Foreign exchange puts cap on overseas cash withdrawals

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Chinese residents have been ordered to withdraw no more than 100,000 yuan (US$15,367) per year on their domestic debit or credit cards overseas, according to new regulation released by the State Administration of Foreign Exchange (SAFE), the Economic Information Daily reported.

The new rule has taken effect from Monday.

An official at SAFE said that the creation of this provision is mainly for the purpose of regulating large-scale cash transactions outside the country, which is an essential measure for anti-money laundering, anti-terrorist financing and anti-tax evasion.

Meanwhile, the administration has put a cap on the amount of daily cash withdrawals, which cannot exceed 10,000 yuan.

Those bank cards which exceed the limit will be suspended from withdrawing cash overseas.

Source

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