Hong Kong Customs arrests sole proprietor of hobby shop
Hong Kong Customs yesterday (July 7) arrested a hobby shop sole proprietor on suspicion of engaging in wrongly accepting payments in the course of selling hobby products, in contravention of the Trade Descriptions Ordinance (TDO).
Customs earlier received a number of reports alleging that someone sold hobby products through his/her own online shop, an online marketplace with instant-messaging software, but failed to supply the ordered goods within the specified date or a reasonable period after accepting payments from customers. Also, no refund was offered in a timely manner. As of yesterday, the reports received by Customs involved 13 customers and 276 hobby products, with the total monetary amount involved being about $238,000.
After investigations, Customs officers yesterday arrested a 31-year-old man suspected to be connected with the case. He is the sole proprietor of the hobby shop.
An investigation is ongoing. The arrested man has been released on bail pending further investigation.
Customs reminds traders to comply with the requirements of the TDO. Under the TDO, any trader commits an offence if at the time of acceptance of payment, the trader intends not to supply the product or intends to supply a materially different product, or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.
Meanwhile, consumers should make orders through reputable traders. After purchasing the products, consumers should keep the transaction documents, such as records of communication, receipts of payment, etc, as a basis of a complaint in the future.
Members of the public may report any suspected violations of the TDO to Customs' 24-hour hotline 182 8080 or its dedicated crime-reporting email account(crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).
Hong Kong Customs, Photo source: reference image
HKMCA Introduces Cross-Boundary Annuity Disbursement Service
The following is issued on behalf of the Hong Kong Monetary Authority:
HKMC Annuity Limited (HKMCA), a wholly-owned subsidiary of The Hong Kong Mortgage Corporation Limited, announced today (August 24) that, with immediate effect, customers of the HKMCA may choose to receive their guaranteed monthly annuity payments across the boundary via eligible Renminbi (RMB) bank accounts opened on the Chinese Mainland (Note 1).
Upon completion of the HKMCA's required application procedures, the HKMCA's servicing bank will convert the Hong Kong dollar-denominated guaranteed monthly annuity payments into RMB, and remit the funds via Payment Connect (Note 2) to the customers' eligible RMB bank accounts opened on the Chinese Mainland. The actual RMB amount deposited into the customers' eligible RMB bank accounts opened on the Chinese Mainland will be determined based on the prevailing exchange rate applied by the servicing bank at the time of the transaction (Note 3). The HKMCA will not levy any charges for this service.
Executive Director and the Chief Executive Officer of the HKMCA, Mr Daniel Leong, stated, "As more Hong Kong residents choose to retire on the Chinese Mainland, demand for seamless cross-boundary payment to support daily living expenses continues to grow. Leveraging Payment Connect, we are pleased to introduce this new cross-boundary annuity disbursement service. Customers can conveniently receive their guaranteed annuity payments to meet daily spending needs in the Chinese Mainland, enjoying hassle-free cross-boundary retirement."
For details on the application procedures for the cross-boundary annuity disbursement service, please contact the HKMCA customer service hotline at (852) 2512 5000.
Note 1: For details of eligible RMB bank accounts and the relevant application requirements, please contact the HKMCA customer service hotline at (852) 2512 5000.
Note 2: Payment Connect refers to the linkage of the Chinese Mainland's Internet Banking Payment System (IBPS) and Hong Kong's Faster Payment System (FPS). For further information, please refer to the Hong Kong Monetary Authority's website.
Note 3: Exchange rates are subject to market fluctuations, and the final RMB amount deposited into the customers' RMB bank accounts on the Chinese Mainland may differ from any estimations or expectations. Please be aware of all risks associated with currency conversion and exchange rate movements. Any related fees and exchange rate differentials arising from the remittance shall be borne by the customers. For details, please refer to the relevant terms and conditions, risk disclosures and disclaimers.
Source: AI-found images
