Act No. 162 / 1989 Coll.
Foreign exchange law
Valid
Effective from 01.01.1990
Contents
ČÁST PRVNÍ
Oddíl 1
§ 1
Oddíl 2
§ 2
§ 3
§ 4
§ 5
§ 6
Oddíl 3
§ 7
ČÁST DRUHÁ
§ 8
ČÁST TŘETÍ
Oddíl 1
§ 9
§ 10
Oddíl 2
§ 11
Oddíl 3
§ 12
§ 13
§ 14
§ 15
§ 16
§ 17
§ 18
§ 19
§ 20
Oddíl 4
§ 21
§ 22
Oddíl 5
§ 23
Oddíl 6
§ 24
§ 25
Oddíl 7
§ 26
§ 27
Oddíl 8
§ 28
Oddíl 9
§ 29
§ 30
§ 31
§ 32
Oddíl 10
§ 33
Oddíl 11
§ 34
ČÁST ČTVRTÁ
§ 35
§ 36
§ 37
ČÁST PÁTÁ
§ 38
§ 39
§ 40
ČÁST ŠESTÁ
Oddíl 1
§ 41
Oddíl 2
§ 42
§ 43
Oddíl 3
§ 44
§ 45
§ 46
§ 47
ČÁST SEDMÁ
Oddíl 1
§ 48
Oddíl 2
§ 49
§ 50
§ 51
Oddíl 3
§ 52
ČÁST OSMÁ
§ 53
§ 54
§ 55
§ 56
§ 57
§ 58
§ 60
§ 61
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162
_
of 13 December 1989
The Federal Assembly of the Czechoslovak Socialist Republic decided on this law:
INTRODUCTORY PROVISIONS
Purpose of the law
The purpose of this law is to create conditions in the foreign exchange area for the more effective involvement of the Czechoslovak economy in the international division of labour, the balance of payments and the stability of the purchasing power of the Czechoslovak currency with a view to gradually achieving its conversibility and ensuring the protection of social interests.
Definition of terms
(1) Foreign exchange funds are foreign currency funds.
(2) Valutes are money in foreign currency in the form of banknotes, statuses and circulation coins.
(3) Devizami are funds denominated in foreign currency which are in accounts with domestic or foreign monetary institutions or which can be treated on the basis of foreign payment documents [Paragraph 3 (1) (a)].
(1) For the purposes of this Act:
(a) by foreign payment documents, documents accompanied by the right to cash transactions in foreign currency (bills, cheques, letters of credit, vouchers, credit cards, etc.),
(b) gold coins and gold in alloys of the world's marketable nature, the purity of which is guaranteed for that purpose by a world-recognized legal person by means of a mark or an attached certificate;
(c) securities documents with which the right to participate in assets (shares, units, etc.), transferable sub-bonds (State, public institutions, banks, industrial and other enterprises), as well as dividend and interest coupons and talons,
(d) foreign securities securities relating to assets abroad or issued abroad;
(e) foreign exchange value, foreign exchange, foreign exchange payment documents, gold, foreign exchange securities and foreign currency holding books;
(f) a foreign exchange account with a foreign exchange money institution where foreign exchange funds are deposited with an interest-bearing foreign exchange account.
(2) The provisions of this Act relating to foreign exchange values also apply to payment documents with which the right to cash transactions abroad is linked in Czechoslovak currency.
(1) For the purposes of this Act, the Devision Money Institute refers to banks and savings banks with their head office in the country to which the Czechoslovak State Bank has granted permission to trade in foreign exchange values and to make payments with foreign exchange according to special regulations. (1) Banks and savings banks without such authorisation shall, in the course of an exchange activity which they are entitled to exercise under special rules, (2) the rights and obligations laid down by this Act to the foreign exchange fund.
(2) Other legal persons to whom the Czechoslovak State Bank has granted permission to trade in foreign exchange values or to make payments with foreign exchange according to special regulations, (3) have, within the scope of this authorisation, the rights and obligations laid down by this Act to the Foreign Exchange Institute.
