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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II ADMINISTRATION OF FOREIGN EXCHANGE RECEIPTS CHAPTER III ADMINISTRATION OF FOREIGN EXCHANGE PAYMENTS CHAPTER IV ADMINISTRATION OF FOREIGN EXCHANGE ACCOUNT CHAPTER V SUPERVISION AND ADMINISTRATION CHAPTER VI SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. These rules are formulated to improve the administration of private use of foreign exchange by domestic resident individuals in compliance with the "Regulations On Foreign Exchange Administration of the People's Republic of China". Article 2. The "domestic resident individuals" mentioned in these rules (hereafter referred to as "the resident individuals") refer to the Chinese residing in the territory of the People's Republic of China, foreign nationals (including stateless persons) having settled in the People's Republic of China and the foreign nationals and compatriots from Hong Kong, Macao and Taiwan staying in China for more than one year (calculated according to the latest entry date registered on the applicant's passport). Article 3. The "the bank" referred in these rules refer to the designated foreign exchange banks with the authorization for foreign exchange business. Article 4. The "foreign exchange account" mentioned in these rules consists of "foreign exchange account" and "foreign currency account". "foreign exchange account" refers to the account of foreign exchange remitted or the foreign exchange payments instruments taken from Hong Kong, Macao, Taiwan or from the rest of the world; "foreign currency account" refers to the account of deposit in foreign currencies held by domestic resident individuals. Article 5. Resident individuals are not allowed to collect and pay foreign exchange on behalf of the corporate. Article 6. State Administration of Foreign Exchange and its first-and second-level branches (hereafter referred to as "SAFE") are responsible for the supervision and administration of foreign exchange receipts and expenditures and the account of the resident individuals. CHAPTER II ADMINISTRATION OF FOREIGN EXCHANGE RECEIPTS Article 7. The foreign exchange receipts of the resident individuals refer to the foreign exchange receipts that the resident individuals receive from abroad, enjoy perfect ownership and can dispose freely, including the following items: (1) Foreign Exchange Receipts For Current Account: 1. Patent and copyright: foreign exchange that the resident individuals receive by transferring their patents and copyright to non-resident; 2. Author remuneration: the author remuneration in foreign exchange that the resident individuals receive for the abroad publication of Articles or books; 3. Consultation fee: foreign exchange that the resident individuals receive for providing abroad consultation service in law, accounting and management; 4. Insurance claims: the claims in foreign exchange that the resident individuals receive from abroad insurance companies; 5. Profit and dividends: the profits that the resident individuals receive from the oversea direct investments or the dividends that the resident individuals obtain from the investment of oversea portfolios; 6. Interests: the interests of oversea deposits of residents or the interests income obtained from the investment of oversea portfolios; 7. Annuity and pension: the annuity and pension in foreign exchange that the resident individuals receive from abroad; 8. Employee's Compensate: the foreign exchange paid by non-resident to the resident individuals for the employment; 9. Heritage: the foreign exchange that the resident individuals receive from the heritage of non-residents; 10. Alimony: the foreign exchange the resident individuals receive from abroad relatives to support relatives; 11. Endowment: the endowment and gift in foreign exchange that the resident individuals receive from abroad; 12. Other foreign exchange receipts for current account receive legally by the resident individuals. (2) Foreign Exchange Receipts For Capital Account: The principal of various direct or indirect investment withdrawn from abroad by the resident individuals with the approval of relevant domestic government agencies in charge of abroad investment. Article 8. The foreign exchange receipts under current account by the resident individuals can be collected in foreign currencies or can be converted into Renminbi; foreign exchange receipts for capital account by the resident individuals can be collected in foreign currencies or can be converted into Renminbi with the approval of SAFE. Article 9. In respect to the foreign exchange receipts for current account listed in the paragraph 1-11 of Article 7 of these rules and remitted or brought in from abroad by the resident individuals, if they need to be collected in foreign currencies or be converted into Renminbi, following procedures shall be made: (1) If the equivalents of the foreign currencies paid or the Renminbi converted every time are less than US$10,000, they can be handled