Page:Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Cap. 629).pdf/19

Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance Part 2—Division 2 Section 12 (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 15th day of the month preceding the month in which the CBNI is imported or exported (reference day).

(3) If the reference day is not 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 responsible for the import or export of the CBNI would ordinarily use for the currency on the reference day.

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

(6) For the purposes of subsection (4), a person responsible for the import or export of a CBNI is—
 * (a) if the CBNI is imported or exported by a person who is not a carrier within the meaning of section 10—the person; or
 * (b) if the CBNI is imported or exported by a carrier, for a customer, within the meaning of section 10—the customer.