The foreign exchange permit shall be the authorisation granted by the foreign exchange authority under the various provisions of this Act. Foreign exchange permits may also be issued for repeated operations. A foreign exchange permit shall be granted at the request of a foreign exchange domestic or foreign exchange alien. Where an application for a foreign exchange permit relates to an exemption from the obligation laid down by this law, such authorisation shall be granted if the continuation of the foreign exchange permit would lead to damage to the applicant which would be disproportionate to the objectives pursued by this law.
(1) Foreign domestic persons are natural persons resident or resident in the country for a continuous period of at least one year and legal persons established in the country. Other natural and legal persons are foreign exchange foreigners.
(2) International organisations established or operating in the Czechoslovak Socialist Republic under special regulations shall also be regarded as foreign exchange foreigners, 4) if their activities are not exclusively business.
(3) Foreign exchange domestic nationals who are:
(a) registered with the Federal Ministry of Foreign Affairs as members or personnel of a diplomatic mission or consular post of a foreign State, members of their families or their private servants, provided that reciprocity is guaranteed in that foreign State;
(b) staff of international organisations, institutions or bodies within the territory of the Czechoslovak Socialist Republic and members of their families, provided that reciprocity is guaranteed in the State of which they are members;
(c) personnel of the foreign exchange foreign exchange agency or of undertakings having foreign participation in the territory of the Czechoslovak Socialist Republic and members of their families, provided that reciprocity is guaranteed in the State of which they are members;
(d) in the Czech Republic, only temporarily and exclusively for the purpose of carrying out certain work, for the purpose of studying at Czechoslovak schools, for treatment, for practice or for the pursuit of domestic activities under an international contract, as well as members of their families, until such persons have received permanent residence permits from the competent Czechoslovak authorities.
Foreign exchange authorities and their responsibilities
(1) Under this Act, the State Bank is the Czechoslovak, Federal Ministry of Finance, the Ministry of Finance, the prices and wages of the Republics and the Federal Ministry of Foreign Trade.
(2) It exercises the scope under this Act, unless otherwise specified in the various provisions,
(a) the Czechoslovak State Bank in respect of legal persons other than those referred to in paragraph 2 (b) and (c) and in respect of all legal persons in respect of their physical imports;
(b) the Federal Ministry of Finance for Government Credit and in relation to budgetary, contribution and social organisations within the Federation's competence, as well as other legal persons within the Federation's competence not engaged in business activities;
(c) the Ministry of Finance, Prices and Wages of the Republic in respect of budgetary, contribution and social organisations within the jurisdiction of the Republic, as well as other legal persons within the jurisdiction of the Republic who are not engaged in business activities and in respect of natural persons residing or residing in the territory of that Republic.
(3) The Ministry of Finance, Prices and Wages of the Republics provide foreign exchange inventories and documents for the inter-state negotiations on property rights, ensure the national arrangement of assets settled on the basis of inter-state negotiations and carry out other acts relating to the inter-state negotiations on property rights.
MANAGEMENT OF THE DOVISED ECONOMY
(1) The Government of the Czechoslovak Socialist Republic sets out the principles of foreign exchange policy, the proposal of which is made by the Czechoslovak State Bank under special regulations. 5)
(2) In implementing the foreign exchange policy, the foreign exchange authorities shall in particular use foreign exchange financing and economic instruments within their jurisdiction.
(3) The State Bank of Czechoslovakia is primarily responsible for the implementation of the foreign exchange policy in terms of the development of the balance of payments and the course of the Czechoslovak currency. 6) The other foreign exchange authorities shall be responsible for the implementation of the foreign exchange policy within the scope of their jurisdiction under this law.
