Decree No. 143 / 1970 Coll.
Decree of the Federal Ministry of Finance and the Federal Ministry of Foreign Trade implementing the Foreign Exchange Act
Valid
Effective from 01.01.1971
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143
DECLARATION
Federal Treasury and Federal Foreign Trade Ministry
of 22 December 1970
implementing the Foreign Exchange Management Act
The Federal Ministry of Finance and the Federal Ministry of Foreign Trade provide, in agreement with the State Bank, for the Czechoslovak and in cooperation with the Ministry of Finance of the Republic pursuant to § 28 of Act No. 142 / 1970 Coll., on Foreign Exchange Economy (hereinafter referred to as "the Act"):
Some foreign exchange issues
(K § 6 of the Act)
(1) They shall not be considered as foreign exchange domestic even if they have remained in the country for more than one year:
(a) foreign nationals - members of the diplomatic mission of foreign representative offices in the Czechoslovak Socialist Republic (Head of Mission, members of diplomatic, technical, administrative and service staff), members of their families and their private servants, if registered with the Federal Ministry of Foreign Affairs and if reciprocity is guaranteed;
(b) foreign nationals belonging to the staff of international organisations, institutions or bodies operating in the territory of the Czechoslovak Socialist Republic and members of their families;
(c) foreign nationals belonging to employees of representatives of foreign organisations (enterprises) operating in the territory of the Czechoslovak Socialist Republic and members of their families, provided that reciprocity is guaranteed;
(d) foreign nationals staying in the Czechoslovak Socialist Republic only temporarily and exclusively for the purpose of carrying out certain work (fitters, technical advisers, experts, etc.), for the purpose of studying at Czechoslovak schools, for practice and training or treatment.
(2) International organisations are not considered foreign exchange domestic even if they have their head office in the country.
(3) Furthermore, Czechoslovak citizens and their family members are not considered as foreign exchange residents, even if they reside abroad with the consent of the competent authorities:
(a) if the facts indicate their intention to remain abroad permanently; or
b) if they have moved out of the Czechoslovak Socialist Republic on an emigration passport.
Foreign domestic residents may use foreign currency funds which they receive for their work or performance during their stay to cover reasonable expenses associated with their stay abroad and to purchase items for reasonable personal use, small gifts and souvenirs.
Foreign exchange permits
(K § 11, 12, 14, 16, 18, 19 and 32 of the Act)
(1) A foreign exchange permit means the authorisation of the Czechoslovak State Bank, as well as the authorisation of the public authorities, to which, in the cases provided for in Part Two, the authorisation of the Czechoslovak State Bank is delegated.
(2) The re-entry permit may also be issued as a general authorisation.
(3) Applications for foreign exchange authorisations shall, as a general rule, be made on forms *) whose pre-printing contains all the information necessary for the decision on the application. The authorising authority shall decide on the basis of the application's data if they are complete and have no doubt as to their trueness. It shall have the right to invite the applicant to complete the data or to provide adequate evidence. Applications made on forms shall be decided by means of the stamp "Authorised," "Rejected," "Reported," etc., in the relevant section of the form. There is no legal claim for a permit.
Foreign exchange banks, foreign exchange points and foreign exchange trading
(K § 7 to 9 of the Act)
(1) Money institutions and other organisations entrusted with the performance of certain tasks of foreign exchange banks (foreign exchange locations) shall, for information to the public, post notices of their mandate, scope and conditions in the business rooms designated for customer contact.
(2) The entrustment to trade in foreign exchange funds, as evidenced by the headquarters of foreign exchange banks and foreign exchange locations, is also for their domestic branches, unless otherwise specified in the mandate. The Czechoslovak State Bank may at any time restrict or withdraw this mandate temporarily or permanently.
