Act No. 228 / 1992 Coll.
Act amending and supplementing Foreign Exchange Act No 528 / 1990 Coll.
Valid
Effective from 01.07.1992
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228
THE LAW
of 22 April 1992
amending and supplementing Foreign Exchange Act No 528 / 1990 Coll.
The Federal Assembly of the Czech and Slovak Federal Republic decided on this law:
Foreign exchange Act No 528 / 1990 Coll., is amended as follows:
1. in Article 2 (e), the words "deposit certificates denominated in foreign currency" shall be inserted after the words "foreign securities";
2. In Article 2 (f), the "and" between the words "purchase" and "sale" are replaced by a comma and the word "loan" is deleted from the text in brackets.
3.
(1) For the purposes of this Act, a foreign bank and a branch of a foreign bank, provided that the authorisation to operate as a bank1) has not excluded foreign exchange trading or the execution of payment transactions with foreign countries.
(2) Unless otherwise provided for in this law, the foreign exchange bank, with the exception of a branch of a foreign bank, shall be subject to provisions governing the legal status of foreign exchange domestic legal persons. The branch of a foreign bank shall not be considered as foreign exchange aliens in the performance of its activities resulting from the authorisation to act as a bank. '
Reference 1 reads as follows:
"1) § 6 of Act No. 21 / 1992 Coll., on Banks."
4.
(1) Foreign domestic persons are natural persons resident in the country, 2) and legal persons domiciled in the country.
(2) Other natural and legal persons are foreign exchange aliens. Foreign exchange organisations are also international organisations based in the Czech Republic, established and active in the Czech and Slovak Federal Republic under special regulations. 3)
(3) The rights and obligations of foreign exchange domestic legal persons also apply to foreign exchange domestic persons who are natural persons - entrepreneurs, 3a) in carrying out their business. "
References 2, 3 and 3a shall read as follows:
"2) Act No. 135 / 1982 Coll., on the reporting and registration of residents. Act No. 123 / 1992 Coll., on the residence of foreigners in the Czech and Slovak Federal Republic.
3) Act No. 116 / 1985 Coll., on the conditions of activity of organizations with an international element in the Czechoslovak Socialist Republic, as amended by Act No. 157 / 1989 Coll.
3a) § 2 (2) of Act No. 513 / 1991 Coll:, Commercial Code. '.
5. in Article 6 (2) (b), a comma shall be inserted after the word "churches" and the words "religious society (4)" and in Article 6 (2) (b) the comma shall be added and the words "in the absence of their business activities;"
Reference 4:
"4) Act No. 308 / 1991 Coll., on Freedom of Religious Faith and the Status of Churches and Religious Societies."
6. In Article 6 (2) (c), the words "and natural persons - entrepreneurs in the pursuit of their business activities' are added.
7. Article 7 (2) (a) reads as follows:
"(a) with foreign exchange values subject to the bidding obligation (§ 11 (1), § 17 (1)) which the foreign exchange bank refused to purchase (§ 12 (3), § 17 (7)) and gave them a confirmation thereof,"
8. In Paragraph 7 (4), the words "- natural persons' are deleted.
9. Article 7 (5) reads as follows:
"(5) Other persons to whom the Czechoslovak State Bank has granted permission to trade in foreign exchange values and to make payments to foreign countries have, within the scope of this authorisation, the rights and obligations laid down by this Act to foreign exchange banks. The Czechoslovak State Bank sets out the terms and conditions for carrying out the currency exchange activity by these persons. '
10. Article 8 (1) reads as follows:
"(1) A foreign-exchange seal may pay abroad and receive payments from abroad, provided that it does not result otherwise from the implementing act or from the authorisation of the Czechoslovak State Bank or from the authorisation of another foreign-exchange authority made in an agreement with the Czechoslovak State Bank, exclusively through the foreign-exchange bank, where payment is effected without cash. '
11. The words "and foreign exchange aliens' shall be deleted from the heading of Part Three.
12. In Paragraph 9 (1), the words "at the request of the competent foreign exchange authority to report to it within a specified time limit" shall be replaced by the words "State Bank of Czechoslovakia to declare" and the words "Business" shall be deleted.
