Saturday, March 13, 2010

CHINA—NEW REGULATION OF FOREIGN DONATIONS NOW EFFECTIVE

The Notice (No. 63 [2009]) of the State Administration of Foreign Exchange on “Issues concerning the Administration of Foreign Exchange Donated to or by Domestic Institutions” became effective March 1, 2010.  Although the regulation states that it was promulgated “to improve the administration of donated foreign exchange and facilitate the donated foreign exchange receipts and payments,” many CSOs and academic leaders are concerned about the tenor of the regulation, according to the South China Morning Post.  It requires that “receipts and payments of foreign exchange of domestic institutions shall be transacted through a donated foreign exchange account, which shall be set up at the designated foreign exchange banks (“Banks”) and incorporated into the foreign exchange account management system by the Banks.”  In addition, an application to set up a foreign exchange account for a donation must be accompanied by “a certificate of registration of the overseas non-profit organization (with its Chinese translation attached).”

 

kws

http://lawprofessors.typepad.com/nonprofit/2010/03/chinanew-regulation-of-foreign-donations-now-effective.html

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