Foreign Exchange Declaration Sample Clauses
Foreign Exchange Declaration. For the foreign exchange transactions made by the Undersigned with the Bank, the Undersigned shall verify by him/her/itself whether or not such transactions are handled according to law. The foreign exchange transactions entered into by the Undersigned shall be reported to the Central Bank of Republic of China (Taiwan) according to the requirements of the competent authority or law. The Undersigned shall properly declare the nature of any transactions and remittances carried out by him/her/it according to relevant requirements specified in the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions. If the Undersigned fails to do so, a certain amount of administrative fine may be imposed on the Undersigned according to the Foreign Exchange Regulation Act.
Foreign Exchange Declaration. I. The Applicant must fill out the “Declaration Statement of Foreign Exchange Receipts and Disbursements or Transactions” at the counter or in a manner with mutual consent when executing any transaction under this agreement that involves reporting foreign exchange settlement to the Central Bank of the Republic of China (Taiwan). The Applicant authorizes the Bank to debit all the payables from the Applicant’s deposit account or deducted from the remitted funds. The trustee of the Applicant shall present the Applicant’s power of attorney and the ID documents of the Applicant and the trustee to the Bank for inspection, and the declaration shall be processed in the name of the Applicant. The Applicant hereby represents and warrants that the foreign exchange settlements are in compliance with laws and government policies, and that the contents of the declaration are true and correct. The Applicant is willing to assume all the liabilities for any damage and loss of the Bank (including but not limited to the punishment of the competent authority) as a result of any false statement made by the Applicant.
II. If the declaration of foreign exchange settlement cannot be completed due to the restrictions stipulated by the law or the relevant foreign exchange settlement limit is used up by the Applicant, the Bank has the right to reject the relevant transaction with the Applicant, who shall be held liable for relevant liabilities or losses. The Bank has the right to reject the relevant transaction upon learning that the Applicant has exceeded the foreign exchange settlement limit; however, if the Bank has completed the foreign exchange transaction for the Applicant before learning about the Applicant’s exceeding the foreign exchange settlement limit of the Central Bank of the Republic of China (Taiwan), the Applicant agrees that the Bank may directly reverse the Applicant’s foreign exchange settled amount exceeding the limit of the Central Bank in a manner that the Bank deems appropriate.