13.
"(2) The implementing act shall set a time limit for the fulfilment of the reporting obligation referred to in paragraph 1 and may specify the cases to which that obligation does not apply. In justified cases, the foreign exchange seal - a legal person may be exempt from reporting requirements in whole or in part by the granting of a foreign exchange permit. ';
14. in Article 11 (3), "tribal" is replaced by "basic."
Reference 6:
"6) Commercial Code."
15. in Article 11 (6), the words "trading in foreign exchange funds (§ 7 (3))" shall be replaced by the words "cases referred to in § 7 (3) and § 14 (1), and unless a foreign exchange permit has been issued pursuant to paragraph 4 with the purpose of identifying the use of such foreign exchange funds."
16. In Article 12 (2), the second sentence is replaced by the following: "The purchase of foreign exchange shall take place at the rate applicable on the date indicated in the payment order of the foreign bank. If the date is not stated, the purchase of foreign exchange according to the rate applicable on the date on which the foreign exchange bank received the foreign bank payment order for the benefit of the foreign exchange domestic legal person. Only where the foreign exchange bank cannot identify the amount reported by the foreign bank for the benefit of the foreign exchange domestic legal person other than on the basis of an account statement, shall this amount be converted at the rate applicable on the date indicated in the foreign bank statement. ';
17. in Article 13 (1), the word "other" shall be inserted after the words "on the basis of" and the second sentence shall be added: "This shall not apply in respect of the monetary liability of the foreign exchange domestic legal person arising from bonds denominated in the Czechoslovak currency with a maturity of up to one year."
18. Article 13 (2) and (3) read:
"(2) The payment of the foreign exchange funds referred to in paragraph 1 shall be made at the rate applicable on the date on which the payment is made, which shall be necessary to comply with the maturity of the payment obligation. If the due date is not specified, the payment of foreign exchange funds shall be made at the rate agreed between the foreign exchange bank and the foreign exchange domestic legal person. In other cases, the remuneration shall be based on the rate applicable on the day of receipt of the foreign exchange domestic - legal persons to be paid by the foreign exchange bank.
(3) The Czechoslovak State Bank shall determine the procedure of foreign exchange banks in making the payments referred to in paragraph 1 and declare it a measure in the Collection of Laws. '.
19. The following Sections 13a, 13b and 13c are inserted after Section 13:
(1) A foreign exchange bank is required to sell to a foreign exchange resident - a legal person for the Czechoslovak currency foreign exchange funds to cover the expenses of a natural person associated with his foreign exchange travel by that legal person to the extent specified in the special regulation. 6a)
(2) The Foreign Exchange Bank is obliged to transfer a remuneration in foreign currency equivalent to the countervalue of the Czechoslovak currency composed by the foreign exchange domestic legal entity, intended to cover the costs of its organisational activity abroad.
(3) A foreign exchange bank is obliged to sell foreign exchange funds to a foreign exchange resident - a legal person at its request or to pay foreign exchange funds to a foreign exchange stranger to the extent necessary
(a) to ensure State defence and security;
(b) to cover expenses related to the provision of services in the field of foreign tourism and paid abroad.
(4) The implementing regulation lays down which foreign exchange nationals - legal persons - are required to sell foreign exchange funds or who have the right to pay foreign exchange funds pursuant to paragraph 3 (a).
The foreign exchange authority competent pursuant to Article 6 (2) may, in justified cases, grant an exchange permit to a foreign exchange legal person for the exceptional purchase of foreign exchange funds in excess of those referred to in § 13 (1) or in § 13a (1) to (3).
The foreign exchange bank is obliged to sell to the foreign exchange resident - the legal entity the foreign exchange funds necessary to meet the monetary obligation arising from the issuance of domestic foreign currency securities. 6b) '.