directly in the bank; (2) If the equivalents of the foreign currencies paid or the Renminbi converted every time are more than US$10,000 (inclusive of US$10,000) but less than US$50,000, they shall be handled by the banks after the banks' checking and examining the proof documents as stipulated in the Article 10 of these rules, registering and keeping them in record; (3) If the equivalents of the foreign currencies paid or the Renminbi converted every time is more than US$50,000 (inclusive of US$50,000) but less than US$200,000, the applicant shall present the proof documents as stipulated in Article 10 of these rules and file the application with the local branch of SAFE. After the examination and verification of the authenticity of the documents, the applicants get the money in banks by presenting the certificates issued by SAFE; (4) If the equivalents of the foreign currencies paid or the Renminbi converted every time is more than US$200,000, the applicant shall present the proof documents as stipulated in Article 10 of these rules and file the application with the local branch of SAFE. After the local branch of SAFE transfers the materials to the head office of SAFE for the examination and verification of the documents' authenticity, the applicants can get the money in banks by presenting the certificates issued by local branch of SAFE. Article 10. If the foreign exchange receipts of the resident individuals for current account need to be collected in foreign currencies or be converted into Renminbi, the party concerned shall present the following evidential documents to the banks or SAFE: (1) In case of patent and copyright: shall provide authentic certificate of identity, ownership certificate of paten or copyright, transfer or usage agreement and abroad tax-paid certificate; (2) In case of author's remunerate: shall provide authentic certificate of identity, published works and abroad tax-paid certificate; (3) In case of consultation fee: shall provide authentic certificate of identity, consultation agreement and abroad tax-paid certificate; (4) In case of Insurance claims: shall provide authentic certificate of identity, insurance policy, notice of claim and claim settlement certificate; (5) In case of profits and dividends: shall provide authentic certificate of identity, investment agreement or equity certificate, decision document of profit-sharing or bonus, the payments document and abroad tax-paid certificate; (6) In case of interests: shall provide authentic certificate of identity, bond or bond registration certificate or interests list of deposit and abroad tax-paid certificate; (7) In case of annuity and pension: shall provide authentic certificate of identity, evidential document of abroad employment and abroad tax-paid certificate; (8) In case of employee's compensate: shall provide authentic certificate of identity, employment agreement and abroad tax-paid certificate; (9) In case of abroad heritage: shall provide authentic certificate of identity,notaries deeds and abroad tax-paid certificate; (10) In case of alimony: shall provide authentic certificate of identity and statement of kinship relations; (11) In case of endowment: shall provide authentic certificate of identity, endowment agreement; and (12) For other types of foreign exchange receipts for current account by the resident individuals which are not listed in these rules thereof and the equivalents is more that US$10,000 (inclusive of US$10,000), the party concerned shall present authentic certificate of identity and relevant evidential documents to file an application with the local branch of SAFE. After the check and verification of the documents' authenticity by local SAFE, the money can be collected in banks by presenting the certificates issued by SAFE. If the equivalent is more than US$200,000 (inclusive of US$200,000), the local branch of SAFE shall report to the head office of SAFE for its examination and approval. Only after the approval can the money be collected in banks by presenting the certificates issued by the local branch of SAFE. Article 11. If the foreign exchange receipts for capital account withdrawn from abroad by the resident individuals need to be collected in foreign currencies or be converted into Renminbi, the matter shall be abided by the following provisions: (1) If the equivalents of the foreign currencies collected or the Renminbi converted every time is less than US$200,000, the applicant shall present the proof documents as stipulated in Article 12 of these rules and file an application with the local branch of SAFE. After the examination and approval by SAFE, the money can be collected by presenting the certificates issued by SAFE to the banks; (2) If the equivalents of the foreign currencies collected or the Renminbi converted every time is more than US$200,000, the applicant shall present the proof documents as stipulated in Article 12 of these rules and file an application with the local branches of SAFE. After the local branches of SAFE need to