RIGHTS AND OBLIGATIONS OF THE DOVISED GOODS AND THE FOREIGN INSTRUMENTS
Reporting obligation
(1) The foreign exchange seal must report to the competent foreign exchange authority in the register:
(a) their claims and liabilities on foreign exchange abroad;
(b) their inheritance claims against a foreign exchange foreigner;
(c) their holdings abroad and their holdings in business abroad;
(d) its foreign securities;
(e) foreign exchange foreign exchange securities held in its custody or administration;
(f) the domestic real estate of the foreign exchange alien it manages,
(g) changes relating to the values referred to in (a) to (f) and their demise;
within 30 days of the occurrence of a cash claim or commitment or acquisition of those values or from the date on which the foreign exchange seal became aware. In the case of a cash claim and a foreign residence obligation for a foreign exchange resident - natural persons, this period shall be calculated from the date of its return to the country and the foreign exchange register only if they are still in existence at the time of their return.
(2) When a foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange exchange foreign exchange exchange foreign exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange foreign exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange exchange Article 3 Article 2 Where legal proceedings concerning claims or other values referred to in paragraph 1 are to be initiated at the initiative of a foreign exchange domestic, the foreign exchange seal shall declare this fact in the foreign exchange register before the proceedings are initiated.
(3) The obligations referred to in points (a) and (g) and (2) shall not apply to claims and obligations of a legal person and natural person - entrepreneurs (hereinafter referred to as "entrepreneur") 6a, authorised under the Specific Regulations (7) for foreign economic activities, insofar as they relate to such activities and are included in their accounts in a specified manner. 8)
(4) The reports referred to in paragraph 1 shall not be subject to claims and obligations not exceeding 2000 Cds if they are not subject to repeated performance. If the claim or liability is denominated in foreign currency, the relevant foreign exchange consideration of the claim or liability shall be determined on the basis of the relevant rate set for the purchase by the foreign exchange currency monetary institution of the Czechoslovak State Bank's exchange rate ticket on the date on which the reporting period begins.
(5) Where a claim is made by a natural person of repeated performance (as a maintenance or copyright fee) and is to be made by means of a designated legal person, that legal person shall declare a claim for foreign exchange records.
(6) The implementing act may specify further cases where the foreign exchange seal is not required under paragraph 1, determine the form of the required report and extend the period within which the report is to be reported or determine a later start.
At the request of the foreign exchange authority, the foreign exchange seal shall, within 30 days of receipt of the request, provide an overview of its revenue and expenditure incurred during the requested period in relation to its foreign real estate.
Treatment of claims and other values and concentration of claims in the country
(1) A foreign exchange seal is required to ensure the protection of its claims against foreign exchange foreigners, its properties abroad and other values with which only the foreign exchange permit is permitted (§ 26). In particular, the foreign exchange seal is required to claim the fulfilment of its claims on foreign exchange foreigners at maturity in the currency to which the claim is denominated. Where the maturity of the claim is subject to the legal act of a foreign exchange domestic, the foreign exchange seal shall, without delay, take the necessary legal action or request authorisation in accordance with paragraph 3.
(2) A foreign exchange pencil must make without delay all the necessary steps to ensure that the amount paid abroad to cover its claim is transferred to the country through a foreign exchange money institution or imported into the country and concentrated with the foreign exchange money institution in accordance with paragraphs 12 and 14.
(3) The implementing act may specify when the foreign exchange seal is not required in paragraphs 1 and 2. In justified cases, the foreign exchange seal may be exempted from this obligation by the granting of a foreign exchange permit.
Tender obligation and right to purchase foreign exchange funds
(1) The foreign exchange seal shall, within the period laid down in paragraph 4, offer to the foreign exchange institution the foreign exchange funds obtained for the Czechoslovak currency,
(a) a legal person to the extent resulting from the binding outputs of the State economic and social development plan and the foreign exchange plan (hereinafter referred to as the "plan") and a legal person which does not have a binding output of the plan to the extent that it may be identified in the implementing regulation;
(b) an entrepreneur to the extent that he may be designated in the implementing regulation;
(c) a natural person other than that referred to in point (b) of the foreign exchange currency which exceeds the total consideration of the 2000 Kčs at the rate fixed for buying the routines on the Czechoslovak State Bank's exchange-rate ticket on the date on which the period laid down in paragraph 4 starts to run. The foreign exchange monetary institution is obliged to inform the foreign exchange resident - natural person upon request, which amount in the relevant foreign currency corresponds to the amount of 2000 Kcs.
