Act No. 60 / 1993 Coll.
Foreign exchange separation law
Valid
Effective from 03.02.1993
60
THE LAW
of 2 February 1993
on the separation of currency
Parliament has decided on this law of the Czech Republic:
Basic provisions
(1) In order to separate the currency, the Czech National Bank will carry out the encumbrance of banknotes issued by the Czechoslovak State Bank, which are legal money1) in the territory of the Czech Republic on the date of the effectiveness of this Act (hereinafter the "banknotes"). Banknotes shall be circulated by sticking or printing the stamp.
(2) From the date of the separation of the currency, laid down by the Government Order (hereinafter referred to as "the day of separation of the currency"), the legal money in the territory of the Czech Republic shall be the banknotes covered by this Act, banknotes for which the implementing regulation does not provide that they are subject to circumstances, coins issued by the State Bank of Czechoslovakia and banknotes and coins issued by the Czech National Bank pursuant to the special legisla.2)
(3) All persons designated by this law shall be guaranteed the exchange of banknotes which are required by the implementing act to be subject to the circumstances for the banknotes and coins referred to in paragraph 2, in the manner and at the time provided for by this Act and the implementing provisions.
(4) The nominal value of liabilities and claims expressed in Czechoslovak crowns on the date of the separation of the currency is converted into Czech crowns in a ratio of one to one.
Exchange of banknotes
(1) Natural persons who, on the days of the exchange in the Czech Republic, have permanent residence (3) or long-term residence (4) or have been granted refugee status (5) (hereinafter referred to as "authorised persons") on the territory of the Czech Republic shall exchange banknotes of selected organizational units of the Czech Post, p.p. and selected branches of České spořitelna, a.s. (hereinafter referred to as "exchange place") for banknotes and coins as referred to in Section 1 (2). The exchange shall be made on presentation of the identity card or residence permit (3), (4) or the documents replacing it (hereinafter referred to as "identity card ').
(2) Authorised persons over 15 years of age shall exchange banknotes up to a maximum of 4000 CZK per person and authorised persons under 15 years of age shall exchange banknotes up to a maximum of 1000 CZK per person. The exchange of banknotes shall be made on a one-off basis.
(3) Banknotes in excess of the amounts referred to in paragraph 2 shall be exchanged in the manner and at the time specified in the implementing provisions. Similarly, where the holder has submitted a single banknote exchange of less than the amounts referred to in paragraph 2 and has submitted another banknote exchange.
(4) Banknotes shall be submitted for exchange by their legal representatives as beneficiaries under 15 years of age and as beneficiaries deprived of legal capacity. On exchange, such legal representatives shall present an identity card and a document showing their legal representative status.
(5) An authorised person may make the exchange of banknotes by another authorised person over 18 years of age, provided that he presents his identity card and the identity card of the authorised person for whom he carries out the exchange and, where appropriate, the document referred to in paragraph 4.
(6) County and municipal authorities and directors of hospitals, medical facilities, social care institutions, refugee camps, detention centres and other similar facilities are responsible for ensuring that the exchange of banknotes is carried out by authorised persons who are not in a physical or mental state or for other objective reasons allowing them to carry out the exchange themselves and cannot do so through any other person.
(7) The exchange of banknotes will indicate the place of exchange on the identity card.
(8) Separate workplaces may be set up to carry out the exchange.
(1) Foreigners, 6) With the exception of natural persons who have long-term or permanent residence in the Slovak Republic, exchange banknotes with branches of the Czech National Bank and selected branches of banks appointed by the Governor of the Czech National Bank. The exchange shall be made up to the amount of the legally acquired amount of the Czechoslovak currency, on presentation of a travel document or a replacement document certifying its identity. The exchange of banknotes shall be indicated on the proof of the legal acquisition of the Czechoslovak currency.
(2) Foreigners who have a permanent stay (3) or a long-term stay (4) on the territory of the Czech Republic are replaced in accordance with § 2.
(1) The exchange of banknotes to legal persons established in the territory of the Czech Republic, their organisational components and other similar entities operating in the territory of the Czech Republic (hereinafter referred to as "legal entities"), with the exception of banks, 7) is carried out by one-off banks for which they have accounts.
(2) The exchange of banknotes referred to in paragraph 1 shall be made to the amount permitted by the technical conditions of the bank, but not to the maximum amount of the cash balance which, at the time of the separation of the currency, can be demonstrated by the entry in the cash register in which the exchange is marked.
(3) If the technical conditions of the bank do not allow the full balance to be exchanged, the bank shall confirm receipt of the banknotes in accordance with the implementing regulation.
(4) Bank7) sets out the arrangements for the exchange of banknotes after consultation by the Czech National Bank.
The exchange of banknotes to individuals - entrepreneurs (8) with a permanent residence (3) on the territory of the Czech Republic, which have an account with a bank, is carried out in the manner set out in Section 4.
The legal persons referred to in § 4 and natural persons - entrepreneurs referred to in § 5 are required to accept banknotes which are required by the implementing act to be subject to the circumstances until the currency is segregated.
