Regulatory Alerts2005-10-06
Added · Updated
Regulations Governing the Establishment and Administration of Foreign Currency Exchange Bureaus
The regulations define foreign currency exchange bureaus as businesses exchanging foreign currency for New Taiwan Dollars for foreign travelers and overseas Chinese. Transactions are capped at US$ 10,000 per transaction, and exchange rates must reference authorized bank bid prices with rates posted at the business location. Eligible applicants include hotels, travel agencies, and other specified outlets, with licenses issued by the Bank of Taiwan. Bureaus must maintain separate accounting records for ten years, submit quarterly reports by the 15th of the following month, and face license revocation for serious violations, inactivity, or false applications.
More like this from CBC
We email you every new CBC publication the day it's published.