Detailed Rules for the Implementation of the Tentative Regulations for the Cash Management
Detailed Rules for the Implementation of the Tentative Regulations for the Cash Management
Detailed Rules for the Implementation of the Tentative Regulations for the Cash Management
Yin Fa [1988] No. 288
September 23, 1988
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Omitted
Appendix:
Detailed Rules for the Implementation of the Tentative Regulations for the Cash Management
Article 1 These Detailed Rules are formulated to implement the Interim Regulations for Cash Management promulgated by the State Council in 1988.
Article 2 The authorities, groups, corps, enterprises, public units (hereinafter referred to as opening institutions) that open account in banks and other financial institutions (hereinafter referred to as opening banks) shall implement these Detailed Rules and be subject to the supervision of the opening bank. The opening banks include all specialized banks, domestic financial institutions, foreign-funded banks, Chinese-foreign joint venture banks and financial institutions engaged in RMB business within the territory of China upon approval. The enterprises include state-owned enterprises, urban and rural collective enterprises (including village enterprises), jointly-operated enterprises, private enterprises (including individual businesses and lease holding farm households).
Sino-foreign equity joint ventures and the Sino-foreign contractual joint ventures shall implement these Detailed Rules in principle; the specific administrative measures shall be formulated according to the local reality by the branches of People's Bank of all provinces, autonomous regions and municipalities directly under the Central Government.
The cash management of secret units affiliated to the military or police system and other units shall implement these Detailed Rules in principle. The specific administrative measures may be different from those of other units (See Paragraph 2 of Article 4).
Article 3 The Head Office of People's Bank is the competent department of the cash management. The People's Bank at all levels shall fulfill their duty as competent authorities of finance in supervising and auditing cash management of opening banks.
Opening banks shall be responsible for the specific implementation of the cash management, and conduct supervision and management of the income, expenses and use of the cash by the opening institutions.
A unit opening account in several banks shall open the cash settlement account only in one bank and draw money, and this bank shall be responsible for auditing the upper limits for cash stock and conducting the management and inspection of the cash. The local People's Bank shall assist the opening bank to earnestly liquidate the cash settlement account, and shall be responsible for ensuring thatthe cash settlement account of the opening institutions is in one opening bank.
Article 4 The stock cash of all opening institutions shall be subject to a limit, the plan of which shall be proposed and submitted by opening institutions t to the opening bank for approval. Opening institutions shall strictly abide by the limit of the stock cash that has been audited.
The competent department shall be responsible for auditing limit of the stock cash of the secret units of military or police system and other units, and inspecting the cash management, and shall report the fixed limit of stock cash and the results of inspection to the opening bank.
In case the limit of the stock cash of opening institutions need to be increased or decreased for the reason of the changes in production or business, the institutions shall file an application with the opening bank, and adjust the limit after approval.
Article 5 In principle, opening banks shall, based on the actual need, verify the limit of stock cash according to the day-to-day small disbursements of the opening institutions within three to five days.
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Yin Fa [1988] No. 288
September 23, 1988
Omitted
Omitted
Omitted
Omitted
Omitted
Appendix:
Detailed Rules for the Implementation of the Tentative Regulations for the Cash Management
Article 1 These Detailed Rules are formulated to implement the Interim Regulations for Cash Management promulgated by the State Council in 1988.
Article 2 The authorities, groups, corps, enterprises, public units (hereinafter referred to as opening institutions) that open account in banks and other financial institutions (hereinafter referred to as opening banks) shall implement these Detailed Rules and be subject to the supervision of the opening bank. The opening banks include all specialized banks, domestic financial institutions, foreign-funded banks, Chinese-foreign joint venture banks and financial institutions engaged in RMB business within the territory of China upon approval. The enterprises include state-owned enterprises, urban and rural collective enterprises (including village enterprises), jointly-operated enterprises, private enterprises (including individual businesses and lease holding farm households).
Sino-foreign equity joint ventures and the Sino-foreign contractual joint ventures shall implement these Detailed Rules in principle; the specific administrative measures shall be formulated according to the local reality by the branches of People's Bank of all provinces, autonomous regions and municipalities directly under the Central Government.
The cash management of secret units affiliated to the military or police system and other units shall implement these Detailed Rules in principle. The specific administrative measures may be different from those of other units (See Paragraph 2 of Article 4).
Article 3 The Head Office of People's Bank is the competent department of the cash management. The People's Bank at all levels shall fulfill their duty as competent authorities of finance in supervising and auditing cash management of opening banks.
Opening banks shall be responsible for the specific implementation of the cash management, and conduct supervision and management of the income, expenses and use of the cash by the opening institutions.
A unit opening account in several banks shall open the cash settlement account only in one bank and draw money, and this bank shall be responsible for auditing the upper limits for cash stock and conducting the management and inspection of the cash. The local People's Bank shall assist the opening bank to earnestly liquidate the cash settlement account, and shall be responsible for ensuring thatthe cash settlement account of the opening institutions is in one opening bank.
Article 4 The stock cash of all opening institutions shall be subject to a limit, the plan of which shall be proposed and submitted by opening institutions t to the opening bank for approval. Opening institutions shall strictly abide by the limit of the stock cash that has been audited.
The competent department shall be responsible for auditing limit of the stock cash of the secret units of military or police system and other units, and inspecting the cash management, and shall report the fixed limit of stock cash and the results of inspection to the opening bank.
In case the limit of the stock cash of opening institutions need to be increased or decreased for the reason of the changes in production or business, the institutions shall file an application with the opening bank, and adjust the limit after approval.
Article 5 In principle, opening banks shall, based on the actual need, verify the limit of stock cash according to the day-to-day small disbursements of the opening institutions within three to five days.
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