign currency notes and coins, those authenticated as genuine shall be returned to the holder and the Voucher for Seizure of Counterfeit Currency shall be taken back; those authenticated as counterfeit shall be returned to the seizing entity by the authentication entity, which shall in turn confiscate the currency according to law and issue to the holder a Currency Genuineness Authentication Report. Article 14. When the currency in question is being authenticated by local PBC branch office or authentication institution authorized by the PBC, at least 2 authenticators shall simultaneously participate in the authentication process and draw an authentication conclusion. Article 15. Where a PBC branch office discovers any counterfeit currency when verifying and sorting out Renminbi notes returned by a financial institution, it shall confiscate the counterfeit currency after authentication and issue to the aforesaid financial institution a Receipt for Confiscation of Counterfeit Currency and demand the make-up of the RMB margin formed by the confiscated counterfeit currency. Article 16. When a holder has any objection to the financial institution' administrative act of seizing or authenticating the counterfeit currency, he may, within 60 working days after it receives the Voucher for Seizure of Counterfeit Currency or Currency Genuineness Authentication Report, apply to the local PBC branch office that supervises the financial institution for administrative reconsideration, or initiate an administrative action according to law. When a holder has any objection to the local PBC branch office' administrative act of authenticating the counterfeit currency, he may, within 60 days after it receives a Currency Genuineness Authentication Report, apply to the superior PBC office for administrative reconsideration, or initiate an administrative action according to law. CHAPTER IV PENALTIES Article 17. The PBC shall issue a warning to and impose a fine on any financial institution which has committed any of the following acts, if the violation does not constitute a crime, and simultaneously order the financial institution to impose a disciplinary sanction on the directly liable person-in-charge and other directly liable persons: (1) Failing to seize any counterfeit currency discovered by it; (2) Failing to seize any counterfeit currency in accordance with the procedure provided for in these Measures; (3) Failing to report to the PBC and the public security organ any case that should have been reported; or (4) Illegally retaining or disposing of any counterfeit currency seized by it, or allowing any counterfeit currency seized by it to return to the market. If any of the above-mentioned violations involves any counterfeit Renminbi notes, the financial institution shall be given a fine of not less than RMB 1,000 yuan but not more than 50,000 yuan. If it involves any counterfeit foreign currency, the financial institution shall be fined RMB 1,000 yuan or less. Article 18. Where an authentication institution authorized by the PBC commits any of the following violations, and if the violation has not constituted a crime, the PBC shall give a warning to it and impose a pecuniary penalty on it, and simultaneously give a disciplinary sanction to the liable person-in-charge and other directly liable persons: (1) Refusing to accept the currency authentication application filed by any holder or financial institution; (2) Failing to authenticate any counterfeit currency in accordance with the procedure provided for in these Measures; or (3) Retaining or illegally disposing of any authenticated or seized counterfeit currency, or allowing any seized counterfeit currency to return to the market. Where any of the above-mentioned violations involves any counterfeit Renminbi notes, the authentication institution shall be fined not less than RMB 1,000 yuan but not more than 50,000 yuan. If it involves any counterfeit foreign currency, the financial institution shall be fined not more than RMB 1,000 yuan. Article 19. Where any staff member of the PBC commits any of the following violations, and if the violation does not constitute a crime, the directly liable person-in-charge and other directly liable persons shall be given an administrative sanction: (1) Failing to authenticate the counterfeit currency in accordance with the procedure provided for in these Measures; (2) Refusing to accept the currency authentication or re-authentication application filed by a holder, financial institution or authorized authentication institution; or (3) Illegally retaining or disposing of any authenticated, seized or confiscated counterfeit currency, or allowing any seized or confiscated counterfeit currency to return to the market. CHAPTER V SUPPLEMENTARY PROVISIONS Article 20. These Measures shall come into force as of July 1, 2003. Article 21. The Power to interpret these Measures shall remain with the People's Bank of China. |
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