Foreign Currency Deposit System Law

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Republic Act No. 6426: Foreign Currency Deposit System Law

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Title Source: Supreme Court: Foreign Currency Deposit System Law

Law: Republic Act No. 6426

Decision Date: Apr 4, 1972

The Foreign Currency Deposit Act of the Philippines establishes a system for the deposit and management of foreign currencies in designated Philippine banks, allowing for the withdrawal and transferability of deposits, exemption from income tax for nonresidents, and imposing penalties for violations.

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