(2) Tenders under paragraph 1 shall not be subject to:
(a) foreign exchange funds deposited in the foreign exchange account (Sections 35 and 36), or in respect of which the foreign exchange pencil has been requested by the foreign exchange monetary institution in accordance with this Act to deposit them in the foreign exchange account;
(b) foreign exchange funds donated to a foreign exchange resident - a legal person or an entrepreneur;
(c) foreign exchange funds purchased from the foreign exchange money institution until their use for a specified purpose.
(3) The foreign exchange pencil must, within the time limit laid down in paragraph 4, offer gold to the foreign exchange monetary institution [Paragraph 3 (1) (b)] except gold coins.
(4) The foreign exchange seal shall comply with the bidding obligation referred to in paragraphs 1 and 3 within 30 days of the acquisition of foreign exchange funds or gold, or after it has become known of the acquisition or became a foreign exchange domestic. Foreign exchange seal - a natural person is obliged to comply with the offer obligation concerning foreign exchange funds and gold acquired during his stay abroad and imported into the country within 30 days of his return from abroad.
(5) Purchases of foreign exchange funds under and outside the obligation to bid shall be made on the basis of the relevant exchange rate set out in the Czechoslovak State Bank course sheet for the purchase of valuables or foreign exchange currency by the foreign exchange fund on the date on which the offer for purchase was delivered to the foreign exchange fund. However, the conversion rate shall be the rate applicable on the date on which the foreign exchange money institution received the foreign exchange funds or when foreign exchange funds were settled for the benefit of the foreign exchange money institution by a foreign money institution, if this is only done after the purchase offer has been received.
(6) Foreign exchange seal - a natural person may require that the price of gold, freely convertible foreign exchange instruments and other foreign exchange instruments in the cases provided for in the Implementing Regulation be paid to him in the removal orders governing the special regulation.9) For the conversion of foreign exchange funds, the relevant exchange rate set out in the Czechoslovak State Bank's exchange-rate note for purchase by the foreign exchange monetary institution on the date on which the foreign exchange monetary funds were received or cleared by the foreign exchange fund for its benefit. When buying the foreign exchange funds purchase [Paragraph 3 (1) (f)], the rate set for buying the foreign exchange on the date on which the foreign exchange domestic request for purchase of the purchase orders was received by the foreign exchange fund. When selling gold, the foreign exchange seal may require that its price be paid to it in foreign exchange means of deposit into the foreign exchange account.
(7) The Foreign Exchange Money Institute is obliged to offer the Czechoslovak State Bank for the purchase of foreign exchange funds and gold for the Czechoslovak currency, which it bought from foreign exchange residents and foreign exchange foreigners for the Czechoslovak currency, in the extent and manner specified by the Czechoslovak State Bank in the implementing regulation. Foreign exchange funds whose consideration has been paid by the foreign exchange monetary institution by the transmission of the removal orders which are governed by specific regulations, 10) shall be paid to the legal person on whose behalf the removal orders are issued in a contractual manner agreed with that legal person.
(8) If the foreign exchange monetary institution refuses to purchase foreign exchange funds from a foreign exchange domestic, it shall issue a certificate thereof. The foreign exchange seal can dispose of these foreign exchange funds both domestically and abroad without restriction.
(1) If the foreign exchange pencil - a legal person or an entrepreneur - offers foreign exchange funds to the foreign exchange money institution which exceed its bid obligation under Paragraph 12 (1) (a) and the foreign exchange money institution buys such funds, the foreign exchange currency seal - a legal person or an entrepreneur shall have the right to purchase those foreign exchange funds back. The Foreign Exchange Money Institute is required to confirm in writing the creation and registration of the right to buy back to a foreign exchange resident - a legal person or a business person. This right shall not be enforced in arbitration proceedings after 10 years from the date of sale of foreign exchange funds if the foreign exchange monetary institution refuses to fulfil its obligation and shall appeal at the expiry of that period.
