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Regulations on the 1982 Treasury Bills of the Peop
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1982.01.08
STATE COUNCIL OF CHINA
 REGULATIONS ON THE 1982 TREASURY BILLS OF THE PEOPLE'S REPUBLIC OF
CHINA
 (Adopted by the Routine Meeting of the State Council on January 8,
1982)
 @@  Article  1.  The issue of the 1982 Treasury Bills of the
People's Republic  of  China is determined in order to regulate
and  develop  the national economy, properly centralise financial
resources from all quarters, carry out the socialist modernization
construction and gradually raise the standards of the material and
cultural life of the people.
 @@  Article  2.  The  Treasury  Bills shall be issued to: state
enterprises,  enterprises  of  collective  ownership,  competent
authorities of enterprises and local governments, Party and government
organizations,  bodies, units of armed  forces,  institutions and
opulent  rural  people's communes, production brigades and teams;
individuals in urban and rural areas.
 @@  Article  3. The number of Treasury Bills to be issued each year
shall be determined  by the State Council and the issue shall begin
from January 1 of that current year. All payments by units must be
on or before June 30 and that by individuals on or before September 30.
 @@  Article 4. The interest rates of the Treasury Bills: the
annual interest  shall  be  fixed  at  4%  for those purchased by
units; the annual interest shall be fixed at 8% for those purchased by
individuals.
 The  interest  for all the Treasury Bills shall be calculated from
July 1 of that  current  year  and  no interest shall be paid for
principal before its payments due day.
 The  interest  of  the Treasury Bills shall be paid in one lump sum
when the principal is repaid and no compound interest shall be
calculated.
 @@  Article  5.  The  Treasury  Bills  shall  be calculated in
Renminbi. The units purchasing them shall be given the receipts of the
Treasury Bills and shall have their names on record or report the loss
of the receipts in case of loss; the individuals purchasing them
shall be granted the Treasury Bills proper. The Treasury Bills are of
6 different denominations: 1 yuan, 5 yuan, 10 yuan, 50 yuan, 100 yuan
and 1,000 yuan.
 @@  Article 6. The repayment of the principal and the payment
of the interest  of the Treasury Bills shall become payable from the
sixth year of issue. For those purchased by individuals, lots shall
be drawn at a time specified  and  the money shall be repaid by 5
different payments in 5 years in accordance with the amount of
issue,  no less than 20% of the total amount to be repaid each time;
for those purchased by units, no lots shall be drawn and the money
shall be repaid by 5 different payments in 5 years on the average in
accordance with the total amount of the purchases by
units.
 @@  Article 7. The issue of the Treasury Bills, the repayment
of the principal and the payment of the interest shall be handled by
the People's Bank of China and its subordinate organizations.
 @@  Article  8.  The funds raised by means of the Treasury Bills
shall be used  in  a unified way by the State Council in accordance
with the needs of the development and overall balance of the national
economy.
 @@  Article  9.  The  Treasury Bills shall not be circulated as
money and shall not be freely bought and sold.
 @@  Article 10. Those who forge the Treasury Bills or damage their
credit shall be punished according to law.
 @@ Article 11. The Ministry of Finance shall be authorized by the
State Council to handle the interpretation of the Regulations on
Treasury Bills.




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