Unofficial Translation
This translation is for the convenience of those unfamiliar with the Thai language.
Please refer to the Thai text for the official version.
-------------------------------------------------------------Notification of the Ministry of Finance
Directions of the Minister to Authorized Agents
By virtue of the powers conferred upon him under Article 3 of the Ministerial
Regulations No. 13 (B.E. 2497) issued under the Exchange Control Act B.E. 2485, the Minister
of Finance hereby issues the directions to authorized agents as follows:
Clause 1. The following Notifications of the Ministry of Finance are cancelled:
(1) Directions of the Minister to Authorized Agents dated 19th March B.E. 2534.
(2) Directions of the Minister to Authorized Agents (No. 2) dated 19th April B.E.
2539.
(3) Directions of the Minister to Authorized Agents (No. 3) dated 18th September
B.E. 2540.
(4) Directions of the Minister to Authorized Agents (No. 4) dated 6th January B.E.
2541.
(5) Directions of the Minister to Authorized Agents (No. 5) dated 8th January B.E.
2544.
Clause 2. In this Notification:
5Act6 means the Exchange Control Act B.E. 2485 as amended by the Emergency Decree
amending the Exchange Control Act B.E. 2485, B.E. 2486
5Ministerial Regulations6 means Ministerial Regulations No. 13 (B.E. 2497) issued
under the Exchange Control Act B.E. 2485
5Notification of the Ministry of Finance6 means notification issued by the Minister by
virtue of the powers conferred upon him under the Act or the Ministerial Regulations
5Currency6 means legal tender in Thailand
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5Foreign currency6 means legal tender in any country other than Thailand including
foreign exchange
5Foreign exchange6 means bank balance, bill of exchange, check, promissory note,
telegraphic transfer, mail transfer or money order payable in foreign currency
5Foreign means of payment6 means foreign currency and letters of credit
5Letters of credit6 includes authority to purchase and instructions or documents of
similar nature, which are specifically payable abroad
5Securities6 means shares, bonds, debentures and certificates of deposit
5Authorized agents6 means authorized banks and authorized companies
5Authorized banks6 means commercial banks authorized to transact businesses relating
to foreign means of payment
5Authorized companies6 means limited companies, which are not banks, authorized to
transact businesses relating to foreign means of payment
5Family6 means husband, wife, descendants and ascendants
5Relatives6 means persons related by family ties
5Non-residents6 includes branches or agents abroad of entities located in Thailand but
not include branches or agents in Thailand of entities located abroad
5Competent Officer6 means a person appointed by the Minister or Governor of the Bank
of Thailand for the execution of this Act
5Minister6 means the Minister of Finance.
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PART I
GENERAL DIRECTIONS AND DUTIES OF AUTHORIZED AGENTS
Clause 3. Authorized agents are required to transact their businesses in accordance with
the Act, Ministerial Regulations, Notifications of the Ministry of Finance and Notices and
Directions of the Competent Officer.
In addition to those stated in the preceding paragraph, the authorized agents are required
to comply with the procedures prescribed in the Notification of the Ministry of Finance on
Directions of the Minister to Authorized Agents and Notifications of the Bank of Thailand unless
exemption has been specifically granted by the Competent Officer.
Clause 4. Authorized agents shall ensure that an applicant uses the appropriate
application and reporting forms as prescribed by the Competent Officer, declares all information
completely, and signs the forms.
Should an application form is not prescribed, the application shall be made in writing.
The authorized agents shall use the correct reporting forms as prescribed by the
Competent Officer.
Clause 5. Authorized agents shall examine and ensure that the application and reports
are as prescribed in the Ministerial Regulations, Notifications of the Ministry of Finance, Notices
and Directions of the Competent Officer and shall be responsible for any action relating to such
application or reports to be carried out in accordance with the Ministerial Regulations,
Notifications of the Ministry of Finance, Notices and Directions of the Competent Officer.
Clause 6. When certifying the application or reports, authorized agents shall sign and
affix stamp.
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Clause 7. Authorized agents shall verify and affix stamp on documents submitted to
support the application and reports. The stamp of the authorized agents on the supporting
documents shall be deemed that the authorized agents are satisfied with such documents.
Clause 8. Authorized agents shall prepare and submit reports in accordance with the
rules and procedures prescribed by the Competent Officer.
PART II
PROCEDURES ON RECEIPT OF FOREIGN CURRENCY
Clause 9. Upon receiving foreign currency on behalf of any person, an authorized agent
shall notify that person of the receipt and inform such person the requirement to either sell such
foreign currency or deposit it into a foreign currency account with an authorized agent within 7
days from the date of notification.
Clause 10. Upon purchasing foreign currencies, authorized agents shall request an
applicant to submit the form in accordance with the rules and procedures as prescribed by the
Competent Officer. After purchasing such foreign currencies, authorized agents shall comply
with the rules and procedures as prescribed by the Competent Officer.
