(CRI English)
Updated: 2007-12-19 16:18

The People's Bank of China issued a draft regulation, governing the banks' disposal of information regarding a clients' payment credit, to solicit public opinion on Tuesday.

The draft proposal regulates that if a bank fails to report the accurate, complete payment credit information of companies and individuals to its supervisory body in a timely manner, or it fabricates, distorts or publicizes a clients' payment credit information without authorization, it will be fined between 5,000 and 30,000 yuan ($677 and 4,065) . What's more, the person involved will face criminal charges.

The Beijing Morning Post reported that the draft regulation also puts a tight leash on companies or individuals that deliberately issue rubber checks, the bank can refuse to provide services should it find out a client has a bad record in issuing rubber checks.

After proper revision, the regulation is likely to take effect in March 2008.