Without the participation of a foreign exchange bank or a foreign exchange point, they may:
(a) foreign exchange residents sell and buy foreign exchange funds which have been exempt by the Czechoslovak State Bank at all or which have not been purchased by the foreign exchange bank;
(b) foreign exchange households sell gold coins to and exchange with domestic organisations managing public museum collections;
(c) socialist economic organisations processing precious metals to buy gold and sell it to domestic socialist economic organisations for industrial, technical or consumer purposes.
Import and export values
(K § 11 to 13 of the Act)
A. Export of payment documents denominated in foreign currency and other values
(1) Without a foreign exchange permit:
(a) foreign exchange foreigners export:
(aa) foreign money and payment documents denominated in a foreign currency, imported into, or obtained in a lawful manner in a domestic country;
(bb) gold, foreign securities, deposit certificates, life insurance policies and foreign currency holding books, provided that they prove, by confirmation of the customs office, not more than three months old that they have been imported;
(b) foreign exchange domestic travellers in travel to export:
(aa) foreign exchange money, if it proves to them by confirming the foreign exchange bank or the foreign exchange place, not more than three months old that it has issued it to them;
(bb) payment documents in the name of the passenger and foreign currency and issued by the foreign exchange bank to monetary institutions abroad.
(2) Foreign exchange banks and organisations authorised to conduct international trade, international transport and international shipping may, without foreign exchange permission, export payment documents denominated in foreign currency when they concern their transactions.
B. Import and export of Czechoslovak money
(1) Foreign exchange residents who travel abroad for a passport or other similar document, but not for an emigration passport, may, without a foreign exchange permit, but not for the cases referred to in paragraph 2, export to a person not more than 500 CZK if they are required to confirm the export of such money by customs. Foreign exchange banks and travel agencies shall provide passengers with information on the extent to which these amounts are permitted to be used abroad and how such use is demonstrated. Passengers shall be obliged to prove, on return, the re-importation of the exported amount or its use to customs.
(2) Foreign exchange domestic workers who work abroad and foreign exchange foreigners who work in the country may, without a foreign exchange permit, export a maximum of 50 CZK per person in border traffic on condition that they do not use this money abroad and import it back.
C. Import and export of payment documents denominated in Czechoslovak currency
(1) In the course of travel, they may, without a foreign exchange permit:
(a) foreign exchange foreigners import and export payment documents (bills, cheques, letters of credit, vouchers, etc.) denominated in Czechoslovak currency and issued abroad to Czechoslovak monetary institutions;
(b) foreign exchange residents and foreigners import and export payment documents denominated in Czechoslovak currency and issued by Czechoslovak banks to monetary institutions abroad.
(2) Foreign exchange banks and organisations authorised to carry out international trade, international transport and international shipping may import and export payment documents denominated in the Czechoslovak currency without an exchange permit if they relate to their transactions.
D. Exports of full powers
Exports of full powers, issued by foreign exchange banks and organisations authorised to carry out international trade, international transport and international shipping and related to their business, are free.
Relief on payments abroad
(K § 14 of the Act)
The foreign exchange permit provided for in Article 14 (1) of the Act is not necessary for foreign exchange foreign exchange foreign exchange residents to pay the foreign exchange if they are confirmed by their acquisition of the inheritance in the country, provided that notarial charges on the inheritance are paid and that reciprocity is guaranteed when making payments of that kind.
Relief from the obligation to offer gold and gold coins
(K § 15 of the Act)
(1) Foreign exchange banks need not be offered:
(a) gold for industrial, technical or consumable purposes managed by socialist economic organisations;
(b) gold in fractions;
(c) gold coins
(aa) in the public museum collection without restriction;
(bb) in a private collection, the owner of which is a full member of a local numismatic company, in a quantity of not more than three pieces of the same type, year and provenance;
(cc) having a memorial value for their holders, in a quantity not exceeding three head per person;
dd) embossed according to Act No. 76 / 1976 Coll., on the stamping of Czechoslovak ducats, owned by a person who is not a full member of a local numismatic society in a quantity of one piece of simplicity, duoduction, five ducats and ten ducats of individual species and years per person.