The exchange of banknotes which could not be exchanged on the days of exchange for serious reasons may be carried out for a maximum period of six months from the date of the separation of the currency by the Czech National Bank.
Provisions common, transitional and final
(1) In the case of claims due on banknote exchange days which cannot be settled cashfully, all time limits associated with this claim are extended by 14 days from the due date.
(2) Paragraph 1 shall not apply to claims arising under social security, sickness and health insurance and income taxes.
(3) Pensions payable on the days of exchange may be paid to beneficiaries, with their consent, in the underlying banknotes or, where appropriate, in the banknotes for which the implementing act does not provide for them to be covered.
For the exchange of banknotes, the Czech National Bank may issue cash certificates due at least seven days from the date of the separation of the currency that is securities.
(1) In connection with the exchange of banknotes, cash withdrawals from bank accounts and deposit books are strictly limited for a period of time. The period of limitation on cash withdrawals from bank accounts and deposit books shall be determined by the government by regulation, but no more than seven days.
(2) From the effective date of this Act until the date laid down by the Government of the Regulation, legal persons and natural persons - entrepreneurs - are obliged to make payments to each other over CZK 10,000 cashless through an account held with the bank. The obligation to make payments without cash shall not apply to the payment of taxes.
(3) From the date of application of this Act, natural and legal persons may not make cashless transfers and cash payments in Czechoslovak currency to beneficiaries in the territory of the Slovak Republic. Banks and post offices are obliged to return such orders to the command.
(4) From the date of application of this Act, the Czech National Bank is entitled to return payments in Czechoslovak currency to banks located in the Slovak Republic which are intended for recipients in the Czech Republic.
(5) Any payment made by a legal person or by a natural person - an entrepreneur in one calendar day for the benefit of one beneficiary shall be regarded as payment under paragraph 2.
(6) For the infringement referred to in paragraph 2, the Ministry of Finance shall impose a fine of 20% on the person making the payment. The fine may be imposed no later than one year from the date of the infringement.
In the case of banknotes and their exchange, banks and exchange points follow the instructions of the Governor of the Czech National Bank. For the purpose of operational management of banknote exchange, the Czech National Bank shall establish a commission; The committee is headed by a Commissioner appointed by the Governor of the Czech National Bank.
Municipality mayors, heads of district offices, police directors of territorial departments and commanders of military crews are obliged to cooperate with the Czech National Bank and Commissioners (§ 11) in ensuring the security of exchange points and the transport of money.
(1) The Government of the United States of America
(a) the date of separation of the currency of the Czech Republic;
(b) the period during which the exchange of banknotes will take place;
(c) the period of limitation of cash withdrawals from bank accounts and deposit books and the termination of cash payments restrictions.
(2) The Czech National Bank provides by decree
(a) the types of banknotes subject to circumstances;
(b) the types of spins and their description and description of the ticket receipts;
(c) the procedure for the exchange of banknotes under this law.
Banknotes and coins issued by the Czechoslovak State Bank, which are legal money pursuant to § 1 (2), will be exchanged by the Czech National Bank for a maximum period of one year from their expiry.
(1) Paragraph 56 of Act No. 6 / 1993 Coll., on the Czech National Bank, is hereby repealed.
(2) The possibility of exchange of invalid banknotes by the Czechoslovak State Bank, laid down by special regulations, 9) ends on the day of the separation of the currency.
This Act shall take effect on the day of its publication.
Uhde v. r.
Klaus v. r.
1) § 56 of Act No. 6 / 1993 Coll., on the Czech National Bank.
2) § 12 of Act No. 6 / 1993 Coll.
3) Article 3 of Act No. 135 / 1982 Coll., on the reporting and registration of residents. Section 7 of Act No. 123 / 1992 Coll., on the residence of foreigners in the territory of the Czech and Slovak Federal Republic.
4) Article 6 of Act No. 123 / 1992 Coll.
5) Section 5 of Act No. 498 / 1990 Coll., on Refugees.
6) § 1 (3) of Act No. 123 / 1992 Coll.
7) § 1 of Act No. 21 / 1992 Coll., on Banks.
8) § 2 (2) of Act No. 513 / 1991 Coll., Commercial Code.
9) Decree of the Federal Ministry of Finance No. 8 / 1988 Coll., on the withdrawal of banknotes of 10 CZK model 1960. Decree of the State Bank of Czechoslovak No. 412 / 1990 Coll., on the withdrawal of banknotes of 100 CZK model 1989. Decree of the State Bank of Czechoslovak No. 413 / 1990 Coll., on the withdrawal of banknotes of 50 CZK model 1964 and 20 CZK model 1970 and on the additional exchange of banknotes of 10 CZK model 1960.
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Regulation Information
| Citation | Act No. 60 / 1993 Coll., on the separation of currency |
|---|---|
| Regulation Type | - |
| Author | - |
| Collection | Code of Laws |
| Date of Promulgation | 03.02.1993 |
|---|---|
| Effective from | 03.02.1993 |
| Effective until | - |
| Status | Valid |
The regulation text is for informational purposes only.
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