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Chapter I
Title and Definition
1. This
Notification shall be called the Notification concerning. The
Foreign Currency relating to the Republic of the Union of
Myanmar Foreign Investment Law.
2. The following expressions contained in this Law shall
have the meanings given hereunder:
(a) Law
means the Republic of the Union of Myanmar Foreign Investment
Law;
(b) Commission
means the Myanmar Investment commission;
(c) Citizen
includes associate citizen or naturalized citizen. The said
expression also includes an economic organization formed only
with local capital;
(d) Foreigner
means a person who is not a citizen. The said expression also
includes an economic organization formed only with foreign
capital;
(e) Investor
means a person or economic organization that invests under the
permission of the Commission in accord with law;
(f) Foreign Capital includes the followings which
are invested in a business by any foreigner under a permit:
(i) foreign currency;
(ii) property actually
required for the business and which is not available within the
State such as machinery, equipment, machinery components, spare
parts and instruments;
(iii) intellectual property
rights such as licence, trade mark, copyright, patent,
industrial design which may be evaluated;
(iv) technical know-how;
(v) re-invested money out
of the benefits accrued to the business from the above or out of
the share of profits;
(g) Bank
means any bank within the Republic of the Union of Myanmar
allowed by the Government;
(h) Investment
means various kinds of property controlled by the investor in
accord with this Law within the boundary of the State. The said
expression shall involve the following facts:
(i) rights to be
mortgaged or to mortgage the rights on moveable property, immovable property and other property;
(ii) financial rights or activities under contract determined as a
financial value;
(iii)
intellectual property rights in conformity with the existing
laws;
(iv)
functional rights given by law or contract including rights
related to exploration and exploitation of natural
resources.
(i) Foreign Currency means any other currency, which
is not Kyat, accepted, allowed and carried out by any bank
within the Republic of the Union of Myanmar;
Chapter II
Opening Foreign Currency Account
3. The investor shall open an account and deposit the
foreign currency contained in the proposal in conformity with
the permit of the Commission for any business in a bank within
the State which has the right to operate work in foreign
currency.
4. In proposing to
invest, except the appropriated money for the matter proposed
for capital in kind contained in clause (ii) of sub-article (f)
of article 2 to be imported, the matters contained in clauses
(iii) and (iv) of sub-article (f) of article 2. The foreign
currency proposed for local investment shall be deposited in
full or if it is carried out step by step according to the
period of years, the volume of foreign currency to be invested
and used shall be deposited according to step to the bank by
opening the account.
5. The investor shall
submit in advance to the Commission the appropriated foreign
currency amount which is to be brought in yearly upon the whole
foreign currency amount which is to be brought in to State for
the business to be invested by the investor.
6. The investor shall
after having opened the bank account, send and submit within a
week to the Commission mentioning the address of a bank where he
has opened account number and person who is entitled to draw
attached the copy of bank statement.
Chapter III
Expending the Foreign Currency
7. The investor has the right to make account transfer
and expend the foreign currency from his bank account for the
following expenditures:
(a) making account
transfer for the matters to be paid in foreign currency in the
country;
(b) making bank account
transfer to be affiliated company business in the country or the
citizen or the citizen-owned company business for the matters
related to business which he has invested.
8. If the foreign
currency that is transferred bank account as contained in
sub-article (b) of article 7 is a transfer to a citizen-owned
company, business such foreign currency shall be deemed that is
has the same right as the foreign currency obtained from
exported goods.
9. The investor shall not
draw and expend, make bank account transfer the foreign currency
from his bank account for other matters not related to business
that he has invested.
Chapter IV
Filling Foreign Currency
10. The investor shall, according to appropriation sent in
advance to the Commission as contained in article 5, fill the
foreign currency to be filled to his bank account in lump sum or
in installments within the limited period.
11. In filling the foreign
currency as contained in article 10, it shall not account
transfer and fill so by account transferring form foreign bank
account opened at any bank in the country by any foreigner or
citizen or both of them in the State for doing any business.
12. If the investor refill
foreign currency brought from aboard to his bank account shall
inform and submit to the Commission together with bank statement
within a week from the day of entering into the foreign currency
account of the bank account.
Chapter V
Altering the Investment Amount
13. The investor shall send and submit in advance to the
Commission the appropriation to be filled relating to foreign
currency which is to be brought in and refilled the State for
extending investment amount and carrying out and; extending and
carrying out business in accord with the permission of the
Commission.
14. The investor shall amend and draw, as may be
necessary, the appropriation to be filled of foreign currency
that is originally sent to the Commission in respect of
reducing his investment amount, decreasing business by the
permission of the Commission and send again and submit to the
Commission.
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