(2) The right to buy back foreign exchange funds may be passed on to another foreign exchange resident referred to in paragraph 1.
(3) The foreign exchange seal may transfer its or other persons referred to in paragraph 1 into the foreign exchange account or use it for the purposes for which foreign exchange funds may be used in the foreign exchange account.
(4) The Foreign Exchange Money Institute, which has purchased the foreign exchange funds referred to in paragraph 1 and has sold them to the Czechoslovak State Bank in order to fulfil its bid obligation under Paragraph 12 (7), has the right to purchase those foreign exchange funds from the Czechoslovak State Bank to the extent that the foreign exchange pencil has exercised its right to buy back.
(5) The sale of foreign exchange funds referred to in paragraph 1 shall take place on the basis of the exchange rate fixed for the purchase of foreign exchange funds by the foreign exchange money institution on the basis of the exchange rate of the Czechoslovak State Bank on the date of such sale and the purchase back rate set for the sale of foreign exchange funds by the foreign exchange fund on the date of the repurchase. The foreign exchange seal referred to in paragraph 1 may agree with the foreign exchange monetary institution that the extent of its right to buy back foreign exchange funds is determined in the Czechoslovak currency.
A foreign exchange seal - a legal person or an entrepreneur who, after fulfilling the bidding obligation (§ 12) does not deal with foreign exchange funds which are not subject to the bidding obligation under § 13, is obliged to concentrate those funds at the foreign exchange money institution.
The Foreign Exchange Money Institute does not examine whether the time limit laid down in Paragraph 12 (4) has been complied with in the fulfilment of the obligation and does not establish the origin of the acquisition of the foreign exchange values offered or imposed.
(1) The implementing act may limit the tender requirement of the foreign exchange seal referred to in Article 12 or allow other ways to be fulfilled and extend the deadline for its fulfilment.
(2) By granting the foreign exchange permit, the foreign exchange seal may be exempted from the tender requirement laid down in Article 12 or may be extended by the time limit for its fulfilment.
(1) The Foreign Exchange Money Institute is obliged to sell foreign exchange funds to a foreign exchange resident - a legal entity to which the legal entity has the right to use the binding output of the plan. The foreign exchange monetary institution shall keep a record of this right.
(2) The sale of foreign exchange funds referred to in paragraph 1 shall take place on the basis of the exchange rate specified in the exchange rate sheet of the Czechoslovak State Bank for the sale of foreign exchange funds by the foreign exchange money institution on the day on which the foreign exchange currency monetary institution received the request of the foreign exchange domestic legal person to sell foreign exchange funds.
(3) A foreign exchange seal may use the foreign exchange funds purchased under paragraph 1 only for the purpose set out in the binding output of the plan. However, savings made using these funds for a specified purpose may be transferred by the foreign exchange pencil to its foreign exchange account (§ 35) or sold to the foreign exchange money institution with the right to buy them back (§ 13).
(1) The Foreign Exchange Monetary Institute is obliged to sell foreign exchange funds to foreign exchange residents for the Czechoslovak currency, which the foreign exchange pencil is entitled to use under this Act, its implementing regulation or the foreign exchange permit for the payment of foreign exchange foreign exchange coins or abroad.
(2) The right referred to in paragraph 1 shall also be exercised by an foreign exchange alien if he is entitled to transfer the foreign exchange consideration of funds in the Czechoslovak currency under this Act, its implementing regulation or the foreign exchange permit.
(3) The sale of foreign exchange funds referred to in paragraphs 1 and 2 shall take place on the basis of the relevant exchange rate set out in the Czechoslovak State Bank's exchange rate sheet for the sale by the Foreign Exchange Institute of Money on the date on which the request for such sale was received.
(1) The Foreign Exchange Money Institute is obliged to sell foreign exchange funds to foreign exchange residents - a natural person for the purpose of paying foreign-exchange-related expenses to the extent that the State Bank of Czechoslovakia has provided the Foreign Exchange Institute for such sales.