References 6a and 6b read:
"6a) Act No. 119 / 1992 Coll., on Travel Refunds.
6b) Act No. 530 / 1990 Coll., on Bonds. '
20.
(1) Foreign exchange seal - a legal person may, without a foreign exchange permit, contractually undertake to pay against a foreign exchange foreign exchange stranger in order to fulfil this obligation to use its funds, except:
(a) purchase of real estate abroad;
(b) the purchase of foreign securities;
(c) acceptance of a monetary credit from a foreign exchange stranger.
(2) In cases not covered by paragraph 1, a foreign exchange seal - a legal person - may contractually commit to cash payment against a foreign exchange alien only after the foreign exchange permit has been granted. The implementing act may specify further cases for which such authorisation is not required. ';
21.In Paragraph 15 (1) (c), the words "on business' are deleted.
22. Paragraph 15 (2) shall be deleted.
Paragraph 3 shall become paragraph 2.
23. In Article 16, the following paragraph 2 is inserted after paragraph 1:
"(2) Foreign exchange seal - a natural person employed abroad must fulfil the obligation laid down in paragraph 1 without delay upon returning to the country after the end of this continuous work abroad."
Paragraph 2 shall become paragraph 3.
24. in Articles 17 (4) and 17 (6), the words "trading (§ 7 (3)), without restriction" shall be replaced by the words "cases referred to in § 7 (3) and § 23."
25. in Article 20 (1), a comma shall be inserted after the word "authorisation" and the words "to be paid to foreign exchange abroad" shall be replaced by the words "which, where justified, may be issued by the foreign exchange authority competent under Article 6 (2) (b)."
26. In Paragraph 22 (1), the following second sentence is added: "This is without prejudice to the foreign exchange bank procedure under the special regulation.6c) '.
Reference No 6c:
"6c) § 37 of Act No. 21 / 1992 Coll. '.
27. in § 22 (2), the words "trading (§ 7 (3)), without limitation" shall be replaced by the words "cases referred to in § 7 (3) and § 23."
28.
(1) Foreign exchange seal - a natural person may, without a foreign exchange permit, contractually undertake to pay foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange foreign exchange transactions, with the exception of the purchase of real estate abroad, the purchase of foreign exchange securities and the acceptance of a foreign exchange foreign exchange credit, provided that he is able to use it in accordance with this law:
(a) foreign exchange funds deposited in a foreign exchange account with a foreign exchange bank;
(b) foreign exchange assets which the foreign exchange bank is obliged to sell to it pursuant to Sections 20 and 21;
(c) foreign exchange funds which the foreign exchange bank has refused to buy from it and has issued a certificate thereof;
(d) foreign exchange funds acquired during his stay abroad;
(e) foreign exchange assets not subject to the obligations laid down in Article 17.
(2) Foreign exchange seal - a natural person may, without a foreign exchange permit, contractually commit to cash transactions in Czechoslovak currency in respect of foreign exchange foreign exchange, with the exception of:
(a) purchase of real estate abroad;
(b) the purchase of foreign securities; and
(c) acceptance of a monetary credit from a foreign exchange stranger.
(3) In cases not covered by paragraphs 1 and 2, the foreign exchange seal - a natural person - may contractually commit to cash payment against the foreign exchange alien only after the foreign exchange permit has been granted. The implementing act may specify further cases where such authorisation is not required. ';
29. in Paragraph 24 (1) (b), the words "domestic" are deleted.