(2) Gold coins of collector's value may be bought from and sold to citizens by socialist organizations operating in the numismatic coin trade to which the Czechoslovak State Bank grants authorisation as an exchange point for that purpose.
(3) The obligation to offer foreign exchange banks to purchase gold which is not exempted under paragraph 1 of this Article may also be fulfilled by selling sales to state or cooperative transactions entrusted as foreign exchange points. Gold in fractions can only be sold by foreign exchange households to these stores.
Foreign accounts
(K § 17 of the Act)
The foreign exchange account is either a cash account in a Czechoslovak or foreign currency or a deposit account on the deposit of securities held with a domestic monetary institution for foreign exchange residents or which is authorised or co-entitled to dispose of foreign exchange foreign exchange foreign exchange residents. Such an account must be marked as a foreign account.
Paragraph 17 of the Foreign Exchange Account Act in the Czechoslovak currency or in a foreign currency, opened by the foreign exchange exchange exchange order with foreign exchange banks with the deposit of a voucher or the deposit of a foreign currency, applies also to foreign exchange accounts of this kind, which were established before the law was effective. Until such accounts are settled by the bank in which the account is held, the terms and conditions of the credits of domestic salaries and balances with the balance of the account, such credits and disposals shall take place in accordance with the same principles as those under which they took place before the law is effective.
(1) In the case of domestic money institutions, foreign exchange foreign exchange foreign exchange residents may be set up without their orders in Czechoslovak crowns for credit of domestic salaries. Salaries for these accounts and payments from them in the Czech Republic can only be made with a foreign exchange permit as salaries for foreign exchange foreigners or as salaries for their property [Paragraph 19 (1) (a) of the Act].
(2) Foreign exchange accounts are also deposit books set up with domestic monetary institutions under the foreign exchange exchange order, as well as holding books set up by the foreign exchange order, provided that the owner of the deposit has become a foreign exchange stranger. The provisions of paragraph 1 shall apply to the salaries and payments of these holding books.
(3) Without a foreign exchange permit, foreign exchange accounts as referred to in paragraph 1 may be composed of:
(a) the net income of domestic real estate belonging to foreign exchange residents, provided that the account of the owner of the account is presented to the cash institution for the period covered by the credit;
(b) reimbursement of the inheritance of foreign exchange nationals in the country on the basis of a notaries order, up to the amount laid down by this order;
(c) payment of the purchase prices of domestic foreign exchange residents where an exchange permit has been granted for the sale of the property;
(d) the amounts remaining after having satisfied all the claims entitled to the proceeds of the sale of domestic foreign reserve assets in the enforcement of the judgment;
(e) compensation for the expropriation of domestic foreign exchange residents.
(1) Where payment with a foreign country is made in accordance with an international agreement or agreement with a central bank of a foreign country by way of settlement (clearing accounts), payments to that country shall take place for legal reasons in that agreement provided for by a credit in a clearing account with a foreign exchange permit, in the absence of salaries under Paragraph 14 (2) of the Act.
(2) The clearing account is free to make domestic payments.
(1) Securities registered in a foreign currency depository account may be transferred to foreign exchange residents or foreign exchange residents for legal reasons of inheritance or reference without a foreign exchange permit.
(2) If the securities at the home money institution are in compulsory custody under the decree of the President of the Republic No 95 / 1945 Coll., they can be treated only with the permission of the Federal Ministry of Finance pursuant to § 19 of the Act. However, such authorisation shall not replace the foreign exchange permit if necessary.
Foreign exchange accounts may, without foreign exchange permission, account management fees and expenses, remuneration for cash operations carried out and expenses incurred in the account, interest and other final items, as well as proceeds for the purchase of securities registered in foreign exchange depository accounts and income or interest thereon.
Management of values
(K § 18 of the Act)
(1) Compliance with the obligations imposed in Article 15 (1) of the Act shall not be regarded as dealing with values subject to a foreign exchange permit under Paragraph 18 (1) of the Act.
