1989.11.15
STATE ADMINISTRATION OF FOREIGN EXCHANGE CONTROL
d loans in rated amounts
have to go through the procedures for the registration of transferred
loans or resort to the form of monthly reports.
10. The opening bank must strictly see to it that the transferred
loans are entered and repaid and the rent is paid according to what
is prescribed in the transferred loan registration and approval
documents. After the receipt and payment are cleared, it should
send a copy of the receipt or payment documents to the local exchange
control organ fore double check.
11. The local exchange control organ can impose, in accordance
with the seriousness of the case, a fine of no more than 3% of the RMB
equivalent of the loan involved on anyone who violates the rules above.
12. The transferred loans that are not cleared before the date
of the promulgation of the rules hereof have to be registered as a
complementary means at the local exchange control organ from the date
of promulgation to end-1989.
13. The locality that finds it difficult to register each separate
deal of the foreign exchange loans provided by domestic banks
and non-bank financial organs can, upon approval of SAEC, entrust
the creditor with the power of acting as its agent to register in
the form of the uniform SAEC transferred loan monthly reports.
14. The rules hereof come into force as of November 15, 1989. The
right to interprete them resides in SAEC.
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