30. Paragraph 25 reads:
Foreign exchange can acquire ownership of real estate in the Czech and Slovak Federal Republic only:
(a) inheritance;
(b) for diplomatic representation of a foreign State, subject to reciprocity;
(c) if the property is acquired in the non-joint ownership of spouses, of which only one is a foreign exchange foreigner, or if the property is acquired by a foreign exchange alien - a natural person from a spouse, parents or grandparents,
(d) by exchange of the domestic property which he owns for another domestic property whose value does not exceed the value of the original property;
(e) if he has a right to pre-purchase by virtue of joint ownership of the property, 6d)
(f) as regards the construction which the foreign exchange alien has built on his own land,
(g) where specifically provided for in a separate law.7) ';
References No 6d and 7 shall read as follows:
"6d) Act No. 40 / 1964 Coll., Civil Code, as amended (complete version No. 47 / 1992 Coll.).
7) For example, Act No. 403 / 1990 Coll., on the mitigation of the consequences of certain property injustices, as amended, Act No. 427 / 1990 Coll., on transfers of State ownership to other legal or natural persons, as amended, Act No. 92 / 1991 Coll., on the conditions for transfer of State property to other persons, as amended by Act No. 92 / 1992 Coll. '
31. in Paragraph 28, the words "foreign payment documents" and "foreign currency holding books" shall be inserted after the words "foreign payment documents."
32. in Paragraph 29, the following paragraph 3 is added after paragraph 2:
"(3) The Czechoslovak State Bank may provide for the maximum amount of foreign exchange funds that can be exported abroad in cash by measure in the Collection of Laws. '
33.In Article 31 (3) (b), the word "gold" shall be added after the word "inherited."
34. the seventh part shall read:
MAINTENANCE PARTICIPATION IN FOREIGN
(1) The foreign exchange seal may only participate in property abroad with the foreign exchange permit of the Czechoslovak State Bank issued in agreement with the Federal Ministry of Finance and the Federal Ministry of Foreign Trade.
(2) For the purposes of this Act, equity participation abroad shall mean the holding of a foreign exchange domestic in a legal person who is a foreign exchange resident or the holding of a foreign exchange domestic in the foreign exchange foreign exchange business, where that participation involves the right of the foreign exchange domestic to participate in profits and its obligation to participate in losses.
(3) A foreign exchange seal may only transfer its foreign exchange foreign exchange participation with the foreign exchange permission of the Czechoslovak State Bank issued in an agreement with the Federal Ministry of Finance and the Federal Ministry of Foreign Trade.
(4) The implementing regulation of the Federal Ministry of Finance, the State Bank of the Czechoslovak and the Federal Ministry of Foreign Trade may specify when the authorisation referred to in paragraphs 1 and 3 is not required and the formalities for such authorisation. The foreign exchange permits referred to in paragraphs 1 and 3 shall be replaced by the foreign exchange permits required under paragraphs 14 and 23 (3) or, where appropriate, by paragraphs 10 (2) and 16 (3) respectively. ';
35. in Paragraph 35 (1), the words "agreed" shall be inserted after the words "agreed" and the following sentence shall be added at the end: "This shall be without prejudice to the procedure of the foreign exchange bank under the special regulation.6c)."
Paragraph 36 (35) (2) reads as follows:
"(2) The following shall also be considered as a foreign account:
(a) a deposit account with a bank8a) in the event that the account holder becomes a foreign exchange stranger or because the foreign exchange alien inherited it;
(b) a deposit note issued by the Bank in the event that its owner is a foreign exchange foreigner or its owner has become a foreign exchange foreigner or is inherited by a foreign exchange alien. "
Reference No 8a:
"8a) Act No. 21 / 1992 Coll. '.
37. in Article 36 (3), the following second and third sentences are added: "This authorisation is not required if it is for the transfer of inheritance or maintenance (Sections 31 and 32). The implementing regulation may provide for further cases where a foreign exchange permit is not required. ';
Paragraph 38 reads:
(1) If the foreign exchange authority finds that the person carrying out the foreign exchange control provided for in Paragraph 37 has infringed the obligations laid down in this Law, it shall require it to remedy the deficiencies identified within the time limit set.