transfer the materials to SAFE for the examination and verification of documents' authenticity, Only after the approval can the money be collected in banks by presenting the certificates issued by the local branch of SAFE. Article 12. If the foreign exchange receipts of the resident individuals for capital account need to be collected in foreign currencies or be converted into Renminbi, the party concerned shall present the following evidential documents to the bank or SAFE: (1) In case of the repatriated principal derived from abroad direct investment: shall provide the approval documents for the abroad direct investment by domestic government agencies in charge of abroad investment, relevant evidential documents concerning the repatriation of abroad direct investment and oversea tax-paid certificate; and (2) In case of the repatriated principal derived from abroad indirect investment: shall provide the approval documents for the indirect investment hereof by domestic government agencies in charge of abroad investment, relevant evidential documents concerning the sale of various abroad portfolio and oversea tax-paid certificate. CHAPTER III ADMINISTRATION OF FOREIGN EXCHANGE PAYMENTS Article 13. Foreign exchange expenditures by the resident individuals refers to the foreign exchange paid or invested abroad by the resident individuals for private purpose, including the following items: (1) Foreign Exchange Payments For Current Account: 1. Foreign exchange payments by the resident individuals for travelling, visiting and meeting relatives, study, medical care, participation in international academic conference and employment as teacher abroad; 2. Foreign exchange payments by the resident individuals for the membership of international academic organizations; 3. Foreign exchange payments by the resident individuals for the mailing of a few of medicine or medical apparatus; 4. Foreign exchange payments by the resident individuals for such special circumstances as the illness, death and disaster involving one's lineal relatives; 5. Foreign exchange payments by foreign nationals staying in China for more than one year and compatriots from Hong Kong, Macao and Taiwan for the remittance of the money in Renminbi resulting from the sale of self-use Articles brought in from abroad or bought in China; 6. Other types of foreign exchange payments by the resident individuals for current account; (2) Foreign Exchange Payments For Capital Account: The foreign exchange payments by the resident individuals for various direct or indirect abroad investments. Article 14. Foreign exchange payments by the resident individuals for current account can be remitted or brought out in foreign exchange purchased in the banks according to these rules, or can be paid from their own foreign exchange account. Foreign exchange payments by the resident individuals for capital account shall be paid from their own foreign exchange account, but are not allowed to be paid by purchasing foreign exchange with RMB. Article 15. If the resident individuals need to purchase foreign exchange for private purpose and the amount is within the limit as stipulated as follows, they must present with the bank the proof documents as stipulated in Article 17 After the examination and approval by the bank, they can purchase the foreign exchange within the stipulated limit: (1) Limit For The Purchase Of Foreign Exchange For Travelling, Visiting And Meeting Relatives Abroad: 1. If the destination is Hong Kong and Macao, the foreign exchange purchased shall be within the limit of US$1000 or its equivalent; 2. If the destination is other countries and regions beyond Hong Kong and Macao, the foreign exchange purchased shall be within the limit of US $2000 or its equivalent; (2) In case of pilgrimage, study and medical care abroad of self-financing nature, the foreign exchange purchased shall be within the limit of US$2000 or its equivalent every time; (3) Limit Of Foreign Exchange Purchase For Other Needs: 1. In case of the resident individuals' self-financing participation in international academic conference or employment as teacher abroad, if the inviting party doesn't bear the travelling expenses, the foreign exchange can be purchased within the same limit as that in Article 13; 2. In case of the resident individuals' membership of international academic organizations, the foreign exchange can be purchased and remitted within the same limit as that stipulated in 2.1 Article 13; 3. In case of the resident individuals' special foreign exchange payments for the mailing of medicine or medical apparatus, foreign exchange equivalents to US$1,000 (inclusive US$1,000) can be purchased; 4. In case of the resident individuals' special foreign exchange payments for the illness, death or disaster involving one's lineal relatives, foreign exchange equivalent to US$1,000 (inclusive US$1,000) can be purchased and remitted abroad; 5. In case of the money in Renminbi resulting from the sale of self-use Articles brought in from abroad or bought