Regulations Governing Foreign Exchange Control

Jump to the main content block

Laws and Regulations Database of the Central Bank of the Republic of China-Article Content

Article Content

Title：

Regulations Governing Foreign Exchange Control

Amended Date： July 02, 1997

[Print]

[Print-NoSerialNumber]

Article 1

The Regulations are prescribed pursuant to the provision of Paragraph 2, Article 19-1 of Foreign Exchange Control Act (hereinafter referred as the Act).

Article 2

In the event that any of the situations described in Paragraph 1, Article 19-1 of the Act arises, the Executive Yuan may decide and announce with a public notification to adopt any or all of the following measures for a specific time period:

1.Suspend or restrict trading of foreign exchange futures and forward contracts.

2.Suspend or restrict purchase of foreign exchange for overseas securities investment.

3.Suspend or restrict purchase of foreign exchange for payment of principals and interest of foreign loans.

4.Suspend or restrict purchase of foreign exchange for outward direct investment.

5.Suspend or restrict purchase of foreign exchange for other capital transactions.

6.Suspend or restrict outward remittance of foreign exchange deposits relevant to the capital transactions mentioned in Items 1-5.

Article 3

In the event that any of the situations described in Paragraph 1, Article 19-1 of the Act arises, the Executive Yuan may also announce with a public notification, if deemed necessary, to adopt any or all of the following measures for a specific time period in conjunction with the measures(s) specified in the preceding article:

1.Order that all or part of foreign exchange incomes be sold to the Central Bank of the Republic of China (Taiwan) or any bank authorized by the Central Bank of the Republic of China (Taiwan), or be deposited in any bank authorized by the Central Bank of the Republic of China (Taiwan).

2.Request that payment of foreign exchange for the imported goods, service, income or gratuitous transfers shall not be made without approval.

3.Close the foreign exchange market.

Article 4

The measures taken as provided in Article 2 and Item 2 of Article 3 shall be applicable to the companies, businesses, associations or individuals that make payment by foreign exchange or conduct foreign exchange transactions within the territory of the Republic of China.

The measures taken as provided in Item 1 of Article 3 shall be applicable to the companies, businesses, associations or individuals within the territory of the Republic of China.

Article 5

The term "a specified time period" depicted in Articles 2 and 3 refers to a period that shall not be longer than one month.

The specified period stipulated pursuant to the provision of the preceding paragraph shall not be longer than 20 days, provided the Legislative Yuan is not in session.

The measures adopted under Articles 2 and 3 and the period specified under this Article shall be reported to the Legislative Yuan for ratification within 10 days after such measure or period has been decided. In the event that the Legislative Yuan does not approve such measure or period, the decision made by the Executive Yuan shall be void immediately

Article 6

Intentional violation of the measures taken pursuant to the Regulations herein shall be punishable pursuant to the provision of Paragraph 1, Article 19-2 of the Act. Notwithstanding of the foregoing provision, the violator shall be exempt from punishment provided the Legislative Yuan disapproves of the subsequent recognition of the measures.

Article 7

These Regulations shall become effective on the date of promulgation.