(2) The foreign exchange authority may impose a fine on a foreign exchange domestic legal person who has infringed its obligations under this law up to 1 million Kčs. The foreign exchange authority shall act in accordance with the administrative rules. 8b)
(3) The fine imposed pursuant to paragraph 2 shall be payable within 30 days of the date of service of the final decision of the foreign exchange authority imposing the fine on the person referred to in paragraph 2. The fines shall be transferred to the State Budget of the Republic, which is responsible for the seat or residence of the person to whom the fine has been imposed.
(4) The foreign exchange authority may impose a fine in accordance with paragraph 2 within one year of the date of the finding of infringement of this law, but not later than 10 years from the date on which the obligation was infringed. "
Reference No 8b:
"8b) Act No. 71 / 1967 Coll., on Administrative Procedure (Administrative Regulations). '.
39. In Paragraph 41, the following paragraph 2 is inserted after paragraph 1:
"(2) Customs authorities shall also accept a Czechoslovak currency at border crossing points for which a foreign exchange permit is required to be imported if the person travelling to the country does not have such authorisation. '
Paragraph 2 shall become paragraph 3 and shall be inserted after the words "paragraph 1 '.
40. In Paragraph 43 (f), the words "accepting a loan in foreign exchange funds from foreign exchange persons" shall be replaced by the words "accepting a monetary credit from foreign exchange persons," in point (g), the words "and in the country" shall be deleted at the end, and the following point (n) shall be added after point (m):
"(n) does not cooperate with the foreign exchange control authority (§ 37 (3))."
41. Paragraph 44, first sentence, reads: "Foreign exchange offences under § 43 (a) to (j) are dealt with by the competent authorities of the local administration, 10) offences under § 43 (k), (l), (m) by the customs authorities and, in the case of foreign exchange offences under § 43 (n), by foreign exchange authorities."
Reference 10:
"10) Act of the Czech National Council No. 200 / 1990 Coll., on infractions. Act of the Slovak National Council No. 372 / 1990 Coll., on infractions, as amended by the Slovak National Council Act No. 524 / 1990 Coll. Act of the Czech National Council No. 425 / 1990 Coll., on District Offices, the modification of their responsibilities and certain other measures related thereto. Act of the Slovak National Council No. 472 / 1990 Coll., on the organisation of local government. '
42. in Paragraph 44 (2), the words "National Security Corps" are replaced by the words "police11a";
Reference No 11 and read:
"11a) Act of the Slovak National Council No. 204 / 1991 Coll., on the Central Choir of the Slovak Republic. Act of the Czech National Council No. 283 / 1991 Coll., on the Police of the Czech Republic."
43. Paragraph 45 (1) (b) reads as follows:
"(b) a fine of up to 20 000 CZK for foreign exchange offences referred to in § 43 (b) to (n),"
44. The following Section 3, including the title, shall be inserted after Section 46:
Block Control
A foreign exchange offence which has been reliably detected and if the agreement is not sufficient for the person who committed the offence, the authorities referred to in Paragraph 44 may, with the consent of that person, discuss and impose a block penalty of up to 5 000 Kcs. '
45. Paragraph 48 (1) reads as follows:
"(1) (b) except as provided in paragraph 2. ';
46. Paragraph 48 (2) shall be deleted and paragraph 3 shall become paragraph 2.
47. In § 49, the words "in agreement with the Ministry of Finance of the Republic" shall be inserted after the words "State Bank of Czechoslovakia."
48. The following Sections 49a and 49b are inserted after Section 49:
(1) The Federal Ministry of Finance, in an agreement with the State Bank, the Czechoslovak and Federal Ministry of Foreign Trade, shall, by means of an implementing regulation, lay down the arrangements for settling claims from the foreign trade company Tuzex and the balances of accounts held therein.
(2) The claims referred to in paragraph 1 may apply within one year of the date of application of this law.
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Regulation Information
| Citation | Act No. 228 / 1992 Coll., amending and supplementing Foreign Exchange Act No. 528 / 1990 Coll. |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 29.05.1992 |
|---|---|
| Effective from | 01.07.1992 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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