in China by foreign nationals living in China for more than one year or compatriots from Hong Kong, Macao and Taiwan, foreign exchange equivalents to US$1,000 (inclusive US$1,000) can be purchased and remitted abroad; 6. In case of other types of foreign exchange payments not listed in these rules, foreign exchange equivalent to US$500 (inclusive of US $500) can be purchased in the bank; 7. In case of children going abroad younger than 14 years, the foreign exchange shall be provided within half of the stipulated limit. Article 16. If the resident individuals need to purchase foreign exchange for private purpose and the amount is beyond the limit as stipulated in Article 15, the following provisions shall be abided by: (1) If the foreign exchange purchased for private purpose every time is beyond the stipulated limit and the equivalents is less than US$10,000, the applicant shall present the proof documents as stipulated in Article 17 of these rules and file an application with the local branch of SAFE. After the examination and verification of the documents' authenticity by SAFE, the applicants can purchase foreign exchange in the bank to remit or carry abroad with the approval documents from SAFE; (2) If the foreign exchange purchased for private purpose every time is beyond the stipulated limit and the equivalents is more than US$10,000, the local branch of SAFE shall report to the head office of SAFE for its examination and approval. The banks can provide foreign exchange correspondingly only on the presence of the approval documents issued by the local branch of SAFE. Article 17. When the resident individuals exchange for private purpose, the following documents shall be presented to the bank or SAFE: (1) In case of foreign exchange payments by the resident individuals for travelling, visiting and meeting relatives, pilgrimage, study, medical care abroad. In addition to the permanent residency certificate of the principal and the proof documents of working entity (if the applicant has no working entity, the proof documents shall be provided by sub-district office or local government higher than town), the applicant shall present the following relevant evidential documents: 1. Besides the valid passport visa of the destination country and the certificate of leaving China, the self-supporting students abroad shall provide admission notification; the self-supporting patient shall provide certificate attached with doctor's suggestions from the local hospital of prefecture (region) level and the admission document of abroad hospitals; 2. The Pass for entry into Hong Kong or Macao or the Pass for multi-entry Hong Kong or Macao; 3. In case of foreign nationals having settled down in China, they shall provide residency certificate of foreign national marked with the quota of "Qiao", the passport marked with return visa or and entry certificate of foreign nationals; and 4. In case of pilgrimage abroad, the pilgrim shall provide evidential documents by provincial administration of religion affairs. In case of residents who travel abroad through the organization of travel agency, the purchase of foreign exchange shall be effected collectively by travel service agents. In case of travelling abroad by oneself, he (or she) can purchase foreign exchange by himself (herself) in the bank. (2) In applying for purchase of foreign exchange for other special needs, the resident individuals shall present the following evidential documents to the banks: 1. In case of the resident individuals' self-financing participation in international academic conferences or employment as teacher abroad if the inviting party doesn't bear the travelling expenses, letter or telegram of invitation, certificate of working entity and documents for leaving China shall be provided; 2. In case of the resident individuals' membership to international academic organizations, evidential documents of academic organizations concerned shall be provided; 3. In case of the resident individuals' special foreign exchange payments as the mailing of a few of medicine or medical apparatus, certificate attached with doctor's prescription from the local hospital of prefecture (region) level, the proof documents of one's working unit shall be provided. If the applicant has no working unit, shall be provide the proof documents issued by sub-district office or local government higher than town shall be provided; 4. In case of the resident individuals' special foreign exchange payments for illness, death and disaster involving one's lineal relatives, the valid evidential documents from abroad notaries department or the proof documents from Chinese embassy or consulate or the application of the (or entity) place where the patient is or the prescription provided by hospital shall be provided; 5. In case of the need for the exchange of the money in Renminbi resulting from the sale of self-use Articles brought in from abroad or bought in China by foreign nationals living in China for more than one year and compatriots from Hong