汇发[1999]308号
颁布日期：19990914 推行日期：19991001 颁布单位：国家外汇管理局
HuiFa [1999] No.308
September 14, 1999
All branch of State Administration of Foreign Exchange,foreign exchange department of Beijing and Chongqing, sub-branch of Dalian, Qingdao, Ningbo, Xiamen, Shenzhen, all the China-invested designated foreign exchange banks:
To further improve foreign exchange administration of the outward remittance2 of profits, stock pidends3 or stock bonuses by enterprises with foreign investment or by enterprises issuing stock abroad, the Circular on Issues Concerning Outward Remittance of Profits, Stock pidends and Stock Bonuses Processed by Designated Foreign Exchange Banks is amended4 as follows.
1. Article 5 of the Circular is revised to read: No enterprises with foreign investment whose registered capital has not been fully5 paid in as provided by the articles of contract is allowed to remit1 foreign exchange profits or stock bonuses abroad. If the delay in fully paying in registered capital as provided by the articles of contract is caused by special reasons, approval of the former inspection6 and approval institutions will be requested. Profits and stock bonuses distributed in accordance with the proportion of paid-in registered capital can be remitted7 abroad based on the approval documents issued by the former inspection and approval institutions and other documents specified8 in the Circular.
2. The following provision is inserted after Article 5 of the Circular: When a designated foreign exchange bank performs the procedures for outward remittance of foreign exchange stock pidends or bonuses for an enterprise issuing stock abroad, it must determine whether foreign exchange funds raised by the issuance of stock abroad have been repatriated10 by the enterprise issuing the stock abroad in accordance with the provisions of the Circular. If an enterprise issuing stock abroad has bona fide stock pidends or bonuses to remit but has failed to repatriate9 foreign exchange funds raised abroad by the issuance of stock, the designated foreign exchange bank shall first carry out for the enterprise the procedures for outward remittance of stock pidends or bonuses, then report the circumstances in timely fashion to SAFE, which will impose a penalty on the enterprise, in accordance with Article 39 of Regulations on Administration of Foreign Exchange, for unauthorized delay in repatriation11 of receipts from issuance of stock abroad.
3. This Circular takes effect on October 1, 1999.
On receipt of this Circular, SAFE branches are requested to transmit it expeditiously12 to their sub-branches, to financial institutions , and to relevant organizations, and Chinese-funded designated foreign exchange banks are requested to transmit it to their branches. If problems arise during implementation13, it is requested that they be reported to SAFE in timely fashion.
