Page:Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Cap. 629).pdf/14

Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance Part 2—Division 1 Section 7 (2) Subject to subsection (3), the equivalent value in Hong Kong dollars must be calculated at the reference exchange rate for the currency published on the day of the relevant event.

(3) If the day of the relevant event is not a rate publication day, or the relevant event occurs before the rate publication time of a rate publication day, the equivalent value in Hong Kong dollars must be calculated at the reference exchange rate for the currency published on the immediately preceding rate publication day.

(4) However, if the equivalent value in Hong Kong dollars is not capable of being calculated under subsection (2) or (3), the equivalent value in Hong Kong dollars must be calculated—
 * (a) by reference to an exchange rate for the currency published by an internationally recognized institution specified by the Commissioner by notice published in the Gazette and in the way specified in the notice; or
 * (b) if no such exchange rate for the currency is available—at an exchange rate that the person in possession of the CBNI would ordinarily use for the currency at the time when the relevant event occurs.

(5) A notice under subsection (4)(a) is not subsidiary legislation.

(6) In this section—

relevant event (有關事件)—
 * (a) for a calculation made for the purposes of section 4—means the person arrives at the specified control point concerned; or