Kong, Macao and Taiwan, if the amount is within the stipulated limit the exchange can be made in banks with authentic certificate of identity; if the amount is beyond the stipulated limit the exchange can be made in local branches of SAFE with authentic certificate of identity, sale evidence and customs declaration form when the Articles were brought into China or the original invoice of domestic buying of the Articles; and 6. In case of other types of foreign exchange payments not listed in these rules, the relevant documents issued by one's working entity (if the applicant has no working entity, the documents shall be provided by sub-district office or local government higher than town) and evidential documents concerning the use of foreign exchange must be provided. Article 18. For the resident individuals leaving China for private purpose hold multi-entry or pass which are valid within one year, after examining and checking the proof documents as stipulated in Article 17 of these rules the bank shall provide foreign exchange only once within the stipulated limit; if the visa is valid for more than one year, after examining and checking the proof documents as stipulated in Article 17 of these rules the bank shall provide foreign exchange within the stipulated limit once a year; if the foreign exchange to be purchased is beyond the limit, the provisions of Article 16 of these rules must be abided by. Article 19. If the foreign exchange from the foreign exchange account of the resident individuals is to be remitted abroad for current account transactions,the following provisions shall be abided by: (1) If the equivalents of foreign exchange to be remitted abroad every time is less than US$10,000, the exchange can be remitted directly in banks; (2) If the equivalents of foreign exchange to be remitted abroad every time is more than US$10,000 (inclusive of US$10,000) but less than US$50,000, the applicant shall present the proof documents as stipulated in Article 17 of these rules and file an application with the local branch of SAFE. After the examination and verification of the documents' authenticity by SAFE, they can go through relevant procedures with the approval documents in the bank with the approval documents of SAFE; (3) If the equivalent of the foreign exchange to be remitted abroad is more than US$50,000 (inclusive of US$50,000) but less than US$200,000, the local branch of SAFE shall report to the head office of SAFE for the examination and verification. The remittance can be made only with the approval issued by the local branch of SAFE. Article 20. If the foreign exchange from the foreign currency account or cash in foreign currencies held by the resident individuals are to be remitted abroad for expenditure for current account, the following provisions must be abided by: (1) The equivalents of foreign exchange to be remitted abroad every time less than US$2,000 can be handled directly in the bank; (2) If the equivalent of foreign exchange to be remitted abroad every time is more than US$2,000 (inclusive of US$2,000) but less than US$10,000, the applicant shall present the proof documents as stipulated in Article 17 of these rules, customs declaration form when the foreign exchange was brought in or the bank documents or the bank's evidential documents and file an application with the local branch of SAFE. After the examination and verification of the documents' authenticity by SAFE, they can go through relevant procedures in the bank with the approval documents of SAFE; (3) If the equivalent of the foreign exchange to be remitted abroad is more than US$10,000 (inclusive of US$10,000), the local branch of SAFE shall report to the head office of SAFE for its examination and verification. The remittance can be made only with the approval issued by the local branch of SAFE. After examination and check over the customs declaration form of foreign exchange brought in or the bank document or the bank certificate, the bank or SAFE shall mark the amount remitted and the remittance date of this time on correspondingly documents and certificate. Article 21. The foreign exchange payments by the resident individuals for direct or indirect investment abroad shall be handled in the following procedures: (1) If the equivalents of foreign exchange to be remitted abroad every time is less than US$10,000, the applicant shall present the proof documents as stipulated in Article 22 of these rules and file an application with the local branches of SAFE. After the approval by SAFE, the exchanges can be paid abroad in banks with the approval issued by SAFE; (2) If the equivalents of the foreign exchange to be remitted abroad is more than US$10,000, the applicant shall present the proof documents as stipulated in Article 22 of these rules and file an application with The local branches of SAFE. After the local branch of SAFE has reported to the head office of SAFE for its examination and verification, the remittance can be made only with the approval issued by the local