New rules set to stop influx of 'hot money'

The government is ready with new rules to tighten control over speculative capital inflow from abroad, or "hot money".

The move follows economists' warning that hundreds of billions of dollars in illegal capital have entered the country in the garb of normal trade.

The new system will make it mandatory for companies to provide evidence to the State Administration of Foreign Exchange (SAFE) for verification from July 14.