(2) The sale of foreign exchange funds referred to in paragraph 1 shall take place on the basis of the relevant exchange rate set out in the Czechoslovak State Bank's exchange rate sheet for sale by the foreign exchange money institution on the date on which the foreign exchange pencil composes the consideration of the foreign exchange funds purchased in the Czechoslovak currency for the foreign exchange money institution.
The Foreign Exchange Money Institute, which has sold foreign exchange funds in compliance with its obligations under § 17 to 19, has the right to purchase such foreign exchange funds for the Czechoslovak currency of the Czechoslovak State Bank.
Trade in foreign exchange values and foreign exchange payment
(1) The foreign exchange value is traded and the foreign exchange payment transactions are carried out by the State Bank of Czechoslovakia (11) and, on the basis and to the extent of its authorisation granted under the special legislation12) by the Foreign Exchange Monetary Institute and other legal entities.
(2) The authorisation referred to in paragraph 1 is not necessary for the provision of postal cash services in international traffic. 13)
(1) Foreign exchange residents may only purchase, sell and exchange foreign exchange values without foreign exchange permission with the participation of foreign exchange money institutions. In the implementing regulation, the Czechoslovak State Bank shall adapt the procedure of foreign exchange monetary institutions in carrying out such transactions and may determine under which conditions foreign exchange residents may carry out such transactions with foreign exchange foreign exchange residents.
(2) Without the participation of a foreign exchange money institution, they may:
(a) foreign exchange residents buy, sell and exchange foreign exchange values which the foreign exchange monetary institution refused to buy (§ 12 (8));
(b) foreign exchange households buy, sell and exchange gold coins.
(3) A foreign exchange seal which is not a foreign exchange money institution may buy, sell or exchange foreign exchange values in cases not covered by paragraphs 1 and 2 only on the basis of an exchange permit. The implementing act may specify further cases where such authorisation is not required.
Subordinated liabilities
(1) A foreign exchange seal may, without a foreign exchange permit, contractually commit itself to cash payment against a foreign exchange stranger if it is able to use it in accordance with the following law:
(a) foreign exchange funds deposited in a foreign exchange account with a foreign exchange money institution (Sections 35 and 36);
(b) foreign exchange funds in respect of which the foreign exchange seal - a legal person or an entrepreneur has the right to buy back from the foreign exchange money institution (§ 13);
(c) foreign exchange funds which the foreign exchange monetary institution is obliged to sell to the foreign exchange domestic legal person within the scope of the binding execution of the plan (§ 17);
(d) foreign exchange credit agreed between a foreign exchange domestic - a legal person or an entrepreneur and an foreign exchange monetary institution;
(e) foreign exchange funds which the foreign exchange domestic - natural person is obliged to sell to the foreign exchange monetary institution pursuant to § 18 (1) or § 19 (1);
(f) foreign exchange funds which the foreign exchange monetary institution refused to buy from the foreign exchange domestic and issued to it a certificate (§ 12 (8));
(g) foreign exchange means obtained by a foreign exchange seal - a natural person by a gift during his stay abroad.
(2) A foreign exchange seal which, under a contract, is to import or supply goods or services from abroad for other foreign exchange residents or procure them may, without a foreign exchange permit, be contractually obliged to pay against a foreign exchange stranger corresponding to this Treaty, provided that the foreign exchange seal to which the imported goods or services are to be supplied or procured is obliged in the contract to pay that obligation in foreign exchange funds. When taking over this obligation, the adjustment referred to in paragraph 1 shall apply to another foreign exchange domestic.
(3) A foreign exchange seal may, without a foreign exchange permit, be contractually committed to the monetary performance of a foreign exchange stranger if the Czechoslovak currency can be used to fulfil that obligation in accordance with the international mutual settlement agreement in national currencies which the Czechoslovak Socialist Republic is bound by.