branches of SAFE. Article 22. If the resident individuals make direct or indirect investment abroad, they shall present to the bank or SAFE the following relevant certificate: (1) The approval documents for the direct investment by domestic government agencies in charge of abroad investment, authentic certificate of identity of the resident individuals, and certificate of investment agreement; (2) The approval documents for the indirect investment by domestic government agencies in charge of abroad investment, authentic certificate of identity of the resident individuals, and the certificate of investment agreement. CHAPTER IV ADMINISTRATION OF FOREIGN EXCHANGE ACCOUNT Article 23. Resident individuals can open foreign exchange account of deposit for the foreign exchange remitted from abroad or the payments certificates brought-in; can open foreign currency account of deposit for the cash in foreign convertible currencies brought in from abroad or held by the resident individuals. Article 24. The resident individuals can deposit the foreign exchange received into foreign exchange account according to the following provisions: (1) In case that the equivalents of foreign exchange deposited is less than US$10,000, it can be handled directly in the bank; (2) In case that the equivalents of foreign exchange deposited is US$10,000 and more, it can be handled after the presentation of authentic certificate of identity to the bank and the registration and filing in record by the bank. Article 25. If the resident individuals intends to draw foreign currencies from foreign exchange account or to exchange receipts in the foreign exchange account into Renminbi, the provision of Article 9 shall be abided by; If the resident individuals intends to draw foreign currencies from foreign currency account, the following provisions shall be abided by: (1) In case that the equivalents of cash drawn every time is less than US$10,000, it can be dealt directly by the bank; (2) In case that the equivalents of cash drawn every time is US$10,000 and more, it can be handled after the presentation of authentic certificate of identity to the bank and the registration and filing in record by the bank. Article 26. The foreign exchange accounts of the resident individuals can not be used for the remittance, transfer or settlement between domestic accounts. CHAPTER V SUPERVISION AND ADMINISTRATION Article 27. When the resident individuals remit foreign exchange from or to abroad, or carry to or from abroad, they shall make the balance of payments reporting and do the customs declaration according to relevant provisions. Article 28. If the resident individuals remit in or out foreign exchange through international postal center for money remittance, they shall abide by relevant regulations concerning postal remittance. Article 29. Every bank shall supervise and administrate the payments, receipts and exchange activities of domestic resident individuals. If such special circumstances occur as the entry into registration and file record three times in a month or the amount exceeding US$150,000 (inclusive of US$150,000), they shall be reported promptly to SAFE within three working days. Article 30. Every branch of SAFE shall stick to these rules to exert examination and verification over the payments and receipts of foreign exchange of the resident individuals, supervise and inspect the examination and check over the payments and receipts of foreign exchange of the resident individuals done by the banks under its jurisdiction, prepare and report the forms to head office periodically and analyze regularly the form of registration and filing record reported by the banks. Article 31. In the event of violation of these rules, it shall be punished by SAFE pursuant to the "Regulations on Foreign Exchange Administration of the People's Republic of China". CHAPTER VI SUPPLEMENTARY PROVISIONS Article 32. These rules are not applicable to non-residents, and the rules on the foreign exchange administration of non-resident shall be formulated by SAFE separately. Article 33. The interpretation of these rules rests with SAFE. Article 34. These rules will come into effect as of September 15 1998. The "Reply on the Conversion of Foreign Exchange of Domestic Resident Individuals Received from Abroad to Cash in Original Currency" promulgated in February 1996, the "Rules on the Conversion of Foreign Exchange by Resident Individuals for Private Purpose" and "Regulations on Remitting Foreign Exchange Abroad from Savings Deposits" additional promulgated in May 1996, the "Circular on the Additional Rules on the Change of Foreign Exchange by Domestic Resident Individuals for Private Purpose" and "Regulations on Resident Individuals' Remitting Exchange Abroad from Savings Deposits" issued in December of 1996 and the "Circular on the Raising of Limit for the Amount of Foreign Exchange Purchase by Domestic Resident Individuals" issued in August of 1997 are repealed simultaneously. |
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