News from the People's Bank of China (PBOC), the Central Bank of China, say that it has recently mapped out and issued an "Administrative Reconsideration Method of PBOC", which has entered into force since February 1, 2001.
To ensure the PBOC to function according to the laws and protect lawful rights and interests of financial institutions, other units and individuals, the "Administrative Reconsideration Method of PBOC" is hereby worked out in conformity with the Administrative Reconsideration Law and the Law of People's Bank of China .
According to the method, the financial institutions, other units and individuals have the rights to apply to the PBOC for administrative reconsideration if they think the PBOC and its authorized financial institutions have infringed on their legal benefits in terms of administrative behaviors. And the PBOC should accordingly accept and hear the applications for administrative reconsideration and make decisions in accordance with the method.
Only such organizations as the Headquarters of the PBOC and its business management departments, PBOC branches and their business management departments, sub-branch centers and sub-branches can have the rights to accept and hear the applications for administrative reconsideration. What we call financial institutions applying for administrative reconsideration refers to those establishments approved by the PBOC in China, which include commercial banks handling financial business, policy banks, credit unions, financial corporations, trust and investment corporations, financial leasing companies, postal saving institutions, financial assets management companies and other financial institutions. The particulars will be dealt with by the division in charge of legal affairs of the Administrative Reconsideration Department
This method also stipulates that according to the Administrative Procedure Law of the PRC, the financial institutions, other units or individuals can file an administrative lawsuit to the people's courts if they have objection to the decisions of administrative reconsideration made by branches or sub-branches of the PBOC. Or if they do not agree with the decisions of administrative reconsideration ruled by the PBOC Headquarters they can also apply to the State Council for the final adjudication within a time-limit of 15 days after they have received the rulings.
(People's Daily 02/16/2001)
