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Circular of the State Administration of Foreign Exchange on Issuing the Provisional Procedures on the Foreign Exchange Administration in Export Processing Areas |
Chapter V Punishments
Article 40 The SAFE Branches shall conduct regular or irregular supervision and inspection in in-area entities on their balances of foreign exchange. As to violations of this set of procedures and other foreign exchange regulations, the SAFE Branches shall mete out punishments in accordance with Regulations on the Foreign Exchange Administration and other relevant regulations.
Article 41 Designated foreign exchange financial institutions shall provide in-area entities with services in accordance with this set of procedures and other foreign exchange regulations.
As to violations of this set of procedure, SAFE shall punish the designated foreign exchange financial institutions, the responsible personnel, and directly responsible personnel-in-charge in accordance with Regulations on the Foreign Exchange Administration and other relevant regulations.
Article 42 In case that in-area entities purchase or sell foreign exchange in violation of this set of procedures, SAFE shall nullify their Registration Certificate and suspend their qualification of purchasing or selling foreign exchange besides above-mentioned punishments.
Chapter VI Supplementary Provisions
Article 43 Foreign exchange revenue and expenditure as well as other foreign exchange businesses of in-area entities and individuals not touched upon in this set of procedures shall be subject to relevant foreign exchange regulations in out-areas.
Article 44 This set of procedures shall be interpreted by the SAFE Branches may formulate detailed rules for the implementation of this set of procedures to be put into force after being reported to and approved by the SAFE.
Article 45 This set of procedures shall enter into force as of September 1, 2000.
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