(4) A foreign exchange seal - a natural person residing with the consent of the Czechoslovak authorities abroad, as well as members of his family, may, during that stay without a foreign exchange permit, agree to pay in cash against a foreign exchange stranger, provided that he can fulfil that obligation by means obtained by him or his family members in the course of their work or occupation during that foreign exchange stay.
(5) In cases not covered by paragraphs 1 to 4, the foreign exchange seal may contractually commit itself to cash payment against the foreign exchange stranger only after the foreign exchange permit has been granted. The implementing act may specify further cases for which such authorisation is not required.
Payment to foreign exchange foreigners in the country and payment abroad
(1) A foreign-exchange seal may, without a foreign-exchange permit, pay to or pay to a foreign-exchange stranger or to anyone for his benefit or abroad in the performance of an obligation:
(a) which has been contracted in accordance with Section 23 of this Act;
(b) which has been created out of contract in international trade, (14) if it can use the foreign exchange funds it has in its foreign exchange account or whose purchase it is entitled to pursuant to Paragraph 13;
(c) to which the foreign exchange seal is required in accordance with a judicial decision or arbitration finding enforceable within the country.
(2) The foreign exchange seal may continue without the foreign exchange permit
(a) to cover the costs of residence of foreign exchange foreigners in the Czech Republic in Czechoslovak currency;
(b) to comply with the legal maintenance obligation in respect of foreign exchange foreigners in the Czech Republic in the currency of Czechoslovakia or in a State which is a party to an international contract governing the recovery and transfer of maintenance or in which foreign exchange restrictions on such transfers are not applied to the domestic country or in which they are admitted under reciprocity;
(c) to pay pensions and other social security benefits to a State between which the International Social Security Treaty applies and the Czechoslovak Socialist Republic;
(d) return transactions carried out by foreign exchange residents to foreign exchange residents for no legal reason;
(e) pay the foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange exchange foreign exchange foreign exchange foreign exchange foreign exchange exchange foreign exchange exchange foreign exchange foreign exchange exchange foreign exchange exchange exchange currency purchase price,
(f) to pay expenses relating to legal proceedings abroad which have been initiated against a foreign exchange domestic or foreign exchange domestic in the performance of an obligation under this law, including expenses relating to legal representation.
(3) The obligation referred to in paragraph 2 (b) may be fulfilled abroad to the extent provided for by a decision of the court, tribunal or agreement of the parties. The amount of maintenance which may be carried out abroad by agreement between the Parties and the manner in which such supply is made shall be laid down in the implementing act. A foreign-exchange seal must prove that the legal maintenance obligation continues.
(4) In cases not covered by paragraphs 1 to 3, a foreign exchange seal may pay to a foreign exchange stranger or pay to anyone for his benefit or pay abroad only after the foreign exchange permit has been granted. The implementing act may specify further cases where such authorisation is not required.
A foreign-exchange seal may pay abroad and receive payments from abroad, unless the implementation regulation or permission of the Czechoslovak State Bank results otherwise, exclusively through the foreign-exchange money institution.
Treatment of certain values
(1) A foreign-exchange seal may only use an exchange permit
(a) dispose of their claims against foreign exchange foreigners;
(b) recognise in writing their monetary liabilities to foreign exchange foreign exchange residents;
(c) to dispose of its claims for inheritance pending in legal proceedings abroad;
(d) to dispose of their foreign securities and securities deposited abroad;
(e) transfer the right of ownership of securities to foreign exchange foreigners;
(f) to dispose of their property abroad.
(2) The foreign exchange permit referred to in paragraph 1 is not required
(a) dealing with the values referred to in paragraph 1 in the event of death;
(b) the transfer of claims or foreign securities to a foreign exchange monetary institution;
(c) the treatment of claims by a legal person authorised to operate abroad pursuant to special legislation15), with the exception of claims arising from the use of foreign exchange funds purchased on the basis of a binding execution of the plan;
(d) the written recognition of obligations by a legal person authorised to operate abroad under a special provision, 16)
(e) recognition of cash liabilities which may be paid under Paragraph 24 without an exchange permit.