(2) A foreign exchange permit under Paragraph 18 (1) of the Act is not required:
(a) to provide price discounts and to pay normal commissions and other necessary expenses abroad for claims on foreign counterparties incurred by organisations authorised to conduct foreign trade activities in the course of their business;
(b) the treatment of claims against foreign exchange residents by foreign exchange banks;
(c) to pay foreign taxes and charges on foreign exchange domestic claims against foreign exchange foreigners;
(d) to pay the appropriate remuneration and demonstrable expenses to foreign-exchange agents representing foreign-exchange residents when discussing their claims for inheritance or when selling their property abroad, provided that the mandate for the agent was sent abroad with an exchange permit (Section 11 of the Act);
(e) the payment of expenses associated with the management and maintenance of foreign-exchange domestic property on claims arising abroad from the proceeds of such property, as well as the payment of current interest and capital repayments of hypothetical loans, subject to the conditions set out in paragraph 3;
(f) to pay deposit fees and expenses paid to foreign monetary institutions for the safekeeping and management of securities against claims on their income.
(3) By 15 April of each year, the foreign currency pencil must submit to the authority supervising foreign property of foreign exchange residents a clear compilation of income from its foreign real estate and issuance for the previous year and have a net income paid to the domestic country or, if no payment is possible, to report where the yield is deposited.
If the State Bank issues permission to use the funds provided by the client to cover the costs of the related works to Czechoslovak domestic enterprises that have taken over work abroad for foreign clients, it shall at the same time determine the conditions under which an account in foreign currency may be set up for the temporary deposit of the funds at the foreign money institution. This is also the case if the funds are transferred abroad for the same purpose.
Domestic salaries for or from the property of foreign exchange foreigners
[Paragraph 19 (1) (a) of the Law]
The foreign exchange permit provided for in Article 19 (1) (a) of the Act is not required:
(a) to pay domestic taxes and fees on foreign exchange foreign exchange claims against foreign exchange residents;
(b) for the payment of rent on domestic immovable property of foreign exchange strangers to the rental accounts of domestic monetary institutions or their administrators, for the payment of expenses related to the administration and maintenance of real estate, for the payment of domestic hypothetical liabilities linked to such real estate and for the transfer of net property income to the owner's foreign account;
(c) to pay the claims authorised in the schedule of the proceeds of the sale of domestic foreign reserve assets in the course of a judicial decision; the balance in favour of the debtor shall be treated in accordance with Paragraph 14 (3) (d);
(d) to pay for the appropriate hosting of foreign exchange foreigners and for the reasonable expenses of state authorities and organisations associated with the residence of foreign exchange foreigners in the country.
Entry into contractual obligations with foreign exchange foreigners and the use of copyright
[Paragraph 19 (1) (b) and (c) of the Law]
(1) Foreign trade organisations may, without a foreign exchange permit pursuant to Article 19 (1) (b) of the Act, enter into contractual obligations in relation to foreign trade in relation to the foreign trade in respect of the import or export of goods or the pursuit of activities where those organisations or organisations for which the import or export of goods or the pursuit of activities is to take place have previously secured the foreign exchange funds required for the foreign exchange bank to fulfil its obligations under those contractual obligations. The method of securing foreign exchange coverage shall be determined by the Czechoslovak State Bank.
(2) In exchange transactions (Sections 420 and 424 of the International Trade Code No. 101 / 1963 Coll.), imports and exports are assessed separately. the import of goods shall be deemed to have been used in such transactions by foreign exchange funds which must be secured in advance in accordance with paragraph 1.
(3) Without the foreign exchange permit provided for in Article 19 (1) (b) of the Act, foreign-trade organisations may also conclude, if they have the necessary foreign-exchange funds, contracts relating to the fulfilment of agreed obligations and the enforcement of claims on such legal relations.