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PART III
PROCEDURES ON SALE OR EXCHANGE OF
FOREIGN CURRENCY
Clause 11. In cases other than those specified in Clause 13, upon selling or exchanging
foreign currencies for any purpose, authorized agents shall:
(1) Request the applicant to submit the form and related documents in accordance with
the rules and procedures prescribed by the Competent Officer,
(2) Examine to his satisfaction that the documents being submitted are true and correct
and such purchase or exchange of foreign currencies are for specified purposes as
declared,
(3) Sell or exchange foreign currencies as deemed necessary and appropriate,
(4) Affix stamp on the related documents and keep them for at least three years for
inspection by the Competent Officer upon request,
(5) Comply with the rules and procedures prescribed by the Competent Officer after
selling or exchanging foreign currencies.
Clause 12. In selling or exchanging foreign currencies for the following purposes,
authorized agents shall sell such foreign currencies not exceeding the following amount:
(1) For investment in a business abroad or lending to an affiliated business abroad as
prescribed by the Competent Officer in an amount not exceeding
USD 5 million per year or its equivalent at market rate,
(2) For remittance of money owned by a Thai emigrant who is a permanent resident
abroad in an amount not exceeding USD 1 million per year or its equivalent at
market rate per recipient,
(3) For remittance of an inheritance to a person who is a permanent resident abroad in
an amount not exceeding USD 1 million per year or its equivalent at market rate per
recipient,
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(4) For remittance to a family or relative who is a permanent resident abroad in an
amount not exceeding USD 100,000 per year or its equivalent at market rate per
recipient,
(5) For traveling expenses in any form other than foreign currency notes, foreign bank
notes and coins, an authorized agent shall sell or exchange in an amount not
exceeding USD 20,000 or its equivalent at market rate.
Clause 13. In selling or exchanging foreign currencies to purchase immovable properties
or securities abroad or for purposes as prescribed in Clause 12(1) to (5) in an amount exceeding
the specified limit, or for other purposes prescribed by the Competent Officer, authorized agents
shall act as follows:
(1) Require an applicant to submit an application together with related documents as
prescribed by the Competent Officer to the Competent Officer for consideration,
(2) Require the applicant to submit the form in accordance with the rules and
procedures prescribed by the Competent Officer once the Competent Officer has
granted the approval,
(3) Sell or Exchange in an amount not exceeding the limit approved by the Competent
Officer,
(4) After selling or exchanging such foreign currencies, authorized agents shall comply
with the principles and practices prescribed by the Competent Officer.
PART IV
PROCEDURES ON DEPOSIT ACCOUNT
Clause 14. Unless the exemptions are granted by the Competent Officer, authorized
agents shall comply with the following procedures upon receiving foreign currencies for
depositing into a foreign currency account:
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(1) Examine to their satisfaction that foreign currencies to be deposited are acquired
from abroad and request the depositor to submit documents showing an obligation to
pay in foreign currencies to persons abroad within 3 months from the date of deposit
of such foreign currencies. The amount deposited shall not exceed such obligation
to pay in foreign currencies within prescribed period. However, the total
outstanding balance of all foreign currency accounts of such depositor shall not
exceed USD 500,000 or its equivalent at market rate for a natural person and shall
not exceed USD 5,000,000 or its equivalent at market rate for a juristic person,
(2) Request the depositor to submit the form in accordance with the rules and
procedures prescribed by the Competent Officer.
Clause 15. Unless the exceptions are granted by the Competent Officer, authorized
agents shall allow the withdrawal of foreign currencies from the foreign currency accounts for
payment to persons abroad for the purposes as prescribed in Clause 11, or for loan repayment or
interest payment to authorized agents, or for sale of such foreign currencies to such authorized
agents.
In withdrawal of foreign currencies from the foreign currency accounts for the above
purposes, authorized agents shall request the withdrawers to submit the forms and comply with
the rules and procedures as prescribed by the Competent Officer, and to comply with Clause 11.
For the withdrawal of foreign currencies from the foreign currency accounts for purposes
as prescribed in Clause 13, authorized agents shall require the applicants to submit an application
together with related documents to the Competent Officer for approval. Upon approval,
authorized banks shall comply with Clause 13.
.
Clause 16. Unless exceptions are granted by the Competent Officer, authorized agents
shall be allowed to receive Baht for depositing into a non-resident Baht account under the
following cases:
(1) Baht value of foreign currencies remitted from abroad,
(2) Baht transferred from another non-resident Baht account,
(3) Baht paid for purposes as prescribed in Clause 11.
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.
Upon receiving Baht for depositing into the non-resident Baht account, authorized agents
shall require the depositor to submit related documents as prescribed by the Competent Officer
and keep them for at least three years for inspection by the Competent Officer upon request.
In case of withdrawing of Baht from a non-resident Baht account to purchase foreign
currencies, authorized agents are allowed to sell such foreign currencies.
PART V
PROCEDURES REGARDING LENDING IN FOREIGN CURRENCY
Clause 17. At anyone time, authorized agents may lend in foreign currencies to a nonresident in the total outstanding balances not exceeding USD 5 million or its equivalent at market
rate unless approval has been granted by the Competent Officer.
Clause 18. For lending foreign currencies in cases other than those prescribed in Clause
17, the provision in Part III shall apply mutatis mutandis.
Clause 19. This Notification shall come into force as from 1st April B.E. 2547.
Given on the 31st March B.E. 2547
Somkid Jatusripitak
Minister of Finance