(3) The implementing regulation may provide for further cases where a foreign exchange permit is not required.
(4) A foreign exchange alien cannot acquire ownership of foreign exchange domestic real estate in the territory of the Czechoslovak Federal Republic, except for the inheritance and acquisition of real estate by issuing it pursuant to Act No. 403 / 1990 Coll., on the mitigation of the consequences of certain property injustices or auctioning pursuant to Act No. 427 / 1990 Coll., on transfers of State ownership to other legal or natural persons. The Government of the Czechoslovak Federal Republic, in agreement with the Government of the Czech Republic and the Government of the Slovak Republic, may by regulation lay down the conditions under which the foreign exchange seal may exceptionally transfer the right of ownership of such property to foreign exchange foreigners.
Foreign exchange seal - a natural person must, at the request of the foreign exchange authority referred to in Article 7 (2), make the legal acts necessary for the sale of his foreign securities and for the transfer of funds obtained from such sale to the country.
Transfer of inheritance abroad
(1) A foreign exchange outsider may transfer foreign exchange funds which he has inherited or the foreign exchange consideration of funds in Czechoslovak currency which he has inherited or acquired through the sale of inherited real estate or movable property until the end of the succession proceedings if:
(a) the acquisition of the inheritance has been confirmed, approved or settled by the State and all charges relating to the inheritance have been paid; and
(b) the transfer is to take place in a State in which such transfers to the country are not subject to foreign exchange restrictions or are conditional on acquisition.
(2) If the conditions referred to in paragraph 1 are met, the foreign exchange alien may also:
(a) to transfer foreign currency interest and winnings due to inherited deposits;
(b) to transfer or export inherited gold coins abroad, provided that they have submitted a statement by the legal person referred to in the implementing regulation that they are not historic coins.
(3) The transfer or export of inherited funds and funds obtained by the sale of inherited movable and immovable property by foreign exchange abroad and the export of gold coins not covered by paragraphs 1 and 2 and the export of foreign securities is subject to an exchange permit issued by the Ministry of Finance, Prices and Wages of the Republic in whose territory the succession proceedings were held. If national notaries are not competent to discuss the inheritance, the foreign exchange permission of the Ministry of Finance, Prices and Wages of the Republic in whose territory the inherited funds or funds obtained by selling the inherited goods in the domestic territory are required.
Contents
ČÁST PRVNÍ
Oddíl 1
§ 1
Oddíl 2
§ 2
§ 3
§ 4
§ 5
§ 6
Oddíl 3
§ 7
ČÁST DRUHÁ
§ 8
ČÁST TŘETÍ
Oddíl 1
§ 9
§ 10
Oddíl 2
§ 11
Oddíl 3
§ 12
§ 13
§ 14
§ 15
§ 16
§ 17
§ 18
§ 19
§ 20
Oddíl 4
§ 21
§ 22
Oddíl 5
§ 23
Oddíl 6
§ 24
§ 25
Oddíl 7
§ 26
§ 27
Oddíl 8
§ 28
Oddíl 9
§ 29
§ 30
§ 31
§ 32
Oddíl 10
§ 33
Oddíl 11
§ 34
ČÁST ČTVRTÁ
§ 35
§ 36
§ 37
ČÁST PÁTÁ
§ 38
§ 39
§ 40
ČÁST ŠESTÁ
Oddíl 1
§ 41
Oddíl 2
§ 42
§ 43
Oddíl 3
§ 44
§ 45
§ 46
§ 47
ČÁST SEDMÁ
Oddíl 1
§ 48
Oddíl 2
§ 49
§ 50
§ 51
Oddíl 3
§ 52
ČÁST OSMÁ
§ 53
§ 54
§ 55
§ 56
§ 57
§ 58
§ 60
§ 61
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Regulation Information
| Citation | Act No. 162 / 1989 Coll., Foreign Exchange Act |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 28.12.1989 |
|---|---|
| Effective from | 01.01.1990 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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