Rules Of The Incomplete Defacing Currency Exchanged Approaches

Original Language Title: 中国人民银行残缺污损人民币兑换办法

Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/200312/20031200065839.shtml

The rules of the order (2003) 7th under the People's Republic of China people's Bank of China and the People's Republic of China Yuan regulations, people's Bank of China has formulated the rules of the incomplete defacing currency exchange measures, adopted by the President of the December 15, 2003, at its 20th meeting, are hereby promulgated and, as of February 1, 2004.
    Governor: December 24, 2003 people's Bank of China Zhou xiaochuan incomplete defaced Yuan exchanged approaches first in order to safeguard the currency reputation, protect the legitimate rights and interests of holders of State property and currency to ensure normal circulation of RMB under the People's Republic of China people's Bank of China and the People's Republic of China Yuan regulations, these measures are formulated.
    Referred to in article incomplete, tearing, defacing currency is a nominal loss deficiency or due to natural wear and tear, erosion, damaged appearance, texture, colour change, patterns are not clear, security features of damage should no longer continue to use the Renminbi.
    Article where the Renminbi deposit and withdrawal operations of financial institutions (hereinafter referred to as financial institutions) should be free to the public exchange damaged or soiled RMB, refuse to Exchange.
    Fourth article damaged or soiled currency exchange-"full" and "partial" two situations.
    (A) distinguish the denomination, coupon and the remaining three-fourths (including three-fourths), its design, text, as is the connection damaged or soiled currency, financial institutions should exchange in full to the holder according to the denomination.
    (B) distinguish the denomination, coupon and the remaining one-second (including one-second) to three-fourths, its design, text, as is the connection damaged or soiled currency, financial institutions should offer holders at half the original denomination of Exchange.
    Positively cross notes the absence of one-fourth, the original denomination half Exchange.
    Payment amount is less than one-fifth article, no Exchange; five per cent convertible half, paid two points. Sixth financial institution when handling a damaged or soiled currency exchange business, shall indicate to the damaged or soiled currency holders identify Exchange results.
    No exchange damaged or soiled the Yuan, should be returned to the original owners.
    Seventh article incomplete, and defaced Yuan holds people agreed financial institutions finds results of, on Exchange of incomplete, and defaced Yuan notes, financial institutions should face to face will with bank line name of "full" or "half amount" stamp stamped in coupon Shang; on Exchange of incomplete, and defaced Yuan coins, financial institutions should surface using dedicated bags sealed custody, and in bags outside seal signed Shang stamped "Exchange" stamp.
    Article eighth damaged or soiled currency holders Exchange disagrees with the results of financial institutions found that, the holder's request, financial institutions should proof of identification and return the damaged or soiled Yuan. Holder shall present recognized certification to the people's Bank of China branch to apply for accreditation, people's Bank of China shall be made within 5 working days since the date of application identification and certificate of authenticity.
    Holder held the testimonials of the people's Bank of China and the convertible damaged or soiled Yuan to Canadian financial institutions.
    Nineth financial institutions in accordance with relevant regulations of the people's Bank of China, will exchange damaged or soiled RMB deposit of the local people's Bank of China branches.
    Tenth people's Bank of China, in accordance with this approach of damaged or soiled currency exchange monitor.
    11th article violates this article of financial institutions by the people's Bank of China under the People's Republic of China Yuan 42nd of the regulations provides, for punishment according to law. 12th these measures shall come into force on February 1, 2004. May 8, 1955 broken exchange rules promulgated by the people's Bank of China abolished at the same time. (Source: people's Bank Web site)