(4) Foreign trade organisations may recognise obligations under the contracts referred to in the preceding paragraphs without a foreign exchange permit if there are undisputed grounds for recognition.
(5) Foreign exchange banks may enter into contractual cash outflows vis-à-vis foreign exchange residents in connection with the liabilities of organisations authorised to do foreign trade, provided that they are incurred in accordance with paragraphs 1 to 3.
(6) A foreign exchange permit shall not be required for the contractual use of copyright and publishing rights where unique articles, studies and translations of such articles and studies are used for publication in foreign journals or collections.
The foreign exchange permit provided for in Articles 14 (1) and 19 (1) (b) of the Act is not required for the taking over or recognition of an obligation to provide for the payment of personal needs by law of a normal and proportionate amount as well as for the transfer of salaries of that kind abroad.
Reporting obligation
(K § 21 and 22 of the Act)
A. Special arrangements for organisations authorised for foreign trade
(1) An organisation entitled to foreign trade activities fulfils the obligation to declare claims and obligations against foreign exchange foreigners within the time limits and in accordance with the rules on foreign exchange statistics and the guidelines of the Czechoslovak State Bank.
(2) Paragraph 24 shall apply to the organisations referred to in paragraph 1 only in respect of the reporting of their foreign securities, holdings abroad (including holdings under Paragraph 20 of the Act) and real estate abroad.
B. Reporting of foreign claims and liabilities and other values
(1) Foreign exchange residents are required to report to the foreign exchange register:
(a) their claims on foreign exchange foreigners;
(b) their property abroad;
(c) their holdings abroad;
(d) its foreign securities and securities deposited abroad;
(e) their claims for inheritance or a reference abroad;
(f) their liabilities to foreign exchange residents, including those arising from foreign participation in domestic enterprises;
(g) foreign exchange foreign exchange securities held for them in custody;
(h) the domestic properties of the foreign exchange aliens they manage for them;
(i) changes concerning the rights, obligations and values subject to reporting obligations under points (a) to (h), and their demise.
(2) Foreign residents shall be required to report in accordance with paragraph 1 within 15 days of the occurrence of rights and obligations, the acquisition of values, their taking over, or within 15 days of the knowledge of the creation of rights and obligations or the acquisition of values. Changes in those rights, obligations and values, as well as their demise, shall be reported within 15 days of the date when the change occurred or the date when the change occurred, or 15 days after the person has become aware of the obligation to report the change or demise.
(3) Foreign residents who are staying abroad when they are obliged to report shall report within 15 days of their return to the country.
(4) If a foreign exchange alien becomes a foreign exchange domestic, he shall, within 15 days of becoming one, declare the rights, obligations and values referred to in paragraph 1 (a) to (f) which he has at that time.
(5) The report shall be submitted to the Czechoslovak State Bank and, in the cases set out in Part Two, to the authorities to which the foreign exchange records are transferred, on forms containing more detailed information and guidance for reporting. *)
(6) The foreign exchange register authorities may agree with the compulsory reporting organisations under Article 21 of the Act a special reporting method adapted to their operational circumstances.
(7) Reports are not subject to values up to 200 CZK, but would be repeated transactions.
C. Reporting of property law disputes with foreign
(1) Foreign exchange residents are required to report to the foreign exchange register authority (Sections 29, 31 and 33) legal disputes affecting the assets referred to in Section 24 (1) and intangible rights in proportion to abroad. Reports shall be submitted by letter in which the facts must also be briefly explained.
(2) Foreign exchange banks and organisations authorised to conduct international trade, international transport and international shipping are not required to be reported in respect of disputes relating to their activities.
(3) The disputes referred to in paragraph 1 shall mean proceedings before domestic or foreign courts and arbitrators, as well as litigation before administrative and other authorities in which the foreign exchange seal acts as an applicant, defendant or other party.
