Foreign exchange violations, including foreign exchange management of the violation of responsibility, settlement responsibility, as well as Bonded Zone foreign exchange management violations.
In case a domestic institution violates the regulations on foreign exchange administration, it shall, in addition to the prescribed punishment for the institution, be given disciplinary punishment to the directly liable person in charge and other directly liable persons. If a crime is constituted, criminal liability shall be investigated.
◆ foreign exchange management responsibility and penalties
Any business organization that violates the relevant regulations on foreign exchange administration shall be subject to the following penalties.
1, the following acts of escape of foreign exchange, the SAFE ordered a limited period of time to transfer back to foreign exchange, forced to accept the amount of more than 30% of the amount of more than 5 times a fine; constitute a crime shall be held criminally responsible:
- Storing foreign exchange abroad without authorization in violation of state regulations
- not to sell foreign exchange to designated foreign exchange banks in accordance with state regulations
- Exporting or carrying the foreign exchange in violation of state regulations
- No foreign currency deposit certificate or foreign currency securities shall be carried or sent by post without the approval of SAFE
- Other evasion actions
2, one of the following illegal cash, by the SAFE to give a warning, mandatory redemption, and illegal proceeds obtained by more than 30% 3 times the following fine; constitute a crime, shall be investigated for criminal responsibility:
- In case of violation of state regulations, payment in Renminbi or payment in kind of the import money or other similar expenses that should be paid in foreign exchange
- In Renminbi, the other party pays the expenses in the territory, and the other party pays the foreign exchange
- Without the approval of the SAFE, foreign investors in the RMB or the purchase of materials in the territory of the investment
- Fraudulent purchases of foreign exchange to designated foreign exchange banks with false or invalid certificates, contracts and documents
- Other acts of illegal arbitrage
3. If any of the following acts in violation of the administrative regulations are committed by a domestic institution, a Chinese organization, an individual or a person coming to China, the SAFE shall order it to make corrections, cancel the foreign exchange account, notify the criticized party and impose a fine of not less than 50,000 yuan but not more than 300,000 yuan:
- Opening foreign exchange accounts within and outside China without authorization
- Loan, string, transfer of foreign exchange accounts
- Unauthorized use of foreign exchange accounts
- Exceeding the maximum amount of the foreign exchange account approved by the SAFE and using the foreign exchange account for the term of use
- Other violations
4, the domestic institutions in violation of foreign debt management of one of the following, by the SAFE given a warning, criticized and impose a fine of more than 100,000 yuan 500,000 yuan; constitute a crime, shall be held criminally responsible:
- Handling foreign loans without authorization
- The issuance of foreign currency bonds abroad without authorization in violation of the relevant provisions
- Violation of the relevant provisions, unauthorized provision of external guarantees
- Other acts that violate the administration of foreign debts
5. If any of the following acts of illegal use of foreign exchange is committed by a domestic institution, the SAFE shall order it to make corrections, impose sanctions, confiscate the illegal proceeds and impose a fine equal to or less than the amount of the illegal foreign exchange. If a crime is constituted, criminal liability shall be investigated in accordance with the law:
- Settled in foreign currencies in the territory
- Pledged by foreign exchange without authorization
- Privately changing the use of foreign exchange
- Other acts of illegal use of foreign exchange
6. If a foreign exchange is bought or sold in foreign currency, or foreign exchange is bought or sold in disguised form or sold in foreign currencies, the SAFE shall give a warning, impose a confiscation of the illegal proceeds and impose a fine of not less than 30% but not more than 3 times the illegal foreign exchange amount; if a crime is constituted, responsibility.
◆ foreign exchange settlement of foreign exchange liability and punishment
1, the export unit has the following acts by the SAFE given a warning, criticism, confiscation of illegal income, and impose a 50,000 yuan to 300,000 yuan fine:
- borrowing, fraudulent use, transfer or sale of verification form
- the alteration, falsification of a single write-off, customs declaration, export proceeds to write off the write-off and other verification certificate
- False report is lost
- Re-use of the export-oriented foreign exchange write-offs issued by banks
- the use of other foreign exchange income (such as non-trade foreign exchange earnings or foreign exchange earnings under capital) fraudulent write-off
2, the export unit has the following acts by the SAFE given a warning, informed criticism, confiscation of illegal income, and impose a 10,000 yuan to 30,000 yuan fine:
- Failure to submit SAFE stubs to SAFE within four months from the date of receipt
- In the absence of SAFE approval, unrecovered foreign exchange is not received within 180 days of the date of export, or within 30 days after receipt of the foreign exchange, within 180 days of the date of export without any approval from the SAFE. For forward export, the expected receipts for SAFE Or within 30 days after receipt of foreign exchange
- The difference between the write-off of the foreign exchange receipts for export proceeds exceeding 10% of the total value of the transaction and without justifiable reasons
- Failure to report the loss to SAFE within 15 days after the date of loss
- Unused verification forms, which have not been returned to SAFE for cancellation within one month from the date of invalidation
- Repeated loss of verification form, the circumstances are serious
- The export business will not be resumed due to customs, stop, and transfer, and all unused verification forms will not be returned to SAFE for cancellation on time.
- Other violations of these Regulations
3. Where a domestic institution violates the provisions on the administration of verification of foreign exchange write-off, falsifies, alters, lends, transfers or re-uses import and export write-off documents or fails to go through verification formalities as prescribed, SAFE shall give a warning, Illegal gains, and impose a fine of 50,000 yuan to 300,000 yuan; constitute a crime, shall be held criminally responsible.
◆ Bonded Zone Foreign Exchange Liability and Penalty
- SAFE will supervise and inspect the foreign exchange receipts and payments of the institutions in the bonded area on a regular or irregular basis. In case of violation of the provisions, the SAFE may impose penalties on its handling of warnings, criticisms, fines, etc., or impose penalties according to the laws and regulations of the State on foreign exchange administration.
- The financial institutions in the bonded area shall, in accordance with the provisions, handle the opening and closing of accounts, settlement and sale of foreign exchange and receipt and payment of foreign exchange funds for the institutions within the zone. In case of violation of the present Measures, the SAFE may impose a warning, impose a fine, suspend the foreign exchange account opening business, suspend the foreign exchange settlement and sale business, and revoke the punishment for operating the foreign exchange business license.
- The designated foreign exchange banks, enterprises in the zone, and enterprises outside the bonded zone outside the region and outside the bonded area shall handle the relevant business in accordance with the regulations and rules. In case of violation of the provisions, the SAFE shall impose penalties according to the Regulations on Foreign Exchange Administration of the People's Republic of China and other foreign exchange regulations and rules.
◆ Responsibility and penalties for foreign exchange violations in export processing zones
According to the provisions of the export processing zone enterprises or individuals, in violation of relevant foreign exchange regulations, as follows:
- SAFE shall regularly or irregularly supervise and inspect the foreign exchange receipts and payments of the institutions within the region, and the SAFE shall impose penalties on the violation of the provisions on foreign exchange administration in accordance with the Foreign Exchange Control Regulations and other relevant provisions.
- A financial institution operating foreign exchange business shall handle foreign exchange business for the local institutions in accordance with the regulations on foreign exchange administration. The financial institution that violates the regulations and its responsible personnel, the person in charge directly responsible and SAFE shall be punished according to the Regulations on Foreign Exchange Administration and other relevant provisions.
- In addition to punishing the above-mentioned provisions, the local institutions that fail to handle the foreign exchange settlement and purchase of foreign exchange business in accordance with the relevant provisions may also be punished by taking back the "Registration Certificate" and suspending the business of foreign exchange settlement or purchase.