(Summary)
The Detailed Implementing Rules for Administration of the Current Account Foreign Exchange Accounts of Domestic Organizations were issued as an annex to the Notice of the State Administration of Foreign Exchange on Issues Related to Making Further Adjustments to the Policies for Administration of Current Account Foreign Exchange Accounts (the "Notice"). Like the Notice, the Implementing Rules came into force on October 15, 2002.
The Implementing Rules provide the detailed rules for the new legal regime for current account foreign exchange accounts which is only outlined in the Notice. The Implementing Rules cover the requirements a domestic organization must meet in order to qualify to open a current account foreign exchange account; rules on the cap on current account FEX accounts; the account-opening procedures; fixed-term deposits; accounts away from places of registration; account-closing procedures; cancellation of accounts where there is no activity for one year; transitional rules; non-application to domestic organizations in special zones; and annual inspections.