(4) The reporting obligation shall be fulfilled:
(a) prior to the opening of the dispute if the dispute is to be initiated on the initiative of a foreign exchange domestic;
(b) as soon as the foreign exchange seal becomes aware that a dispute has been initiated on the initiative of a foreign exchange stranger in which he is to act as a defendant or another participant.
(5) At the request of the authority managing the foreign exchange register of disputes, foreign exchange residents are obliged to notify details of the legal disputes initiated with foreign currency.
Foreign exchange surveillance
(K § 23 of the Act)
Supervision of the law and regulations implementing it The State Bank of Czechoslovakia and the authorities of the State administration to which the State Bank's supervisory powers are delegated in the cases provided for in Part Two. For the purposes of foreign exchange surveillance, foreign exchange residents are required, in addition to reporting to the foreign exchange register (§ 24), to submit other reports, reports and explanations on circumstances of direct or indirect importance for the assessment of the foreign exchange case and to provide the necessary documents. In addition, organisations are required to allow foreign exchange supervisory authorities to view the records and documents for the same purposes.
Foreign exchange control
(K § 24 to 26 of the Act)
(1) Shipments abroad which contain the values for which authorisation is required for export (Sections 11 and 12 of the Act) must be subject to customs clearance before the submission of postal services.
(2) Paragraph 1 shall not apply to the dispatch of full powers to deal with property values abroad; However, on the cover of such a consignment, the consignor must indicate the number and date of the foreign exchange authorisation for the dispatch of the power of attorney abroad, not including the power of attorney whose export is free (§ 9).
(3) Shipments abroad, with the exception of those referred to in paragraph 2, must be submitted for foreign exchange control (Section 24 of the Act).
(4) The post office is obliged to submit letters from abroad after entering the Czechoslovak territory for foreign exchange control.
(5) Where the customs authority has carried out a foreign exchange check by examining the letter consignment in accordance with the provisions of Section 24 of the Act, it must stamp the consignment and attach its mark to the stamp and indicate the date of the inspection.
(6) In cases where, under customs legislation, exemption from customs clearance applies, no foreign exchange check shall be carried out.
Foreign exchange management in the non-commercial area
(K § 29 of the Act)
(1) The powers conferred by the Law on the State Bank of Czechoslovakia in the non-commercial field are transferred, pursuant to Paragraph 29 (1) of the Act, to the Federal Ministry of Finance, to the Ministry of Finance of the Republics, to the Property and Foreign Exchange Administration and to the Property and Foreign Exchange Administration for Slovakia, to the extent specified in the other provisions of this Part.
(2) Acts not related to the conduct of international trade, foreign tourism, spa care, international transport and international shipping are considered to be non-commercial activities, under Part Two of this Order, by legitimate legal persons and not related to the business of foreign exchange banks and foreign exchange locations.
Federal Treasury:
(a) decide on fundamental foreign exchange management matters in the non-commercial field;
(b) decide on the granting of foreign exchange permits in this field to federal central authorities (organisations) and exercise foreign exchange jurisdiction over them;
(c) manage and through the Ministry of Finance of the Republics the work of the Property, Foreign Exchange and Property and Foreign Exchange Administrations for Slovakia as regards foreign exchange inventories and the preparation of documents for inter-state negotiations;
(d) keep and supervise the exchange records of legal disputes (§ 25) of the authorities and organisations referred to in (b);
(e) keeps foreign exchange records of foreign property of federal ministries of foreign affairs and foreign trade.
Federal Treasury:
(a) keep a foreign exchange record of foreign exchange domestic securities, as well as foreign exchange domestic securities deposited abroad, foreign exchange foreign exchange securities held in custody in the country, as well as foreign exchange domestic equity holdings not related to foreign trade;
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Regulation Information
| Citation | Decree of the Federal Ministry of Finance and the Federal Ministry of Foreign Trade No. 143 / 1970 Coll., implementing the Foreign Exchange Economy Act |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.12.1970 |
|---|---|
| Effective from | 01.01.1971 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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