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8
FRIDAY, FEBRUARY 8, 1985
MONEY CHANGERS GET TIME TO ADJUST
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THE MONEY CHANGER (DISCLOSURE OF RATES, CHARGES AND COMMISSIONS) ORDINANCE 1985 GAZETTED TODAY, IS EXPECTED TO COME INTO FORCE IN ABOUT FOUR TO SIX WEEKS TIME TO GIVE MONEY CHANGERS TIME TO ADJUST THEIR PROCEDURES TO THE NEW REQUIREMENTS.
THE DATE WILL BE SPECIFIED BY THE GOVERNOR IN A GAZETTE
NOTICE.
UNDER THE ORDINANCE PASSED BY THE LEGISLATIVE COUNCIL ON WEDNESDAY, ALL MONEY CHANGERS IN HONG KONG WILL BE REQUIRED TO GIVE THEIR CUSTOMERS A NOTE SETTING OUT CLEARLY THE DETAILS OF THE TRANSACTION, AND TO OBTAIN THEIR WRITTEN CONSENT OF THE TERMS BEFORE ENTERING INTO THE EXCHANGE TRANSACTION. IF A MONEY CHANGER FAILS TO DO SO, THE CUSTOMER MAY RESCIND THE TRANSACTION. WITHIN THREE DAYS.
SUCH A FAILURE WOULD ALSO BE AN OFFENCE WHICH IS PUNISHABLE BY A FINE OF $2 000 IN THE FIRST INSTANCE, AND A FINE OF $5 000 AND IMPRISONMENT FOR SIX MONTHS FOR A SUBSEQUENT OFFENCE.
THE NOTE TO BE SIGNED BY THE CUSTOMER SHOULD CONTAIN A PROMINENT STATEMENT IN BOTH ENGLISH AND CHINESE, EXPLAINING THAT THE CUSTOMER HAS READ AND UNDERSTOOD THE DETAILS OF THE TRANSACTION SET OUT IN IT.
IF A MONEY CHANGER MAINTAINS A BOARD OR SCREEN TO DISPLAY THE CURRENT RATES OF EXCHANGE, HE IS ALSO REQUIRED TO DISPLAY CLEARLY THE NATURE AND AMOUNT OR THE METHOD OF CALCULATION OF THE CHARGE OR COMMISSION.
SLIGHT AMENDMENTS WERE MADE TO THE LEGISLATION AT ITS COMMITTEE STAGE TO CLARIFY THAT IF A HOTEL OPERATES A FULL RANGE MONEY CHANGING SERVICE TO THE PUBLIC, IT WILL BE REQUIRED TO OBSERVE THE PROVISIONS OF THE ORDINANCE.
VALUE OF LEARNING STRESSED
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EDUCATION WAS OF PARAMOUNT IMPORTANCE IN A COMMUNITY LIKE HONG KONG WHICH HAD TO RELY ONLY ON HUMAN RESOURCES, AN UNOFFICIAL LEGISLATIVE COUNCILLOR, MR CHAN KAM-CHUEN, SAID TODAY.
PROPER EDUCATION, HE SAID, HELPED PEOPLE OVERCOME POVERTY, AND PROVIDED THE COMMUNITY WITH CIVIC-SPIRITED CITIZENS AND ABLE LEADERS.
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