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	DECISION OF THE STATE COUNCIL ON AMENDING THE REGULATION OF THE PEOPLE'S REPUBLIC OF CHINA ON FOREIGN EXCHANGE CONTROL

	(Order of the State Council (No.211), January 14, 1997: The Decision of the State Council on Amending the Regulation of the People's Republic of China on Foreign Exchange Control is hereby promulgated, and shall come into force as of the date of its promulgation.)


SUBJECT : FOREIGN EXCHANGE CONTROL; AMENDMENTS
ISSUING DEPARTMENT : THE STATE COUNCIL OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 01/14/1997
IMPLEMENT DATE : 01/14/1997
LENGTH : 291 words
TEXT :

The State Council decides to make the following revisions on the Regulation of the People's Republic of China on Foreign Exchange Control:

I. One Article shall be added as Article 5, "The payment in and transfer of foreign exchange for current international transactions shall not be subject to the state control or restriction".

II. Paragraph one of Article 13 shall be taken as paragraph one of Article 14, and shall be revised as: "The purchase of foreign exchange by individuals for private purposes shall be granted within the specific limit. Individuals may apply to the department of foreign exchange control for the purchase of foreign exchange over and above the limit for private purposes, and the application for such purchase shall be approved by the department of foreign exchange control if it proves to be for bona fide transactions."

III. One Article shall be added as Article 15, "The remittance and/or carrying of foreign exchange abroad by individuals after they have emigrated for income derived from possession of assets in China shall be granted upon the presentation of the specified certifying documents at the designated forex banks."

IV. Articles 15 and 16 shall be incorporated as Article 17, which shall be revised as: "The purchase of and payment in foreign exchange for the legitimate income in RMB of foreign institutions and personnel in China shall be granted upon the presentation of the relevant certificate documents and credence at the designated forex banks, if it needs to be remitted abroad."

The present Decision shall come into force as of the date of its promulgation.

The Regulation of the People's Republic of China on Foreign Exchange Control shall be amended correspondingly in accordance with the present Decision, and shall be promulgated once again.